Senate and WH Agree on Terms of Stimulus Package

[Jay Bee]

Why are only the poors getting this $1,200?

[🏀]

Why are only the poors getting this $1,200?

Right?


Is the $500/offspring prorated too?

[TSmith34, Inc.]

Why are only the poors getting this $1,200?

Well look who's a socialist now

[mu_hilltopper]

No specific thread to post this ..

Last week, my formerly $800m company downsized.  Predicted contraction between 50-80% for 4-6+ months.  10% laid off .. no numbers on furloughs but I'd estimate 50%.  Everyone else has a 20-30% pay cut (of which I feel blessed to fall into that category.)

[Jockey]

Well look who's a socialist now

[forgetful]

No specific thread to post this ..

Last week, my formerly $800m company downsized.  Predicted contraction between 50-80% for 4-6+ months.  10% laid off .. no numbers on furloughs but I'd estimate 50%.  Everyone else has a 20-30% pay cut (of which I feel blessed to fall into that category.)

The pay cut category is going to be an interesting one with all of this. I think that will be widespread. There is no "stimulus" package for that, and it will likely erase the $1200 bolus to the economy, and will delay economic recovery.

[MU82]

No specific thread to post this ..

Last week, my formerly $800m company downsized.  Predicted contraction between 50-80% for 4-6+ months.  10% laid off .. no numbers on furloughs but I'd estimate 50%.  Everyone else has a 20-30% pay cut (of which I feel blessed to fall into that category.)

Sad to hear this for you and your co-workers, 'topper. This all sucks.

[mu_hilltopper]

Sad to hear this for you and your co-workers, 'topper. This all sucks.

It really does and .. I have guilty emotions.  I'm tremendously lucky to have a job so I have a sense of joy/relief, but half my co-workers will have zero paychecks coming in for 2-3-4-5-6-10 months, who knows.  They woke up today in shock.

Interestingly, the company is picking up health insurance for the furloughed .. if I heard correctly, they are paying both the employer and employee portion, which is huge.

[MU82]

Interestingly, the company is picking up health insurance for the furloughed .. if I heard correctly, they are paying both the employer and employee portion, which is huge.

That IS huge. Hopefully you heard correctly!

[Archies Bat]

I am still on the Board of Directors of my former company, and spent yesterday and this morning preparing and reviewing information for applying for the loan today (hopefully).

I'll post on how it goes.

As of Saturday afternoon, the bank application system (SunTrust) is not yet up and running.

[Jockey]

As of Saturday afternoon, the bank application system (SunTrust) is not yet up and running.

When the Obamacare system had glitches, certain people were apoplectic. Now those exact same people say that glitches are "normal".

So which is it?

[jesmu84]

Umm...

https://twitter.com/ReneeIsFabulous/status/1246571465744449537?s=19

Wut?

[BM1090]

Umm...

https://twitter.com/ReneeIsFabulous/status/1246571465744449537?s=19

Wut?

Think it's just confusing verbiage. You can choose to take the credit in 2020 if you know you'll be in a worse financial situation. If you take it this year you won't pay it back.

[jesmu84]

Think it's just confusing verbiage. You can choose to take the credit in 2020 if you know you'll be in a worse financial situation. If you take it this year you won't pay it back.

If it was always going to be a tax credit, why did it need to be means-tested?

[ZiggysFryBoy]

It really does and .. I have guilty emotions.  I'm tremendously lucky to have a job so I have a sense of joy/relief, but half my co-workers will have zero paychecks coming in for 2-3-4-5-6-10 months, who knows.  They woke up today in shock.

Interestingly, the company is picking up health insurance for the furloughed .. if I heard correctly, they are paying both the employer and employee portion, which is huge.

Dont you do COBOL progamming?  New jersey needs cobol programmers, governor sent out a specific request.

[mu_hilltopper]

Dont you do COBOL progamming?  New jersey needs cobol programmers, governor sent out a specific request.

Hmm .. last time I programmed in COBOL was a good 25 years ago, so I'm a bit rusty.

[ZiggysFryBoy]

Hmm .. last time I programmed in COBOL was a good 25 years ago, so I'm a bit rusty.

I cant help you then.  Arby's.

[Archies Bat]

As of Saturday afternoon, the bank application system (SunTrust) is not yet up and running.

SunTrust got a beta version up and running this morning for testing by a select number of existing customers, and my former company was one of those selected to apply.  The application is currently being submitted along with 2019 Form 941's as verification of payroll.

[jesmu84]

Is anyone else concerned that we're not giving enough to individuals?

If we can give $4.5 trillion to large corporations and trillions more from the Fed to the markets, you'd think we could do more for individuals

[Jay Bee]

Is anyone else concerned that we're not giving enough to individuals?

If we can give $4.5 trillion to large corporations and trillions more from the Fed to the markets, you'd think we could do more for individuals

I just want what the next guy is getting. #fairness

[Jockey]

I just want what the next guy is getting. #fairness

Your opinion on gov't handouts is known by everyone here.

Be a man and stand up for your beliefs. Don't sell out every time someone waves a dollar bill in your face.

[JWags85]

Is anyone else concerned that we're not giving enough to individuals?

If we can give $4.5 trillion to large corporations and trillions more from the Fed to the markets, you'd think we could do more for individuals

With all due respect, why do you keep hammering on this "bailout" point with incorrect information.  Initial stimulus bill was $2.2T, only $500B was allocated for corporations, and those were loans similar to the ones that were repaid in 2008.  $60B of that for the airlines and air cargo.  $350B was for small businesses and another $250B for unemployment benefits.  Stop framing it like individuals got a pittance while the evil large corporations got bags of money.

And the Fed injecting liquidity into the market is a completely different situation.  There are issues with it as well, but viewing it as the same bucket is like the people who thought the money "saved" by not giving AMZN tax breaks in NYC would then be given to education and public transit.

[ZiggysFryBoy]

With all due respect, why do you keep hammering on this "bailout" point with incorrect information.  Initial stimulus bill was $2.2T, only $500B was allocated for corporations, and those were loans similar to the ones that were repaid in 2008.  $60B of that for the airlines and air cargo.  $350B was for small businesses and another $250B for unemployment benefits.  Stop framing it like individuals got a pittance while the evil large corporations got bags of money.

And the Fed injecting liquidity into the market is a completely different situation.  There are issues with it as well, but viewing it as the same bucket is like the people who thought the money "saved" by not giving AMZN tax breaks in NYC would then be given to education and public transit.

But that would kill an OMB talking point.

[jesmu84]

With all due respect, why do you keep hammering on this "bailout" point with incorrect information.  Initial stimulus bill was $2.2T, only $500B was allocated for corporations, and those were loans similar to the ones that were repaid in 2008.  $60B of that for the airlines and air cargo.  $350B was for small businesses and another $250B for unemployment benefits.  Stop framing it like individuals got a pittance while the evil large corporations got bags of money.

And the Fed injecting liquidity into the market is a completely different situation.  There are issues with it as well, but viewing it as the same bucket is like the people who thought the money "saved" by not giving AMZN tax breaks in NYC would then be given to education and public transit.

https://www.nytimes.com/2020/03/26/business/economy/fed-coronavirus-stimulus.html

[Frenns Liquor Depot]

And the Fed injecting liquidity into the market is a completely different situation.  There are issues with it as well, but viewing it as the same bucket is like the people who thought the money "saved" by not giving AMZN tax breaks in NYC would then be given to education and public transit.

The first half of this is absolutely true and isn't akin to the direct stake's in financial institutions that had to occur in 08/09.  The Fed's actions quickly put to rest the initial wave of liquidity concerns and stabilized the CP markets in fairly short order.  Much of this can be unwound at a gradual pace as markets/recovery occurs.  The banks are well capitalized right now and the combination of these two factors put off any talk of a 'financial crisis' for the time being.  Now the long-term ramifications as you point out are much different and debatable...