Bailout and payroll

It's called a "hedge".

 

Yeah I agree with Scooter. I think it’s a good idea to be ahead of the curve on this if possible. Things could get very bad where you are unable to make a dime. Or God forbid you did get sick. I’m sure your wife would be thankful you already had this all in motion.

 

I don't necessarily see the future as ominous. Unlike in the Great Depression, there is a tremendous aggregate wealth here, even excluding the 1%, which create a good potential for a quick rebound. Simply, people will be still capable to buy real estate, new cars, furniture, book vacations, throw luxurious weddings, parties, buy all kinds of stuff as if nothing happened. It is not like the economy collapsed and died, it was rather put into a hibernation mode. As long as it is over by midst of Summer, it should be back to normal.

 

You have a rep? I really need to get a better bank than Chase. I used to have a knack at impressing them, till they decided they didn’t need my bussiness anymore. Now they all love Me again. But once you move seen tha bad side of it all, kind of hard to do again. Like re marrying an ex, very tempting to believe they’re sincere. But the bad memories are not forgotten. Use it wisely. Credit is a Necessary evil,

 

Take the money, guilt free. Keep working all you can if you want to. Your choice. May not last, we don’t know what to expect. Supply and demand may force rates much lower eventually. May need to work as much as possible, and still need the extra cash. Hopefully it will all end soon. But as others said. Better to be prepared for rough times. You don’t want to lose everything you’ve worked hard for all these years. Been through that once myself. 12 yrs ago. Best to avoid that if possible. This is our Country, our lives, The current bail out has others with billions to lose interests at stake, much more than ours. The only reason we are included, is because they need us to make it all work. The whole systems being propped up to save it. As far as the debt goes. Everyone’s in the same boat. They will reset it all at market rates. Otherwise it won’t work. I guarantee the Treasury and fed will reset the whole system. Nothing but a coupon backed up only by the system that’s in danger. And backed up by our Military strength. The rest gets manipulated all the time anyway. This time it’s no different. The monetary system will survive. That’s the goal. It’s never the end of the world.

 

It looks like the "Paycheck Protection" loans might have trouble getting off the ground. A lot of banks are pushing back because of the unclear guidelines and they're wanting protection from liability if borrowers lie and get the loans anyway. There are also disputes about the .5 percent interest rate and many other quabbles.

But it sounds like if you deal with a local bank, like Scooter apparently, you will be taken care of. Banks are saying that they will lend to most of their existing customers but not the others if all these issues listed above are not resolved.
Banks warn of chaotic launch of small business lending program
They're concerned that the expectations the administration has publicly set are unrealistic.

Banks warn of chaotic launch of small business lending program

For those who are confident this story will have a happy ending, here is a twitter thread from Brock Blake, the CEO of Lendeo - a small business loan marketplace - who explains succinctly why there is no way this program can possibly roll out tonight:

 

I'm going to be surprised if any owner operator gets the $10k...

Nothing I've read says it's a first come first serve basis, so how do they decide which business is going to get it and which isnt?

 

Yeah, it sounds too easy, too fast, hard to believe, like so many things are today.

 

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My local bank says they are still waiting on guidelines in order to know what to do. Sounds like a cluster.