I hope we get a "my husband made a poor choice, and i've reduced his allowance and scaled back his meals to 2 a day as punishment" response.

One of the reasons Trump firing all the IG's is because only IG's sitting at the time of the bills passing are allowed to police the distribution of funds from the CARES act. The banks servicing corporate customers who don't qualify are effectively going to get off scott free because Trump specifically went on a firing spree right after the bill passed.

The federal government can assume those debts, and have assumed those debts. However, in the long term it's not sustainable. I believe the CARES act added 3 trillion to the deficit / debt? Something like that.

I can't speak to every state's individual unemployment laws, but if you have zero hours from your work you are effectively terminated in most states, and it won't prevent you from actually getting unemployment. The issues I've seen with some states not paying out unemployment has been that they are swamped with claims and can't process them fast enough. The states are also having to change how they do work because they can't pack office workers within 6 feet of each other.

There is no choice in which loans will be forgiven. The terms were laid out in the bill and signed when every business took the loan. This isn't a case where "If a Democrat wins we will forgive loans!", any president will have to allow the loans to be forgiven if the business qualifies because it was never in their hands to begin with.


I think you should do some more reading on this topic. You're speaking authoritatively but clearly don't know what was in the bill.

so regardless of the bank or fed being responsible for the debt what are the penalties for non-repayment? if any.

This is where you're losing me. No terms that I have read regarding the loans state forgiveness of anything but interest, and repayment terms extending out for up to 7 years.

So if you have the bill, and the loan contracts handy, I'd be thrilled to be proven wrong.

I mean, still not thrilled. I'd be thrilled if the businesses could get back to business. However, in this case, "take the win you can" works fine.

Dunno. Let's look into it! I'm not saying I'm an expert. (Also at work now, so I'll read through the text of the bill as I can)



Maybe I misinterpreted what I read. Let's dig into it!

Also, I'm realizing I may have misspoken. It's very possible that the banks are providing loan funds and the government is guaranteeing them in the case of lack of repayment.

if given the choice to owe a bank money or owe the federal govt money i'll take the banks every day of the week and twice on sunday, especially because the fed doesnt close on sundays.

and the fed will deduct from your tax returns to get their cut

Pulled the specific part of the bill

https://www.congress.gov/bill/116th-congress/senate-bill/3548/text?q=product+update#toc-id7c6eeca1a6d7442ea87187927ecabbca



This post was edited by Thor123422 on May 26 2020 12:40pm

So it is specifically and uniquely dedicated to payroll from March 1st through June 30th, and the total amount cannot exceed $33,333. Documentation to prove number of employees impacted and wages required. Seems pretty reasonable.

It is odd that the lenders would agree to it though. Those do not fall under the "guaranteed funds", that portion of the loan stands in default.

It's something, not enough, but something. And still a state-incurred cost being foisted off on the federal government.

If it's forgiven then the banks are going to be paid by the federal government.

The banks are guaranteed to make their money back because they are simply the administrators of the loan. The federal government is either providing the money or guaranteeing the loan.