Small Business Owners: Do you understand Congress has agreed to pay two months of your payroll/rent/utilities, to the extent your business has been affected by Coronavirus?

Small Business Administration ^ | 4/1/2020 | SBA

[TheConservator]

The media has done an abysmal job letting people know that Congress has authorized these programs, with the result that small business owners are laying off employees when they could in effect obtain free money from Congress to keep them on the payroll. It's almost as if the media want the economy to tank, isn't it?

[1Old Pro]

The media has done an abysmal job letting people know

Too busy playing gotcha with Trump to actually spread helpful information.

[thinden]

if this is the message, it is not getting out to the country, imo

[polymuser]

“I’m from the government, and I’m here to help your business get a government survival loan. It really quick and easy!”

Big toothy smile...Sham-WOW!!!

[vpintheak]

“Free money”
LOL! I feel so bad for our nation and especially small business that employs the majority of Americans.

[TheConservator]

Considering how much money they are going to give away, the application process is surprising simple and straightforward.

[isthisnickcool]

I received a flyer today from a law firm. It offered to “prosecute claims” against our commercial insurer for any “business interruption insurance” we may have. It even included a contract for 33 1/3 of anything they collect.

1) Sign the agreement. 2) Take a picture of the agreement. 3) Text the picture to a phone number.

I’ve been predicting this kind of stuff. There will be all sorts of litigation coming out of this.

[Fiddlstix]

MSM is blind to anything that is not their Trump hating agenda....

[polymuser]

Anyone listen to Mark Levin last night?

[buckalfa]

A $10K grant? Pffft for a small business.

[eastforker]

So I wonder. I have rental properties and some of my renters will not be able to pay rent for a while, but I still have to pay the mortgages, would I be eligible?

[TheConservator]

Since I am an attorney that handles claims against insurance companies, I know something about this issue.

Generally speaking, your typical comprehensive business liability policy covers claims for loss arising when there is an “occurrence” caused by “bodily injury” or “property damage”. And, such policies provide business interruption coverage on the same basis.

What insurers are going to argue is that loss caused by a lockdown is the result of government action, and not caused by bodily injury or property damage.

Claimants are going to argue that Coronavirus does cause physical damage to people and property, and that when the government imposes a lockdown to forestall such bodily injury and property damage, that triggers coverage under the policy.

I know of a couple cases that have already been filed in Louisiana and California raising these issues.

If I had to guess, I would guess courts are generally going to agree with the insurers’ position. Simply because holding otherwise is likely to bankrupt the entire insurance industry.

But that’s just a guess. We won’t really begin to know for sure until there is a final appellate court decision, which won’t happen for at least a year, and maybe two or more.

[RJS1950]

True enough, but small business owners have to file asap as the pool of money allotted for this purpose is not open-ended. If they file too late, the pot of money may be gone.

[sport]

Congress ain’t going to pay shit. Any paying done, it will be the taxpayer that does the paying. Congress does not have a penny except what it steals.

[TheConservator]

That’s a good question. I don’t think the PPP program would cover more than your salary (if you have been paying yourself one), the salary you pay employees (if you have any), and, subject to the caps explained at the website, the rent/utilities for the location out of which you do business. I haven’t really focused on understanding the other programs well enough to even guess. But you would need to check with the SBA to be sure.

[Hiryusan]

“I’m from the government, and I’m here to help your business get a government survival loan. It really quick and easy!”

Big toothy smile...Sham-WOW!!!

All you have to do is pass an OSHA exam first, if you don’t pass you will be closed down until you comply.

Look before you sign up....

[icclearly]

Don’t get too excited quite yet. I am a small business owner and done quite a bit of research on the CARES Act. There are still more questions than there are answers.

The announcement is good, but the devil is in the details. Don’t spend the money just yet.

[tomkat]

Congress does not have a penny except what it steals.

That needse chiseled onto the lintel of every entrance to the Capitol Building.

[tomkat]

chiselede chiseled

[Bigg Red]

Yep