4 ms·
To your point, I know a bunch of people who applied for the forgivable loans just to see if they could get it. I know a guy who owns over two hundred Domino's f
by mushbino 6y ago
To your point, I know a bunch of people who applied for the forgivable loans just to see if they could get it. I know a guy who owns over two hundred Domino's franchises and got a $6M forgivable loan and his business has been up 30% since covid started. He can't hire people fast enough.
Another friend was pissed that he wasn't approved for a loan too even though he has zero employees.
- evan_ 6y agoTaking on a lot of new employees and increasing production cost a lot of money up front that you won't recoup instantly, cashflow is a killer
- dboreham 6y agoHe may not have known these facts at the time he applied for the loan. There was extreme urgency projected from the banks at that time (get your application in at 10pm on the Friday the program opened up to stand a chance of getting a loan). So business owners had to decide on that day if their business was going to turn down in the next few months. An essentially unknowable thing for many/most businesses.