Are you expecting financial hardship soon because of the Corona Virus?

[GetYucked]

Harvard University received government money and now says they won't give it back even though the president says they will.

'Harvard University has said it plans to keep an $8.6m grant it received as part of a stimulus package to blunt the economic impact of the coronavirus lockdown, contradicting Donald Trump who said the university would return it.
Speaking at a press briefing on Tuesday, Trump pointed to the institution’s ample endowment – worth nearly $41billion– as a reason why it should hand back the money."

So I guess $41 billion isn't enough for them to make it, they need help. Meanwhile many small family owned businesses are left out in the cold, as the government money ran out in 2 weeks . Naturally larger companies were able to apply faster and figure out the process, so they got served first.

Harvard to reject $8.7m in federal aid after Trump cites school’s endowment

The Ivy League school is following the actions of Stanford and Princeton universities, which also turned down funds amid growing scrutiny

www.theguardian.com

Yea, they can go fuck themselves; and any large company that received funds designated for small businesses. I wish a law would go into place that if you received funds and didn't need them, like above, your fine/penalty is equal to the funds you received. These larger entities/companies should be able to go out and get a loan from a bank, at a fairly lower interest rate, to cover their expenses. Obviously my statement here is not a one-sized fits all, but some common sense goes a long way. The greed of these mother fuckers makes me rage.

Is there a list of the large companies that received these funds out yet? I know some of them have to disclose it.

I applied for this for my dad (self employed), and since the money ran out, nada was given. It will be months before folks are ready to purchase jewelry again.

 

[maldorf]

Yea, they can go fuck themselves; and any large company that received funds designated for small businesses. I wish a law would go into place that if you received funds and didn't need them, like above, your fine/penalty is equal to the funds you received. These larger entities/companies should be able to go out and get a loan from a bank, at a fairly lower interest rate, to cover their expenses. Obviously my statement here is not a one-sized fits all, but some common sense goes a long way. The greed of these mother fuckers makes me rage.

Is there a list of the large companies that received these funds out yet? I know some of them have to disclose it.

I applied for this for my dad (self employed), and since the money ran out, nada was given. It will be months before folks are ready to purchase jewelry again.

To make matters worse, Harvard claimed the money was for the students. They literally already have billions of dollars in their coffers.

I agree about luxury purchases, its going to be a long time before most spend on that. I know we won't be soon.

 

[upeccmi]

Some in the government are wanting bailouts for state governments in the next bill. The other side says those states in financial straits before the virus hit are on their own and should file bankruptcy. They don't want states to use this calamity as a reason to bail them out of poor decisions made in the past. The next bill there will be a fight.

Every liberal majority state is in financial trouble, mostly due to the public unions and the high salaries and pensions that they refuse to make adjustments on. McConnell is right, they need to allow these states to file Ch 11 to allow them to restructure their financial obligations. States like mine (NJ) and NY have regular police and teachers making a nice 6 figure salaries. Pensions are insane too, where they allow these police to ramp up OT the last two years before retirement which pads their pensions. I have a few friends who retired in there 40s and make a 6 figure pension with benefits for life. Port Authority has many examples of pensions of 2-300K per year pensions. Not sustainable and the tax payers are suppose to pay for this. Look at a list of the highest property taxes, NJ is #1, the rest of the top 5 are all in financial trouble.
Now two Dem congresspeople have put a bill in motion to give everyone $2K per month until this virus threat is over. No talk about how any of this will be paid for. The idea is to just print money.
I have been trying to get my wife to move to SC, she won't go yet. My financial life would be a cake walk then.

 

[GetYucked]

So many moons ago, like 2011 or so, when I was in graduate school I had to give a presentation to the dean of our school and many other high ranking folks. I was a McNair Scholar, google it if you would like to know more; program was founded after Ronald McNair.

I chose to do my presentation on the bankruptcy filing of Vallejo, california. In short, the professor and I concluded that required pension contributions and salaries of fire/police were the cause. The city was paying firefighters six figures, and this city was not very large. They were allowed to filebankruptcy and were permitted to restructure those debts. They chose not to, years later they were in the same situation.

will be interesting to see that if other municipalities in trouble due to large pension/salary requirements, that file bankruptcy, also restructure and make changes to the real issues.

six figure salaries for teachers and cops is asinine, especially in retirement.

 

[maldorf]

This has been tough even on health care workers because all elective surgeries in most states have been called off. Nurses and other professionals being laid off or put to part time hours. I talked to one of my cardiologists today and he said it is happening at his hospital here. His pay has been cut 25% too.

COVID-19 Hits Some Health Care Workers With Pay Cuts And Layoffs

As the health industry focuses on COVID-19, there has been a big drop in nonurgent visits for primary care and specialty care. Medical practices are being forced to furlough or lay off staff.

www.npr.org

 

[sgtfury]

My physical therapy business has been hit by 60 percent

 

[DK0223]

Apparently anyone who hasn’t received the extra 600/wk UE will get it retroactive from the end of March

 

[RoyHobbs]

This has been tough even on health care workers because all elective surgeries in most states have been called off. Nurses and other professionals being laid off or put to part time hours. I talked to one of my cardiologists today and he said it is happening at his hospital here. His pay has been cut 25% too.

COVID-19 Hits Some Health Care Workers With Pay Cuts And Layoffs

As the health industry focuses on COVID-19, there has been a big drop in nonurgent visits for primary care and specialty care. Medical practices are being forced to furlough or lay off staff.

www.npr.org

If you're an established cardiologist and can't survive 25% pay reduction for a short time you have very, very poor money management skills.

 

[kilsong]

I dunno if this has been posted or not--but it sure is good.

 

[pimpman]

Every liberal majority state is in financial trouble, mostly due to the public unions and the high salaries and pensions that they refuse to make adjustments on. McConnell is right, they need to allow these states to file Ch 11 to allow them to restructure their financial obligations. States like mine (NJ) and NY have regular police and teachers making a nice 6 figure salaries. Pensions are insane too, where they allow these police to ramp up OT the last two years before retirement which pads their pensions. I have a few friends who retired in there 40s and make a 6 figure pension with benefits for life. Port Authority has many examples of pensions of 2-300K per year pensions. Not sustainable and the tax payers are suppose to pay for this. Look at a list of the highest property taxes, NJ is #1, the rest of the top 5 are all in financial trouble.
Now two Dem congresspeople have put a bill in motion to give everyone $2K per month until this virus threat is over. No talk about how any of this will be paid for. The idea is to just print money.
I have been trying to get my wife to move to SC, she won't go yet. My financial life would be a cake walk then.

Cake walk Why because you get rid of the wife or because you move lol

 

[USMuscle9403]

My hours got cut back to 32. Which is fine, because I try to live well below my means, and it's really paying off right now.

I watched face after face of people I knew and respected lose their jobs with almost no notice. People that had been there since the doors opened basically got told, "yea, sorry, we don't know what to tell ya". If I hadn't taken this particular position six months ago, I wouldn't have a job right now, either. Executives, financial directors, the COO, all gone.

I can sit here and bitch about my hours getting cut, but what the hell would that do? I'm very fortunate to still have a job. I get to go to work and earn a paycheck. A lot of people can't right now.

 

[maldorf]

If you're an established cardiologist and can't survive 25% pay reduction for a short time you have very, very poor money management skills.

Never suggested that, only that this is affecting everyone. Some of their surgeries may be put off, but I'd think most of that can't be seen as non essential.

 

[Aikman56]

I work in medical sales (ophthalmology). They had to furlough the field sales force on March 16th and we got a call on Monday (4/20) that they're laying everyone off.
The company lost several $million last year due to a manufacturer having some paperwork issues with the FDA and they recalled everything they produce. That hit us hard. It's a small company, so there wasn't a lot of margin for error before the virus. As of April 17th, they had made less for the month than the company usually makes in a day.
That's it. Now I'm applying for unemployment and job-hunting.
This stinks.

 

[McSwickles]

I’ve gone through the majority of our savings, as long as I get back to work this month we should be fine. Vacation funds are gone but my kids understand. Thankfully I stockpiled my 2020 gear in February so there’s that!

 

[tren_plz]

We just laid off another 100 employees (17 specifically from my division. Permanently not furloughed). Entire company also took a 10% pay reduction across the board.

If this leads past July there will be a 3rd round I'm sure.

 

[maldorf]

We just laid off another 100 employees (17 specifically from my division. Permanently not furloughed). Entire company also took a 10% pay reduction across the board.

If this leads past July there will be a 3rd round I'm sure.

What kind of business is it?

 

[tren_plz]

What kind of business is it?

DoD - Sales/Staffing/Marketing

 

[BG]

Thankfully, im still working but I think about all the people affected.. I cant imagine. In my house Im the only one working but thankfully our bills are small.