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You must be one of those people who believe that "corporate bailout" is straight up cash, and not an equity-secured loan. Because this is exactly what medium an

by m0zg 7y ago

You must be one of those people who believe that "corporate bailout" is straight up cash, and not an equity-secured loan. Because this is exactly what medium and large companies are getting. How would you like it if federal government took, say, a decent chunk of your brokerage account until you pay back its loan with interest?

aaomidi 7y ago
They're literally giving away $10,000 in grants to small businesses right now. Grants. Not loans. But sure.
- m0zg 7y ago
  Small businesses, mom and pop shops. Not large ones you're presumably railing against.
gamblor956 7y ago
It's actually a forgivable loan up to $10 million dollars (capped at actual amount of payroll excluding payroll taxes and withholding, utilities, and rent/mortgage for March, April, and May) that is not backed by anything at all. Generally, as long as you adhere to the conditions of the loan, it will be forgiven. Source: helped my company apply for one of these "loans."
- m0zg 7y ago
  I'm not sure I understand what your opposition is to at the same time keeping employees above water, and preserving their place of work. It'd seem to me that it's the _workers_ who are getting a bailout here, by design, not corporations. In fact companies with more than 500 employees or above certain revenue threshold aren't even eligible. The OP is railing against corporations (such as e.g. Boeing) which he/she think are getting trillions for free on taxpayer's dime.
  - gamblor956 7y ago
    I'm not opposed to that idea. In simply saying that your understanding of the CARES Act loans is wrong.
    - m0zg 7y ago
      My understanding is there are several different kinds of loans, which is what I've been trying to point out. So it's conceivable that _your_ understanding of CARES Act loans is wrong. Large companies do not get the kinds of loans that can be "forgiven", and government takes equity stake in them to ensure that the loans are paid back. This is particularly chafing to some since equity prices are in the shitter right now.
      - gamblor956 7y ago
        I'm aware that there are different types of loans in the CARES Act. But the OP was not referring to the large business loans, they were referring to small business loans. And the comment we were both replying to was mistakenly imputing issues with the large business loans to the OP's comments about small business loans. In your parent reply, you were doing the same--stating that large businesses do not qualify for CARES Act loans, which is wrong, but is also not relevant to any of my comments about the small business loans.

by m0zg 7y ago

aaomidi 7y ago

They're literally giving away $10,000 in grants to small businesses right now. Grants. Not loans. But sure.

m0zg 7y ago
Small businesses, mom and pop shops. Not large ones you're presumably railing against.

gamblor956 7y ago

It's actually a forgivable loan up to $10 million dollars (capped at actual amount of payroll excluding payroll taxes and withholding, utilities, and rent/mortgage for March, April, and May) that is not backed by anything at all. Generally, as long as you adhere to the conditions of the loan, it will be forgiven. Source: helped my company apply for one of these "loans."

m0zg 7y ago
I'm not sure I understand what your opposition is to at the same time keeping employees above water, and preserving their place of work. It'd seem to me that it's the _workers_ who are getting a bailout here, by design, not corporations. In fact companies with more than 500 employees or above certain revenue threshold aren't even eligible. The OP is railing against corporations (such as e.g. Boeing) which he/she think are getting trillions for free on taxpayer's dime.
- gamblor956 7y ago
  I'm not opposed to that idea. In simply saying that your understanding of the CARES Act loans is wrong.
  - m0zg 7y ago
    My understanding is there are several different kinds of loans, which is what I've been trying to point out. So it's conceivable that _your_ understanding of CARES Act loans is wrong. Large companies do not get the kinds of loans that can be "forgiven", and government takes equity stake in them to ensure that the loans are paid back. This is particularly chafing to some since equity prices are in the shitter right now.
    - gamblor956 7y ago
      I'm aware that there are different types of loans in the CARES Act. But the OP was not referring to the large business loans, they were referring to small business loans. And the comment we were both replying to was mistakenly imputing issues with the large business loans to the OP's comments about small business loans. In your parent reply, you were doing the same--stating that large businesses do not qualify for CARES Act loans, which is wrong, but is also not relevant to any of my comments about the small business loans.