Senate passed the measure 98-0 last night, goes to the house, and the President will sign it by this weekend hopefully. Huge checks heading to most by April/May. For the unemployed some will get full or near full working wage unemployment benefits. Small businesses will get forgivable loans (wonder what attachments these loans will have). Anyway, a bridge that might get us over these trouble waters we find ourselves in.
Hopefully, our Hobby, our way of life will survive this. Stay safe.
What do you think?
Long live the Boston & Albany. I don't start rumors, I only verify them. Proud Supporter of the efforts to restore Maine Central 470 to operation. www.newenglandsteam.org/
Post by waitin4thetrain on Mar 26, 2020 16:57:10 GMT
Cheryl and I won't see any CV-19 money as we receive our pay as is. My son will be compensated as will Cheryl's daughter and her husband. Her brother Ken will also receive money as well. The stimulus packages introduced in North America are a good and necessary thing. This money will allow people to carry on and will help both of our economies somewhat. I am very happy to see small businesses receive help as well. They do a lot to drive the economy! Now if our governments can just do something about the profiteering that is going on that will go a long way to instill trust with our peoples.
We are both retired so I don't think it will have any effect on us. I'm glad that those who have been negatively affected will be getting some help. Whatever happens, I was running trains tonight so I'm a happy camper.
Small businesses will get forgivable loans (wonder what attachments these loans will have).
The attachment for "forgivable" is you have to pay all of your employees full pay. For doing that you can get a forgivable loan and tax credits to offset you payroll cost.
It currently costs my company $40,000 a month to stay closed. That is the cost of nonoperating expenses ie., insurance, property taxes, and other fixed costs. Add the payroll in and it is $94,000 per month. We will not make a profit this year and the tax credits "may" carry over to next years. It is a joke for small businesses. If you do not pay payroll, you are can get a straight loan that has to be paid back at the prime rate plus .5% interest. By the time this is over we will be permanently closed or deeply in debt with depleted cash reserves.
For my company, we have little debt and a solid reserve of money. We can hold our own for multiple months, but we will deplete our cash reserves which have been saved for ongoing depreciated upgrades.
The airlines industry is going to get $45 billion in a flat out grant. Without grants to small business, I predict this will be the final end for Mom and Pop business. Most of them do not have the cash reserves to last very long. 75% will not reopen and we employee 50 million Americans.
"Without grants to small business, I predict this will be the final end for Mom and Pop business. Most of them do not have the cash reserves to last very long. 75% will not reopen and they employee 50 million people."
I agree, Wood, this has to be addressed. Too much at stake for too many people.