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Layoffs. Red tape. Anxiety. Small businesses fight to survive pandemic.

Original post made on Apr 17, 2020

Small businesses throughout the Midpeninsula are facing painful decisions as they seek to weather the increasingly perilous and complex economic climate.

Read the full story here Web Link posted Friday, April 17, 2020, 9:50 AM

Comments (8)

3 people like this
Posted by Robyn
a resident of another community
on Apr 17, 2020 at 3:48 pm

Has any business actually received the PPA money?
I have been nothing but delays after approval by the banks.
Stay safe everyone.


6 people like this
Posted by Rita
a resident of Rex Manor
on Apr 18, 2020 at 2:24 pm

This is the SBA report on PPP loan approvals through 4/16: Web Link

The highlights of the report from the analysis by Reuters News Service ( Web Link) :

* 1.6 million loans worth $342 billion approved through 4,975 lenders

* California, Texas and New York accounted for 23% of the loans, more than $82 billion.

* Number of loans approved per 1,000 small businesses was the highest for rural states

* A breakdown of loans per industry shows that construction and manufacturing firms were awarded loan amounts disproportionately higher than the share of employees in that sector.

* The top lender processed $14 billion in loans across 27,307 businesses, with $515,304 average loan amount.

* The lender with the most number of loans processed $2.9 billion to 40,746 businesses with $72,803 average loan amount.

JPMorgan Chase was able to secure multi-million dollar loans under the PPP for some of its clients that are large restaurant chains and foreign corporations:

* Wave Life Sciences, a biotech company incorporated in Singapore, got $7.2 million for the 97% of the company’s work force based in the United States.

* Potbelly Sandwich Shop, a chain of 400 restaurants, got $10 million for its 6,000 employees.

* Texas Taco Cabana, a chain of 121 Mexican food restaurants, got $10 million

* Ruth’s Hospitality Group, a Florida-based steakhouse operator, got $20 million for its 5,700 employees by asking its 2 subsidiaries to apply for $10 million each.

Hallador Energy Co, which operates coal mines in Indiana, received $10 million via First Financial Bank for its 768 employees.

Wells Fargo, a leading California bank, did not submit a single loan application to the SBA for approval.


14 people like this
Posted by Makers and Takers
a resident of St. Francis Acres
on Apr 18, 2020 at 2:43 pm

You missed the headlines:


- Main Street bailout rewards U.S. restaurant chains, firms in rural states

Local restaurants go out of biz, replaced by minimum wage Olive Gardens.



- The three biggest state economies - California, Texas and New York - accounted for 23% of the loans, more than $82 billion.

Not enough to CA and NY. Together, the three account for a THIRD of America's economy.


- Meanwhile, businesses in a number of small, rural states that have avoided the brunt of the outbreak took home a disproportionate share of the pie.

Of course they did. Red State welfare continues, at the expense of the productive blue states.


We are The Makers, they are the Takers.


14 people like this
Posted by The Business Man
a resident of Castro City
on Apr 18, 2020 at 3:45 pm

Please just understand Rita an Makers and Takers?

This is his political defense we are talking about. The "BLUE" states are going to hold him accountable for his failure of leadership regarding COVID 19, thus are not going to be his source of ELECTORAL COLLEGE votes.

The "RED" states are his only safe source of ELECTORAL COLLEGE votes, thus he is using the COVID 19 as a means to BUY votes in these states. But that has one major weakness.

IF there is NO TREATMENT established by say June or July, OR there is not ENOUGH testing to be able to determine the PUBLIC health of those states, they are just as unsafe as the "BLUE" states.

Just watch, these "RED" states will be provided the majority of any TESTING supplies or agents over the "BLUE" states per capita.

Again it is just a GAME to Donald Trump. His narcissism is dictating his conduct, and not the GENERAL WELFARE as stated in the U.S. Constitution PREAMBLE.


12 people like this
Posted by Bill
a resident of another community
on Apr 20, 2020 at 11:32 am

It is clearly time to start discussions regarding how we begin relaxing virus-related restrictions and get people back to work. Joblessness has been shooting up, businesses large and small have been collapsing, and people have started thinking long and hard about what the future holds.

The longer this lockdown goes on, we will have to deal with more deaths, divorces and unemployment-related social upheaval caused by shutdown-related stress. This is a recipe for disaster.

Let's start talking about getting people back to work before it is too late.


5 people like this
Posted by Makers and Takers
a resident of St. Francis Acres
on Apr 20, 2020 at 1:38 pm

> Let's start talking about getting people back to work before it is too late.

Sure, Bill, and you tell us at what threshold we will shut'er down again. That's the shutdown that will be the kiss o' death for the economy and most small businesses - the second shutdown caused by opening too early before testing and tracing are available.

So we re-open, Bill; do we shut down again at another 40,000 deaths?

10, 000 deaths?

100,000 deaths?

Please tell us, oh wise one.

#donotdiefortheDow


2 people like this
Posted by Darin
a resident of Another Mountain View Neighborhood
on Apr 21, 2020 at 3:57 pm

@Makers and Takers

I thought the point of the shelter-in-place order was to flatten the curve, to prevent the healthcare system from being overloaded.

The point cannot be to shut down everything until the virus goes away, because the virus will never go away. We need to figure out how to live with it, not just shelter in place indefinitely.

And for context, 40k deaths/year is a typical flu season, and we don't shut down everything for the flu.


8 people like this
Posted by The Business Man
a resident of Castro City
on Apr 21, 2020 at 4:31 pm

In response to Darin you said:

“I thought the point of the shelter-in-place order was to flatten the curve, to prevent the healthcare system from being overloaded.”

That is correct, but there is no other method to do so at this time. You also said:

“The point cannot be to shut down everything until the virus goes away, because the virus will never go away. We need to figure out how to live with it, not just shelter in place indefinitely.”

Actually if you look at our experience with POLIO, that is exactly what was done. You can look up the history from the CDC website found here (Web Link).

Specifically it reported:

“In the late 1940s, polio outbreaks in the U.S. increased in frequency and size, crippling an average of more than 35,000 people each year. Parents were frightened to let their children go outside, especially in the summer when the virus seemed to peak. TRAVEL AND COMMERCE BETWEEN AFFECTED CITIES WERE SOMETIMES RESTRICTED. Public health officials imposed quarantines (used to separate and restrict the movement of well people who may have been exposed to a contagious disease to see if they become ill) on homes and towns where polio cases were diagnosed.”

So this is NOT A SURPRISE on us. It should NOT BE A SURPRISE to you. As far as the number of “death” you determine as ACCEPTABLE by saying:

“And for context, 40k deaths/year is a typical flu season, and we don't shut down everything for the flu.”

However, the shutdowns that occurred during the POLIO outbreak were severe when there was only 15,000 people being paralyzed as reported here:

“Polio was once one of the most feared diseases in the U.S. In the early 1950s, before polio vaccines were available, polio outbreaks caused more than 15,000 cases of paralysis each year. Following introduction of vaccines—specifically, trivalent inactivated poliovirus vaccine (IPV) in 1955 and trivalent oral poliovirus vaccine (OPV) in 1963—the number of polio cases fell rapidly to less than 100 in the 1960s and fewer than 10 in the 1970s.”

Just compare and contrast these situations, Commerce was shut down for just 15,000 paralysis, NOT DEATHS, and we on tract to lose more lives than what happened during the ENTIRE Vietnam War which was 58,000. So you are really insensitive to those deaths, and those that are going to die if you prematurely stop the only control we have at this time.


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