Originally posted by EJ
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EJ: The countdown to the next crisis of The System has started.
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Re: EJ: The countdown to the next crisis of The System has started.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by globaleconomicollaps View PostHere the entire country has been shutdown as of tonight. All schools closed. All businesses except medical, banks and grocery stores closed. It's a Sudden Stop.
Credit markets have seized up in early trading causing the Fed to make a panic move, cutting rates to zero and announcing QE5 worth 700 billion Simoleons ( Simulated Dollars). It should last for a few hours.
This is the Big One boys and girls.
This time Fed measures might pump markets for zero hours and zero minutes.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by globaleconomicollaps View PostYou might recall it was originally a joke. Maybe not so much today.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by shiny! View PostYour username is perfect, BTW.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by globaleconomicollaps View PostHere the entire country has been shutdown as of tonight. All schools closed. All businesses except medical, banks and grocery stores closed. It's a Sudden Stop.
Credit markets have seized up in early trading causing the Fed to make a panic move, cutting rates to zero and announcing QE5 worth 700 billion Simoleons ( Simulated Dollars). It should last for a few hours.
This is the Big One boys and girls.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by thriftyandboringinohio View PostState of Ohio just closed all bars and all sit down restaurants.
St Patrick's Day is day after tomorrow.
My regular pub is an Irish place, owner has already paid for tents, stages, extra inventory, and permits for his annual bash with hundreds of patrons.
Low five figures up in smoke, party cancelled.
Credit markets have seized up in early trading causing the Fed to make a panic move, cutting rates to zero and announcing QE5 worth 700 billion Simoleons ( Simulated Dollars). It should last for a few hours.
This is the Big One boys and girls.
Leave a comment:
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Re: EJ: The countdown to the next crisis of The System has started.
State of Ohio just closed all bars and all sit down restaurants.
St Patrick's Day is day after tomorrow.
My regular pub is an Irish place, owner has already paid for tents, stages, extra inventory, and permits for his annual bash with hundreds of patrons.
Low five figures up in smoke, party cancelled.
Leave a comment:
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by EJ View PostTo your point about the urgency of emergency financial support for small businesses...
Restaurants were already seeing major declines in numbers of diners even before major cities like LA started forcing restaurants to close for all business except take-out and delivery.
This March 12 press release caught my eye: SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans
Friday I wrote to the email address provided to ask how a company qualifies and applies for such a loan. Here's the response I received today:Thank you for contacting the SBA Disaster Customer Service Center.
A disaster declaration has not yet been announced for the county where your business is located. Therefore, SBA Disaster Loan Assistance is currently unavailable for Coronavirus related economic impact on businesses in your area.
Once a declaration is made, the U.S. Small Business Administration will begin offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Sincerely,
Office of Disaster Assistance, Customer Service Center
U.S. Small Business Administration
So if you're a small business owner in Massachusetts you need to hold out until the economic impact of COVID-19 earns MA a disaster declaration.
A disaster declaration is made by FEMA according to the process described here.
It's not clear how or when a disaster declaration process that's designed for disasters like hurricanes and floods will be applied to a pandemic.
I visited the SBA Disaster Loan website, created an account, and started to dig around to see if any state had be so designated, starting with Washington, the pandemic epicenter of the US. Excerpt below from Seattle’s tech hub goes quiet as businesses struggle to cope with effects of COVID-19:In South Lake Union, small businesses ranging in size from five to 50 employees make up 85 percent of the businesses in the community and represent more than 7,500 employees, according to Danah Abarr, executive director of the SLU Chamber.
Businesses that rely on daily revenue that could be anywhere from $500 to $3,500 a day were reporting 80-90 percent declines in sales and are facing a huge financial burden.
“There is simply no way for a small business to weather this storm without immediate funding relief,” Abarr said.
I was unable to find a single state that has yet received a disaster declaration. The announced Disaster Assistance Loans are unavailable.
We'll keep and eye on it. Unless this changes over the next few weeks, a substantial number of small businesses will fail.
They don't put working capital aside for times like this and have no mechanism to do so.
After the small businesses start to go, the SMB loans that all the startups/fintech/online banks/traditional banks etc have made the past 10 years, will go belly up and need Fed assistance.
This will cause cascading defaults across the economy.
It needs to be stopped now with a Fed line of credit at no interest to be drawn on.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by ProdigyofZen View PostYep! Other names I love coming out of this: SQ square, V Visa (long term hold with their buy of Plaid, amazing internet infrastructure to read about for fintech), ZM Zoom, Uber, and DPZ (dominos pizza).
Restaurants were already seeing major declines in numbers of diners even before major cities like LA started forcing restaurants to close for all business except take-out and delivery.
This March 12 press release caught my eye: SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans
Friday I wrote to the email address provided to ask how a company qualifies and applies for such a loan. Here's the response I received today:Thank you for contacting the SBA Disaster Customer Service Center.
A disaster declaration has not yet been announced for the county where your business is located. Therefore, SBA Disaster Loan Assistance is currently unavailable for Coronavirus related economic impact on businesses in your area.
Once a declaration is made, the U.S. Small Business Administration will begin offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Sincerely,
Office of Disaster Assistance, Customer Service Center
U.S. Small Business Administration
So if you're a small business owner in Massachusetts you need to hold out until the economic impact of COVID-19 earns MA a disaster declaration.
A disaster declaration is made by FEMA according to the process described here.
It's not clear how or when a disaster declaration process that's designed for disasters like hurricanes and floods will be applied to a pandemic.
I visited the SBA Disaster Loan website, created an account, and started to dig around to see if any state had be so designated, starting with Washington, the pandemic epicenter of the US. Excerpt below from Seattle’s tech hub goes quiet as businesses struggle to cope with effects of COVID-19:
In South Lake Union, small businesses ranging in size from five to 50 employees make up 85 percent of the businesses in the community and represent more than 7,500 employees, according to Danah Abarr, executive director of the SLU Chamber.
Businesses that rely on daily revenue that could be anywhere from $500 to $3,500 a day were reporting 80-90 percent declines in sales and are facing a huge financial burden.
“There is simply no way for a small business to weather this storm without immediate funding relief,” Abarr said.
I was unable to find a single state that has yet received a disaster declaration. The announced Disaster Assistance Loans are unavailable.
We'll keep and eye on it. Unless this changes over the next few weeks, a substantial number of small businesses will fail.
Leave a comment:
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by ProdigyofZen View PostYep! Other names I love coming out of this: SQ square, V Visa (long term hold with their buy of Plaid, amazing internet infrastructure to read about for fintech), ZM Zoom, Uber, and DPZ (dominos pizza).
Restaurants were already seeing major declines in numbers of diners even before major cities like LA started forcing restaurants to close for all business except take-out and delivery.
This March 12 press release caught my eye: SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans
Friday I wrote to the email address provided to ask how a company qualifies and applies for such a loan. Here's the response I received today:
Thank you for contacting the SBA Disaster Customer Service Center.
A disaster declaration has not yet been announced for the county where your business is located. Therefore, SBA Disaster Loan Assistance is currently unavailable for Coronavirus related economic impact on businesses in your area.
Once a declaration is made, the U.S. Small Business Administration will begin offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Sincerely,
Office of Disaster Assistance, Customer Service Center
U.S. Small Business Administration
So if you're a small business owner in Massachusetts you need to hold out until the economic impact of COVID-19 earns MA a disaster declaration.
A disaster declaration is made by FEMA according to the process described here.
It's not clear how or when a disaster declaration process that's designed for disasters like hurricanes and floods will be applied to a pandemic.
I visited the SBA Disaster Loan website, created an account, and started to dig around to see if any state had be so designated, starting with Washington, the pandemic epicenter of the US. Excerpt below from Seattle’s tech hub goes quiet as businesses struggle to cope with effects of COVID-19:
In South Lake Union, small businesses ranging in size from five to 50 employees make up 85 percent of the businesses in the community and represent more than 7,500 employees, according to Danah Abarr, executive director of the SLU Chamber.
Businesses that rely on daily revenue that could be anywhere from $500 to $3,500 a day were reporting 80-90 percent declines in sales and are facing a huge financial burden.
“There is simply no way for a small business to weather this storm without immediate funding relief,” Abarr said.
I was unable to find a single state that has yet received a disaster declaration. The announced Disaster Assistance Loans are unavailable.
We'll keep and eye on it. Unless this changes over the next few weeks, a substantial number of small businesses will fail.
Leave a comment:
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by jk View Postat some point they might figure out that it would work better to give money to people who will spend it.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by kbird View PostI think the problems in the stock market are spreading to the banking system and relatedly to the Treasury market. I'm pretty sure that's why the Fed is bringing out the bazooka, which apparently isn't a big enough bazooka.
I just looked up the Bazooka. It was a notoriously unreliable, inaccurate rocket launcher that tended to kill the operator. Sounds about right.
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Re: EJ: The countdown to the next crisis of The System has started.
I think the problems in the stock market are spreading to the banking system and relatedly to the Treasury market. I'm pretty sure that's why the Fed is bringing out the bazooka, which apparently isn't a big enough bazooka.
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by thriftyandboringinohio View Post+1
Put the same total amount into the hands of the bottom 30% and they will spend it all in 10 days.
Demand surges instantly for all common household goods, food, clothing, tires, diapers, gasoline...
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Re: EJ: The countdown to the next crisis of The System has started.
Originally posted by jk View Postat some point they might figure out that it would work better to give money to people who will spend it.
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