04-17-2020, 07:33 AM | #111 | |
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04-17-2020, 11:49 AM | #112 |
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I got an email from Bank of The West.
This all went about how I expected. I suspect that in the weeks and months to come we are going to learn some disturbing and infuriating things about this program. I read that Bank of America (the first bank to start funding these things) was giving the money to people/companies that were at risk of defaulting on Bank of America loans, which is not hard to imagine. It is also my opinion that banks will not want to process this program for a solid company because that company is low risk and they would much rather write a conventional (more profitable) loan. Pretty disgusted with my bank right now. I may make a change when all the dust settles. |
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04-17-2020, 02:01 PM | #113 | |
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Large restaurant chains have gobbled up $30 million in federal loans meant to shore up small businesses during the coronavirus crisis. The companies behind Potbelly Sandwich Shop and Ruth’s Chris Steak House each got sizable loans under the feds’ Paycheck Protection Program, the $349 billion small-business aid package that ran out of money Thursday. Florida-based steakhouse operator Ruth’s Hospitality Group inked deals April 7 for $20 million in loans administered by the US Small Business Administration under the $2.2 trillion coronavirus stimulus bill passed last month, records show. And Chicago-based Potbelly Corporation got a $10 million loan from the program on April 10, the company said in a regulatory filing. Both firms said they received the money through JPMorgan Chase Bank. The so-called PPP loans were aimed at helping companies with up to 500 employees cover payroll and overhead costs. But lawmakers expanded eligibility for restaurants so that companies could apply as long as they had no more than 500 workers at any single location. Seriously? A friend of mine's boss didn't qualify because they have over 500 employees spread throughout the country but a huge restaurant chain is OK because they don't exceed 500 employees at ONE location. https://nypost.com/2020/04/17/potbel...mall-business/
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04-17-2020, 02:06 PM | #114 | |
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They should have added another limitation though, maybe put a limit on how many locations you have,or that you have to be local or regional, no national companies. |
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04-17-2020, 02:20 PM | #115 | |
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They have 150 locations....And they are public. WTF???? It's just wrong. Thank you for visiting the Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) website. This is the place where you'll find the latest company news and overview of our business. Our portfolio of restaurants includes our legendary Ruth's Chris Steak House brand, which was founded in 1965 by Ruth Fertel. The Ruth's Chris Steak House legacy began when Ruth Fertel mortgaged her home for $22,000 to purchase the "Chris Steak House," a 60-seat restaurant located in New Orleans, Louisiana. More than 40 years later, our success continues to be driven by our adherence to Ruth's core values, which are to deliver the highest quality food, beverages and service in a warm and inviting atmosphere. Today, there are more than 150 Ruth’s Chris Steak Houses, including 20 international franchisee-owned restaurants in Mexico, Hong Kong, Taiwan, Tokyo, Aruba, and Canada.
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04-17-2020, 02:50 PM | #116 | |
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Many franchise restaurant owners own more than one restaurant. If they left it at 500 employees instead of 500 per location, many of these franchisees would not qualify, the restaurants would close and workers would lose their jobs.
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04-17-2020, 02:54 PM | #117 | |
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04-17-2020, 03:00 PM | #118 |
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Why does it matter if they are public? I worked for a public company that had 400 employees and there are numerous smaller public companies. The program was set up the way it was and they were eligible. I don’t fault them for using it.
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04-17-2020, 03:10 PM | #119 |
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I just assumed that small business was just that, and not pubic companies. If they were eligible, then I take back my rant.
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04-17-2020, 04:36 PM | #120 | ||
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People who are in the business of making money will easily out smart a hastily piece of legislation, and they already have lobbyists and bankers on speed dial, for all we know Chase is a major lender to the corporations and therefore has a serious interest in 'helping' them along, or a stock holder. I do agree that these chains are a very important part of the economy, they have many vendors and customers. This program is about protecting the workers paychecks, I just don't see that happening in this case. |
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04-17-2020, 07:12 PM | #121 |
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While I certainly see the points that Rick and Dsad bring up, as a 1 store franchisee, I am with cmy and Ken on this. It is the Small Business Administration. Not the feed the publicly traded company Administration. Those with more resources should have been limited on their take, or given the opportunity for a different type of loan. If they had been limited, I may have received funding and been able to help our staff. As it sits, they are still suffering.
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04-17-2020, 07:34 PM | #122 |
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This is the perfect example of the government fucks the little guy like me. I got everything in by April 8th and now I get nothing. Now I will have to permanently fire all of my employees and figure out how to survive until I can go back to work and not have staff.
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04-17-2020, 07:35 PM | #123 |
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It would have been easy enough to write the legislation to exclude public companies and / or all employers with more than x number of locations or x number of employees. Congress could have also required some proof funding was needed, have more stringent requirements for forgiveness or any number of other things. They didn’t, so it is what it is. If you must, blame government, not those who availed themselves to what was available.
I’m sure there is another school of thought that these loans shouldn’t exist at all and more money should just go to unemployment. Honestly, I can appreciate that view as well, although I’d prefer to save businesses and jobs than have even more on unemployment. But anything the government does will involve stupidity, waste, fraud and shortfalls in expectations and that’s just the way it is. All that said, I still expect congress will approve more funding. They just need to fight about it and figure out who else gets some money to satisfy both sides of the aisle.
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04-17-2020, 07:58 PM | #124 | |
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I believe that they will get their act together and get more money in the program. It is just a shame that they can't stop their bickering and help now. |
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04-17-2020, 07:59 PM | #125 |
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I feel you...
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04-17-2020, 09:00 PM | #126 |
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https://www.sba.gov/funding-programs...on-program-ppp
according to this, funds are out. i'm sure there will be more? there has to be.. |
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04-18-2020, 09:46 AM | #127 |
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Finally got our loan documents yesterday, all signed and we should be funded Monday, big relief.
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04-18-2020, 03:03 PM | #128 | |
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04-18-2020, 03:04 PM | #129 |
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04-18-2020, 05:29 PM | #130 |
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just to be clear, you ddont have to physically go INTO a bank to try and get a loan right?
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04-19-2020, 08:48 AM | #132 |
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https://www.latimes.com/business/sto...s-unemployment
Interesting article. Thanks Frost employees for getting this done! |
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