4 ms·
I’m a little surprised considering the recent legislation that should have basically had the government loan you money which would then be forgiven if you retai
by awinder 7y ago
I’m a little surprised considering the recent legislation that should have basically had the government loan you money which would then be forgiven if you retain staff. Is this not working out in practice, or companies of a certain size that are phased out are doing the firing?
- ashtonkem 7y agoThere are different tiers of loans based on company size. While I don’t have the tiers memorized, I think most unicorns would be excluded from the very generous terms.
- nereye 7y agoVox's 'The Weeds' podcast last episode [0] was about the stimulus bill (AKA CARES Act 2020, [1]). [0] https://www.vox.com/the-weeds https://www.vox.com/the-weeds [1] https://www.congress.gov/bill/116th-congress/senate-bill/3548/text https://www.congress.gov/bill/116th-congress/senate-bill/354...
- hkmurakami 7y agoThe most generous terms were available to companies with less than 500 employees, up to a loan of $10M
- claar 7y agoThat loan (the Paycheck Protection Program (PPP) loan) is capped at 2.5x monthly payroll, so at best it only helps companies survive 2 months or so without layoffs.
- deleted 7y ago[deleted]
- socalnate1 7y agoAlso, companies backed by Venture Capital or Private Equity can't currently access these funds in most cases. Nearly 100% of these unicorns fail the affiliation test. https://www.jdsupra.com/legalnews/cares-act-can-private-equity-or-venture-35455/ https://www.jdsupra.com/legalnews/cares-act-can-private-equi...