Coronavirus in the United States - news and thoughts

From a local hospital and very large insurance company presentation:

1. Computer modeling indicates a peak in central Florida in mid/late May. Dissipated in 3+ months if social distancing practiced.
2. The immediate problem is testing. Need an immediate, point of treatment testing. Current testing requires sending test results to a lab - they are overwhelmed. Abbott Labs has a test with point of treatment results - just becoming available.

Just one groups opinion, but think they are pretty well informed.

 

Sounds about right. Testing is very important. Abbott needs to figure out how to produce a lot more of those tests. 50k per day won't cut it.

 

Sorry I don't have a link to an authoritative source but I'm sorta compiling bits and pieces from a variety of sources,

The best information I have now is a 7A EIDL does not disqualify a business from getting a PPP loan. However, if a business did previous apply for the EIDL before PPP loans came available and received the $10K advance, if they apply and receive the PPP loan, the $10K will be rolled into the PPP loan. This seems to mean that if a business qualifies for $200K under the PPP's 2.5 times average monthly "payroll costs" for the trailing 12 months, they will only net $190K on the PPP. And, it appears the $10K will be excluded from the calculation of any possible PPP loan forgiveness.

Apparently, there is already a significant backlog of EIDL applications @ the SBA - 10s of thousands, probably more. It may be best to go for the PPP via a local lender and then go back for an EIDL, later this year? Hell, who knows????

 

Do they believe more waves will come?

 

Sort of like living near the coast and tropical systems. We can be ready to go for a storm in 6 hours or less... we do it so often.

 

That's great info! I knew that anything going through the SBA was going to take a long time but the PPP loan you mentioned is something I wasn't aware of. So my wife did her numbers and came up with $320K and comparing $10k is a drop in the bucket. $10K won't even last 3 days. So how does one go for a PPP via a local lender?

 

They usually do. The 2009 Pandemic actually was worse in the 2nd and 3rd waves than the 1st wave.

 

Here is one model's forecast for Florida:

This model predicts the last day each state can act before the point of no return

 

I just received a copy of the PPP Loan application and will try to upload it. Looks like it worked.

link to form
https://home.treasury.gov/system/files/136/Borrower Paycheck Protection Program Application (v1).pdf

 

Great, thanks!

 

Downloaded it...will send to my wife. Many thanks!!

 

"Free money"!!!

 

Thank you for putting this up. If you don't mind I have a few questions. Any guidance would be helpful.

I'm an S corp with only myself as an employee. (personal training business)
I rent space from another business to operate in. (a fitness center)

Do I qualify? I can claim what I pay myself and my rent? what other expenses can be put under payroll or utilities?

Thanks again

 

Sounds like Mardi Gras on a somewhat smaller scale. The consequences could be similar to what's been happening in Louisiana, not exactly a good outcome.

 

It's likely you can if you've filed quarterly form 941s in 2019. You'll have "payroll costs" on which the loan amount is base and calculated. I'll upload a copy of section 1102 of the Act that discusses the loan and who qualifies, etc. Please excuse the lack of formatting just haven't have time to clean up. Also, here's a link to the entire legislation - see Sec 1102 (loan) and 1106 (forgiveness).

Text - H.R.748 - 116th Congress (2019-2020): CARES Act

I think the best thing to do is make an application to you local SBA bank and see what happens.

 

Guess the unemployment office knows where to send all of those people filing for claims..

 

holy shit.

 

Also interesting looking at Oklahoma's graph above that Tennessee is 8 spots lower on the list than Kentucky as I know some were lauding Kentucky's actions compared to Tennessee's. Th

Interesting that Dade has one of the lowest if not the lowest hospitalization rates of any county in Florida at less than 7% of those who tested positive.