$10,000 EIDL GRANT

Finally got notification of credit check this past Saturday or Sunday by the SBA..... I applied first day it was open with the lender I have my equipment financed with BMO....

 

So, if you don’t apply, you will get a tax credit for $5,000?

 

From my understanding here how it works:you apply for a loan to keep your business afloat,you get 10k immediatly as emergecy funds and whatever your elgible for later.
If you use the loan for payroll that keeps employees on the job the 10k is 100% forgiven but the rest have to be repayed,if the loan is used anything else but payroll like paying utilities rent etc the total loan have to be repayed including the 10k and u get 50% tax credit which is $5000

 

I spoke at length with my tax preparer and was told that based on my W-2 and dependent (1 dependent child) I am eligible for about $980.00 per week.

Now, under normal circumstances, I would be eligible only for about $280 per week + about $100 for a child dependent...the additional $600 makes it so much better. Indeed, you might argue that for many folks, the weekly unemployment deposits they receive exceeds the actual wages they had received prior to Covid 19.

Well, suffice to say that I have not filed for that yet. I would rather work...that makes me a cool guy, for now. However, it is good to know what there is available, if a push comes to shove.
I don't want to argue or even think about the rights and wrongs of filling for it, either. It is not the point...

What I am astounded by and somehow concerned is the fact (the phenomena) that it is a tremendous amount of money disbursed to the unemployed in the large scheme of things. In a smaller country with their own currency, and limited means of production, heavily reliant on foreign trade, this magnitude of currency injection (even taken proportionally) would create a massive money supply imbalance, resulting in accelerated inflation, eventually hyperinflation and barter trade. Only because of the U.S. Dollar serving as he World Trade currency, we may remain hopeful that it won't come to this. It is hard to say how much value of a dollar will decrease due to the current bail outs.

 

The little bit I’ve heard about other Countries, a lot are doing the same. Essentially propping up their systems. All things being somewhat equal, our Country, and it’s monetary system is still the safest place to be, Banking being our Largest Bussiness. It’s all mind boggling, I’ve read books on our monetary system, and basically it’s Military Strength that backs up our Dollar. The system is a debt system, manipulated to work. As long as we’re Strong Militarily, Well have Investors, parking their money here. Because it’s protected. Everything else, is manipulated against other currencies. There’s no real wealth. Only coupons issued for payment of debt. I don’t pretend to understand it, if I did, I’d be rich.