https://www.orlandosentinel.com/coronavi...story.html

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I read this earlier, it's infuriating for us true small business owners (i.e. companies that didn't have $1.5 BILLION in revenue). The two loans that Ruth's Chris Steakhouse received could have funded 700 loans to companies like mine. I don't know if you agree, but I think a company with $42 million in profits last year, with thousands of employees, and a CEO who received over $6 million in compensation in 2018, is NOT a small company.

Of course if they meet all the criteria to get $20 million of free money, I suppose it's legal, but does that make it right?

The Pennsylvania investment firm that owns the Ritz-Carlton Coconut Grove in Miami has applied for as many as 48 taxpayer-backed loans under an emergency program meant to help the nation’s smallest businesses hang on to their employees through the coronavirus pandemic.

A Maryland hotel company that did more than $1.5 billion in revenue last year has applied for more than 50 loans — and been approved for about 10 so far.

And Winter Park’s Ruth’s Hospitality Group Inc. — the parent company of Ruth’s Chris Steak House that made $42 million in profits last year and spent $41 million buying back stock and paying dividends to shareholders — revealed Monday that it has received $20 million through two small business loans.

I agree, many of my friends are hurting and being good people and still trying to make payroll however they can.

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It comes with the territory of hastily drafted and passed legislation.

Ruth's Chris was shut down just like everyone else in the service industry, is attempting to meet the same obligations as everyone else, just on a larger scale. If I were a stakeholder in that company, I would expect nothing less than for management to apply for everything that they qualify for.

I don't really see it as that outrageous. The problem is still that the democrats blocked the extension in the funding (something they previously voted in favor of) over unrelated, SJW BS.

(04-18-2020 03:16 PM)fsquid Wrote:  I agree, many of my friends are hurting and being good people and still trying to make payroll however they can.

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I'm doing the same, but after payday yesterday the company is just about tapped out. I have enough to pay for next month's insurance and make payments on an existing loan, but not enough for payroll in two weeks.

Just hoping that I'll get some of my previous invoices paid before our next payday. Spent some time this week working on collections, but people don't seem too anxious to part with their money right now.

With that said, the company's got good credit and I can get enough money to keep operating for now. Mostly just bellyaching on my part that Billion dollar "small businesses" are getting free money but I'm not.

(04-18-2020 07:40 AM)fsquid Wrote:  https://www.orlandosentinel.com/coronavi...story.html

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So the author needs to find out who had this put in and they need to be voted out if people dobt think these business deserves help. The author does not do that.

"Congress meant the loans mainly for businesses with 500 or fewer employees. But they agreed to make a handful of exceptions to that limit, including allowing individual hotels and restaurants to be counted as if they were separate companies, even if they are ultimately controlled by the same owner."

(04-18-2020 03:30 PM)TheOrigamiJimmyChin Wrote:  

(04-18-2020 03:16 PM)fsquid Wrote:  I agree, many of my friends are hurting and being good people and still trying to make payroll however they can.

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I'm doing the same, but after payday yesterday the company is just about tapped out. I have enough to pay for next month's insurance and make payments on an existing loan, but not enough for payroll in two weeks.

Just hoping that I'll get some of my previous invoices paid before our next payday. Spent some time this week working on collections, but people don't seem too anxious to part with their money right now.

With that said, the company's got good credit and I can get enough money to keep operating for now. Mostly just bellyaching on my part that Billion dollar "small businesses" are getting free money but I'm not.

I took a bottle of Blantons to 3 of my friends as a show of respect for making payroll. So many here just threw their employees on the unemployment line 4 weeks ago

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(04-18-2020 03:22 PM)Kronke Wrote:  It comes with the territory of hastily drafted and passed legislation.

Ruth's Chris was shut down just like everyone else in the service industry, is attempting to meet the same obligations as everyone else, just on a larger scale. If I were a stakeholder in that company, I would expect nothing less than for management to apply for everything that they qualify for.

I agree on this, but at the same time, if these companies can afford a $100,000 signing bonus for a new executive (Potbelly) and $6 million compensation for CEO (Ruth's), is the grant money truly necessary, or just a "want"? I'm assuming they've already laid off most employees and put them on unemployment. I'm certain these massive corporations have access to resources that my little two person firm doesn't have.

This is all Monday morning quarterbacking on my part. I know the program was rushed out and didn't have a lot of stipulations. I also know I'm relatively blessed, my company is able to continue working (although concerned about getting paid for it). There are many other firms that need this money much more desperately than I do, and I expect they need it much more desperately than some of these massive hundred million or billion dollar "small businesses."

(04-18-2020 03:38 PM)fsquid Wrote:  

(04-18-2020 03:30 PM)TheOrigamiJimmyChin Wrote:  

(04-18-2020 03:16 PM)fsquid Wrote:  I agree, many of my friends are hurting and being good people and still trying to make payroll however they can.

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I'm doing the same, but after payday yesterday the company is just about tapped out. I have enough to pay for next month's insurance and make payments on an existing loan, but not enough for payroll in two weeks.

Just hoping that I'll get some of my previous invoices paid before our next payday. Spent some time this week working on collections, but people don't seem too anxious to part with their money right now.

With that said, the company's got good credit and I can get enough money to keep operating for now. Mostly just bellyaching on my part that Billion dollar "small businesses" are getting free money but I'm not.

I took a bottle of Blantons to 3 of my friends as a show of respect for making payroll. So many here just threw their employees on the unemployment line 4 weeks ago

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I will say before our application got approved, everyone was down to 2-3 days a week, but we were committed to getting them at least some money every week. That stuff weighs on you FAST too when you’ve got to make scheduling decisions with people’s livelihoods in your hands

God bless you man

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