In The News Today...

Quote: JimRockford

eligibility for loan forgiveness is for individuals <125k and households <250K. 250K is about the 94th percentile of household income.

Nationwide, sure. Which is why it’s stupid to put blanket caps like this.

There are areas of the US where $250k household is absolutely not “rich”.

Quote: ams288

Don’t you claim to run a “successful” business?
I wonder if you took any PPP money during the pandemic and had it forgiven…

There is a big difference between PPP Loan forgiveness and Student Loan forgiveness.
You won't understand this part because you're a career "back of the paycheck signer"/non-job creator
In fact I am pretty sure the entire House Plant Administration are career employees.
2.5 years was the average private business experience IIRC, so the majority of them won't understand this either.

Here are the PPP cliff notes:
With the PPP Loan program, forgiveness was built into the plan provided you kept your employee headcount.
Businesses took those "loans" knowing it was going to be forgiven if spent on keeping employees on payroll.
Hence the name: Payroll Protection Program. Unlike the Inflation Reduction Act, the name was actually accurate.
The alternative was to just lay off the employees because the government shuttered the doors of the business.
PPP #1 was a poorly run program because the government should have required a drop off in revenue to be eligible for forgiveness.
They did that to be eligible for PPP Loan round #2. You had to have been actually shut down or have a 25% drop in revenue.
That cut a lot of businesses out of getting Round #2 PPP Loans.
To get PPP Loans forgiven, all the government required was that 60% of the loan be spent on payroll.
The other 40% could be spent on rent, utilities & other overhead costs.
Mortgage payments on the commercial building owned by the business worked as well.
That was convenient for businesses that owned their buildings. LMAO.
In the end, the PPP Loan proceeds were mainly paid to employees as wages.
The alternative was they could be collecting unemployment.
Either way, the government was going to pay their compensation during the mandatory shut down, one way or another.
The PPP Loan process just made it easier for employers to keep them on payroll as opposed to firing & re-hiring upon re-opening.

Did JCW get any PPP Loan money? What about EIDL Loans of up to $500K with a 30 Year fixed rate at 3.75%?
What about the Employee Retention Payroll Tax Credit, that was a juicy one with up to $21K per employee in 2021 with no pay back?
Let's see, 10 employees at $21K, isn't that like 10X what AMS makes in a year? I guess it pays to be a job creator, LMAO
No way JCW qualified for PPP Loan #2, right? Because he runs a "successful" business. I guess AMS will just have to keep wondering.

What we also know is that student loans were never supposed to be forgiven when they were applied for by students.
They knew they would have to pay them back. Now they don't. Query: Will this forgiveness be taxable income to the student?
I for one hope the Dems keep spending right up to November.
Powell just told everyone inflation is still a big problem. The student loan forgiveness can only help keep inflation in the spotlight.
That is where we need it over the next several months. Hopefully Powell comes out with 75 basis point hike in September.
The equity markets will crater again, maybe back to their June lows. Real Estate will continue to roll over.
I love it when the "Helicopter Money" plan works as any non-biased economist predicted when the American Rescue Plan came out.
Well done Dems, keep sending the economy more Helicopter money. It's having no impact on inflation at all!!
It's a bold strategy Cotton.....LMAO

Quote: gamerfreak

Nationwide, sure. Which is why it’s stupid to put blanket caps like this.

There are areas of the US where $250k household is absolutely not “rich”.

I like the cap
If you live in an area where 250k is not rich
Oh well
Gotta draw the line somewhere
I'm on social security
I don't think my check should be based on where I live

Quote: JCW09

There is a big difference between PPP Loan forgiveness and Student Loan forgiveness.
You won't understand this part because you're a career "back of the paycheck signer"/non-job creator
In fact I am pretty sure the entire House Plant Administration are career employees.
2.5 years was the average private business experience IIRC, so the majority of them won't understand this either.

Here are the PPP cliff notes:
With the PPP Loan program, forgiveness was built into the plan provided you kept your employee headcount.
Businesses took those "loans" knowing it was going to be forgiven if spent on keeping employees on payroll.
Hence the name: Payroll Protection Program. Unlike the Inflation Reduction Act, the name was actually accurate.
The alternative was to just lay off the employees because the government shuttered the doors of the business.
PPP #1 was a poorly run program because the government should have required a drop off in revenue to be eligible for forgiveness.
They did that to be eligible for PPP Loan round #2. You had to have been actually shut down or have a 25% drop in revenue.
That cut a lot of businesses out of getting Round #2 PPP Loans.
To get PPP Loans forgiven, all the government required was that 60% of the loan be spent on payroll.
The other 40% could be spent on rent, utilities & other overhead costs.
Mortgage payments on the commercial building owned by the business worked as well.
That was convenient for businesses that owned their buildings. LMAO.
In the end, the PPP Loan proceeds were mainly paid to employees as wages.
The alternative was they could be collecting unemployment.
Either way, the government was going to pay their compensation during the mandatory shut down, one way or another.
The PPP Loan process just made it easier for employers to keep them on payroll as opposed to firing & re-hiring upon re-opening.

Did JCW get any PPP Loan money? What about EIDL Loans of up to $500K with a 30 Year fixed rate at 3.75%?
What about the Employee Retention Payroll Tax Credit, that was a juicy one with up to $21K per employee in 2021 with no pay back?
Let's see, 10 employees at $21K, isn't that like 10X what AMS makes in a year? I guess it pays to be a job creator, LMAO
No way JCW qualified for PPP Loan #2, right? Because he runs a "successful" business. I guess AMS will just have to keep wondering.

What we also know is that student loans were never supposed to be forgiven when they were applied for by students.
They knew they would have to pay them back. Now they don't. Query: Will this forgiveness be taxable income to the student?
I for one hope the Dems keep spending right up to November.
Powell just told everyone inflation is still a big problem. The student loan forgiveness can only help keep inflation in the spotlight.
That is where we need it over the next several months. Hopefully Powell comes out with 75 basis point hike in September.
The equity markets will crater again, maybe back to their June lows. Real Estate will continue to roll over.
I love it when the "Helicopter Money" plan works as any non-biased economist predicted when the American Rescue Plan came out.
Well done Dems, keep sending the economy more Helicopter money. It's having no impact on inflation at all!!
It's a bold strategy Cotton.....LMAO

I’m gonna take this long rambling post that I didn’t fully read as a “yes.”

Quote: ams288

I’m gonna take this long rambling post that I didn’t fully read as a “yes.”

That sounds like exactly who you are.
(See signature below)

Quote: ams288

I’m gonna take this long rambling post that I didn’t fully read as a “yes.”

It's gotta be copy and paste
Or
Your living in his head for such a absurdly long response.

Quote: terapined

Your living in his head for such a absurdly long response.

Oh absolutely. He just can’t quit me.

Quote: terapined

It's gotta be copy and paste
Or
Your living in his head for such a absurdly long response.

RxEd, you ready to come back into the kitchen? It might get too hot for you so be careful.
Imaginary friends in people's heads, hilarious, aren't you the one taking pills to keep your sanity?
Time of you life? I guess if you say so one anti-depressant/anxiety pill at a time evidently.
LMAO

Quote: JCW09

RxEd, you ready to come back into the kitchen? It might get too hot for you so be careful.
Imaginary friends in people's heads, hilarious, aren't you the one taking pills to keep your sanity?
Time of you life? I guess if you say so one anti-depressant/anxiety pill at a time evidently.
LMAO

jcw sounds like a Scientologist.