A buddy of mine has done quite well for hisself. Definitely a self made man who owns a couple of businesses. The biggest, most profitable one has really benefitted from Covid. He deals in the higher end of the income spectrum with his "product" . In addition, pricing has gone up for his services because the demand is so high.

His firm had his first PPP loan written off and that one got them in excess of, get this, $500,000. His firm just qualified for his second one with the same amount. That's over a million smackers for just that one, single firm which is owned by a kazillionaire living in a $2,000,000 plus lakefront home with no mortgage. Someone help the ignorant here and tells me how this works again.

They are sprinkling this crap out like it is pixie dust.

I know someone who also had the same thing happen, but it was $ 250,000. for the first round and the second one is one the way. Round two was based strictly on third-quarter earnings compared to history. Just so happens that his Q3 billings were soft for him, but he finished the year with record profits. Between the record profits and PPP, his retirement account looks pretty good.

Major abuse of our tax dollars.

Why in my whole wide world would you start a new thread about chump change?

I can understand how sometimes you irritate peoples

Q3 had to be down 25% YOY I believe. Small businesses (many of which are C or S corps) have been hammered with taxes for so long, they figure if it is available they will take it. If his first round was north of $500k, I would bet taxes paid via his business over the last few years more than covered it. The money is only supposed to go towards payroll and rent as far as I know. His personal wealth has nothing to do with it in reality.

This is an example of explaining how this is good for everyone? Pigs at the trough.

I guess.....the people that didn't get laid off last year would think so. If you lay someone off, or don't maintain your staff at pre-covid numbers, the loan won't be forgiven. If most businesses are down 25% in any one quarter....there will normally be layoffs.

They've coughed up almost ten Trillion printed dollars.
There is still a LOT of money left from the last "stimulus" that has not been spent.
A bankrupt economy is the goal.

the 25% down figure is something I must not understanding correctly. Not the picture I am seeing. Ain't no thoughts of layoffs at this firm. Quite the contrary, extended unemployment with $300 bonus and stimulus checks making it hard for them to secure new employees.

Tell me again so I understand,. Very obtuse here.

Print baby print!

If you have ever financed or rented something you essentially have also participated in a lesser risk model.

I don't agree with any of the bail outs. But my model would of been ripe with below-market acquisitions.

With that said Stockholder equity should never ever be a consideration of natural disasters type assistance

The business is not suffering. The average federal tax bill was slightly over $15,000 in 2018. $1,000,000 divided by $15,000 = 67 peoples. Pretty sure this firm has less than 67 employees. Makes lots o' sense.

Good stuff.

And the 4th stimulus check will be here by/ before Christmas.......take that to the bank.

Another guy I know used his first stimulus check to add 16 employees. His firm is much larger doing 8 figure jobs routinely.

I thought about looking into the 2nd PPP - the mark was 25% reduction in revenue Q to Q 2019 vs 2020...I was at 23.75% on my worst quarter. I am nowhere near a kazillionaire or even a millionaire for that matter. A couple extra bucks would have certainly helped though.

and since he got paid for a humongous one time deal in that prior year's quarter which totally inflated that quarter's earnings, he "earned" it again,. This time without having to do that one time job.

Got it now.