Small businesses

[Minnesota]

First, I have no financial interest involved with what I am about to write. I do, however have personal concerns for small businesses. Some of you on this Forum fall in that category and will understand. I was informed today by a rod maker/small business man that the promised financial relief for small businesses, his at least, is yet to be realized. If you can, please try to buy something from rod makers/rod dealers. This pandemic has put peoples lives and livelihoods in jeopardy. Keep practicing social distancing until public health experts such as Dr. Fauci recommend otherwise. But also try to help those who make our hobby (bamboo rod fishing and collecting is a hobby) possible.

[Vaughanwilson3022]

+1 on supporting rod makers, etc during these trying times.

[munsey w]

Right on!

[Perry Palin]

Yep. Last week I called a guide I know and sent him some dough with the date of his service to be determined later. He told me that he received three cancellations that day, and he thanked me for thinking of him.

[Gimmeslack]

Totally agree!! I'm fortunate to have 3 good - no *great* - flyshops within an hour of me. I've made it a point to buy local and to spread purchases out as best as possible.

[GRASSNGLASS]

Well the small business stimulus money is all gone. Sure would be nice if all politicians had to report if they or their wives, husbands or children received this money.

I truly don't understand the whole give away. I'm far from well off, but my income hasn't changed. Why am I getting money that is either going to raise the national debt or devalue the dollar if they just print it. (Should state I truly don't understand the big picture and am not adverse to someone setting me straight who understands this stuff.)

Just don't understand people complaining about the economy being damaged, but haven't heard anyone complain about getting money they don't need. We truly have people suffering and I do believe we should help them.

If too political please eliminate my post.

Barry

[adrien schnee]

Barry, are you actually receiving more money than you did before the Covid outbreak? I know in Canada that at least one Federal contact has been established to report if you think you have received too much money, as there are multiple sources of aid money being given and they have overlapped in some cases. Talking to my uncle last night he felt a level of disappointment that he is still off of work due to a debilitating injury incurred last year, as the income he would get had he lost his job to Covid circumstances (as most others in his resource industry company have) would be greater than he receives from workers compensation due to his on job injury.

Yet others around the world have received nothing yet as you mentioned, and it is quite tough where I am. Officially unemployment is currently around 25 percent ( from 3 or 4 percent in December) but in reality is much higher, despite there being about 40 Covid related deaths so far among close to 70 million people. As of now only about 5 percent of applicants have received the paltry government assistance on offer (which has already been cut back to 3 months from the once promised 6 and equals about $170 a month, a fraction of minimum wage), and will only be given to about a quarter of those who need it when it is finally distributed. All counties are going through various levels of economic hardship now for sure. Let’s hope those in the greatest need will find a way to get through. I know Oxfam has forecast a doubling in world poverty this year, a grim prospect.

[DUCKMANNM]

I'd be spending money at the fly shop here in Albuquerque, if it were open, but our Governor in New Mexico has closed all but essential businesses because of the pandemic! No restaurants to go to eat! The only fast food joints that are open are the ones with drive thrus! Even my bank only has the drive up windows open. I spent 40 minutes in line the other day just to make a mortgage payment because even the mails have been slow too!

[Hellmtflies]

[quote="GRASSNGLASS"]

"Just don't understand people complaining about the economy being damaged, but haven't heard anyone complain about getting money they don't need. We truly have people suffering and I do believe we should help them."


I have to agree with GRASSNGLASS here. Both my wife and I are in line to receive the recovery checks based on individual personal income. We haven't received them as yet and I don't suspect they will arrive until late May, if at all. But that said, we don't need them. We aren't wealthy, just blue collar. But we're "OK". I wish they would send them to assist say the medical workers in N.Y. City or some other place or to the people in need were the money will actually make a difference. I just don't know how the government would make that distinction.

[narcodog]

I have the same feelings as the rest my wife and I are SS and have small pensions but we have plenty of $$'s. I told her last week that I'm just going to give it some that need the money more than we do. Since then I have reconsidered and I will spend some of money to give the economy a shot in the arm and donate some a local nonprofit.

One other thing I always here of the term "buy local" when it comes to fly shops. I don't have any local shops but the ones that I do buy from are local to others. jimsflyco is a one man show, Dette's is a four man show. There are others that fall into this category also. Just sayin.

[3creeks]

I'm no economist but I've had a really uneasy feeling about this 2.2 Trillion dollar recovery plan since I heard about it. My 24 year old son, who lives at home still while he's going to school and working, is getting $1200. (**EDIT** He has already received his $1200) There is no way that he needs that money. And this is the problem with huge government undertakings like this because it's like shotgun spray in its effectiveness. They are also talking about doing it again and both parties are guilty on this one.

When I first heard that they were planning on doing this I stopped to think about the shear scale of how much two trillion actually was. We're used to hearing them speak in billions. Do you know what a stack of two trillion dollar bills would look like? A dollar bill is, rounded down, .004". It's actually .0043 but let's call it .004 to simplify things since I'm not sure the government is working to the same tolerances we strive for. Two trillion of them stacked up is 8 billion inches tall, which works out to 126,262 miles. That's half way to the moon my friends. When they do a second round the sum would exceed a stack of dollar bills from earth to the moon. I remember learning about the concept of infinity in grade school. This is dam# near infinity.

I don't mean anything political by this but my simple mind wonders what the effect of this will be on the long term health of the dollar. And to hear that people aren't getting the money that they need in a timely manner, and people who don't need it are getting some...it sounds like a giant scale class action lawsuit where the sums are great but the people most affected never realize their true losses.

[Bud]

My community has been hit hard by the shutdown and the crash of the oil business. My check is going to local food bank.

[GRASSNGLASS]

Are they giving money to the little people so we won't complain about insane amounts of money to corporations. The ones who have been making record profits for years, but instead of saving any money for rainy days have been giving it away in ridiculously high salaries, bonuses to executives and dividends to shareholders. What really bothers me is the fact some of these companies have been bailed out over and over, but somehow always showup with their tin cup telling us how important they are to the economy and why the taxpayers should bail them out again.

Many of us survive an event like this because we have been lucky enough to save and not spend every penny we have earned. Wouldn't it be wonderful if big corporations did the same.

Barry

Possibly wrong, just a question on my mind.

[reelsmith]

Barry, I agree.

It is insane how large corporations that make hundreds of millions of dollars a year in profit cannot have enough cash on hand to get through a few months of what for them is a slow down, when true small businesses are expected to survive.

My small (very small) company applied for both PPP and EIDL loans on day one ...so far we have heard absolutely nothing, except that the funds have run dry. This may well put us under as we, as a non-essential business (in CT), are completely sidelined. There is nothing we can do but wait.

Its all quite disturbing. In both good times and bad, the bulk of the money goes to the 1%.

Dean.

[para_adams]

This PPP was ill conceived. As a business banker I know too well how desperately most of our local businesses need help. The PPP was designed as a way to use the banks to funnel insta-cash to the country's businesses. Those businesses that were not impacted by the pandemic basically get to pocket that money, using it instead of their own working capital to pay their next 2 months' payroll and rent. Those businesses that had to be shut down due for health reasons can't use that money, they don't have any operations running to pay employees for. That leaves only a portion of the businesses both operating and needing the money. If I could have designed the assistance, it would have been 1) funding of unemployment compensation and 2) funding of business working capital loans (SBA Disaster Loans). To me, the PPP missed the mark. And it ran out before 3/4 of the businesses that wanted it could get it. Miserable.

[wrong66]

I'm guessing the money doesn't "run out" for the large corporations.

[joaniebo]

What gets me is the PPP loan forgiveness program going to businesses that employ "up to 500 people". To me, a company that employs 500 people isn't that small.

Bob

[BruceHandley]

Well, if I get a check, and I may I have a plan. I don't need it so should I give it back to the government. What so they can find some other way to piss it away, I don't think so.
I'm going to give it away to DAV, Wounded Warrior project, Salvation Army and my local SPCA in eqial shares.
Bruce

[St Vrain Angler]

What gets me is the PPP loan forgiveness program going to businesses that employ "up to 500 people". To me, a company that employs 500 people isn't that small.

That's the primary reason the program ran out of money.

[roycestearns]

And here we go ... time to lock the thread.