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She got two forgivable coronavirus loans. Her employees hate her for it.
CNBC ^ | April 22, 2020 | Greg Iacurci

Posted on 04/22/2020 7:06:29 PM PDT by BurgessKoch

Jamie Black-Lewis felt like she won the lottery after getting two forgivable loans through the Paycheck Protection Program.

Black-Lewis saw the $177,000 and $43,800 loans, one for each of the spas she owns in Washington state, as a lifeline she could use for payroll and other business expenses.

She’d halted pay for the 35 employees — including herself — at Oasis Medspa & Salon, in Woodinville, and Amai Day Spa, in Bothell, in mid-March, when nonessential businesses in Washington closed due to the coronavirus pandemic.

When Black-Lewis convened a virtual employee meeting to explain her good fortune, she expected jubilation and relief that paychecks would resume in full even though the staff — primarily hourly employees — couldn’t work.

She got a different reaction.

“It was a firestorm of hatred about the situation,” Black-Lewis said.

The animosity is an unintended consequence of the $2.2 trillion coronavirus relief package enacted last month.

The law, the CARES Act, offered $349 billion in loans for small businesses struggling as a result of Covid-19. Banks, backstopped by the federal government, can fully forgive the loans under certain conditions.

Among them, the bulk of funds must go toward payroll, salaries must remain intact and employee head count must not decrease. Businesses have until June 30 to rehire laid-off or furloughed workers.

Black-Lewis was trying to meet these rules, especially after her bank reiterated she must continue to pay workers for loan forgiveness.

The anger came from employees who’d determined they’d make more money by collecting unemployment benefits than their normal paychecks.

(Excerpt) Read more at cnbc.com ...


TOPICS: News/Current Events
KEYWORDS: ppp
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To: FreedomNotSafety
Then there is the real world that some products and services won’t sell at higher prices and do not support higher wages. And in the real world there are many native born workers who act just like this.

BS. The you don't believe in the basic theory of supply and demand. You are being an idiot.

61 posted on 04/22/2020 8:14:05 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: metmom
Sometimes I think this country deserves what is coming to it.

It's been a long time coming... and it's going to be a bigger KICK in the A$$ than anyone expected or realized!

62 posted on 04/22/2020 8:15:28 PM PDT by VideoDoctor
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To: McGavin999

The woman who heads the Maine Department of Labor said just that....if employees refuse to return to work they will lose their unemployment benefits.


63 posted on 04/22/2020 8:16:30 PM PDT by july4thfreedomfoundation (I'm triggered by liberals and other assorted moonbats.)
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To: crosdaddy

Jeebuz, my spelling is atrocious tonight.


64 posted on 04/22/2020 8:17:29 PM PDT by crosdaddy
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To: Deaf Smith

>>>Obama care passed in ‘09 right after his coronation. The nation wide lay-offs started then.

Fake news. The Patient Protection and Affordable Care Act, also the Affordable Care Act (ACA) or colloquially known as Obamacare, is a United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.


65 posted on 04/22/2020 8:17:39 PM PDT by oincobx ( Posting)
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To: dynachrome

“they’d make more money by collecting unemployment benefits’

I’ll put on my shocked face.

I can’t believe it, but I do!!!


66 posted on 04/22/2020 8:17:57 PM PDT by tallyhoe
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To: central_va

Weigh in with one of your crackpot theories as to how supply and demand means wages can be raised to any level.


67 posted on 04/22/2020 8:32:23 PM PDT by FreedomNotSafety
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To: Reagan80

If I hire a telemarketer to replace a bookkeeper I have the same headcount. If I hire someone to upgrade my computers and have one less office worker I have the same headcount, if I hire a marketing person to prepare a marketing plan to replace an accountant I have the same headcount.


68 posted on 04/22/2020 8:39:20 PM PDT by Raycpa
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To: oincobx
Obama went on TV and gave it his name and owned it.

Do NOT give any of your Roll Blue crap.

M Piss Losley said in '09 that we had to pass it to see what was in it.

Go away ROLCON Troll.

69 posted on 04/22/2020 8:41:22 PM PDT by Deaf Smith (When a Texan takes his chances, chances will be taken that's fore sure)
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To: Trump Girl Kit Cat

I think they go 39 weeks which would be more like October/November.


70 posted on 04/22/2020 8:41:54 PM PDT by funfan
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To: FreedomNotSafety

If 3 business offer a service but can’t make a profit using US labor then one goes out of business. Then the other 2 can supply the service using US labor. Get it. Or are you still befuddled?


71 posted on 04/22/2020 8:42:06 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: BurgessKoch

But the loans are forgivable, so they will forgive her.


72 posted on 04/22/2020 8:43:21 PM PDT by x
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To: mdittmar

Proof of the age old line “No good deed goes unpunished”.


73 posted on 04/22/2020 8:46:10 PM PDT by cabbieguy ("I suppose it will all make sense when we grow up"can't be counted)
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To: dp0622

It was an extra $600.00.


74 posted on 04/22/2020 8:47:39 PM PDT by funfan
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To: funfan; Trump Girl Kit Cat

I think the poster was referring to the expanded UE, that has a $600/ wk kicker.


75 posted on 04/22/2020 8:49:28 PM PDT by crosdaddy
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To: x

Only under specific circumstances as it relates to wages, rent/lease utilities.


76 posted on 04/22/2020 8:51:25 PM PDT by crosdaddy
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To: funfan

WOW!!!

So if someone was getting paid 500 a week (these aren’t top line jobs, many of them) then they are getting 850 a week now.

I’d HATE my boss if he kept me on the payroll at a job like that :)

And especially if it’s a job and not a career.

So much waste in that bill.


77 posted on 04/22/2020 8:51:40 PM PDT by dp0622 (Radicals, racists dont point fingers at me I'm a small town white boy Just tryin to make ends meet)
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To: A_Former_Democrat; BurgessKoch

Re:14 - Agreed, 100%.

This is really a study in character. Please use it to determine who your topline employees are - and do what you can to retain them.

I could understand if people were afraid to return because of COVID-19. But it sounds though, as more and more of these sorts of stories come out, that some people are just gaming the system.


78 posted on 04/22/2020 8:55:10 PM PDT by Fury
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To: BurgessKoch

Wow, just WOW, my head is blown away!


79 posted on 04/22/2020 8:55:43 PM PDT by dila813
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To: Deaf Smith

>>>M Piss Losley said in ‘09 that we had to pass it to see what was in it.

I know facts are hard but Google is easy. Pelosi made that statement when she was speaking at the National Association of Counties’ annual Legislative Conference on 9 March 2010.


80 posted on 04/22/2020 8:58:30 PM PDT by oincobx ( Posting)
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