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[snipehunter7]

As for you, I would think that when everything gets back to some normalcy, your company will most likely go back to their matching. Problem is (for everyone), how long?

Also wanted to add, when this starts tapering off, the work arena will be a huge "employer's" market for those laid off. I truly believe there will be a lot of people that are going to find out the hard way, they weren't as irreplaceable as they thought!

I completely expect they will start matching again. It’s just a question of how long they hold out. I’m curious to see the kind of backlash this gets.

It’s always a shock when someone finds out they are replaceable. I know my shoes can be filled temporarily almost immediately and permanently within weeks depending on the talent pool.

Good luck to you!


Sent from my iPhone using Tapatalk

 

[Bangswitch]

Is your company going to file for the PPP loan? If so, that would be covered! If not, that is a bummer! Not really much you can do unless that specific "benefit" is contractually granted. Most fringe benefits are at the behest of the company.

I will tell you that I am going to cover everything concerning employee payroll at my company with the PPP; including vacations, payroll taxes, worker's comp, & profit sharing contributions. All of those are specifically included! You need to ask.

Unfortunately, we are at a place where a lot of layoffs are just coming for folks. I can only imagine those that will be let go if their state's stay shuttered for 3-4 more weeks of this house arrest.

Us too, but one of my employee’s wife was told to come back to work but her pay reduced to 75% and they are making her show up sit around like she’s in Saturday detention all week. You can’t spend your 2.5 month loan/grant in 8 weeks anyways so why screw your people?

Our problem is we are in construction and have about 45-50 people that don’t really have a jobsite to go to that we have to keep busy. We can’t work some and pay others to sit at home, so we will have to be creative. But it’s a good problem to have considering we could have no work and no money.

 

[Emperor]

Us too, but one of my employee’s wife was told to come back to work but her pay reduced to 75% and they are making her show up sit around like she’s in Saturday detention all week. You can’t spend your 2.5 month loan/grant in 8 weeks anyways so why screw your people?

Our problem is we are in construction and have about 45-50 people that don’t really have a jobsite to go to that we have to keep busy. We can’t work some and pay others to sit at home, so we will have to be creative. But it’s a good problem to have considering we could have no work and no money.

This is highly against the rules of the PPP loan! To even get approved for the loan, you have to submit actual payroll data to support the amount you are going to borrow BEFORE the process begins. If what you are saying is true (I have no reason to disbelieve you), and that woman's employer has accepted PPP money, and they are reducing her pay, I would drop a dime on them!

I am guaranteeing all of my employees a 40 hr paycheck at their current levels for 8 weeks, whether we work a 40 hour week or not. That is the way the PPP works!

As for your situation, it doesn't matter if you have work for all or not. If you accepted a PPP loan, you have to pay the employees to stay employed. If some of you sit around with your finger up your ass, so be it. But I will tell you how it works for me, and many I know; if I am paying you to remain an employee for the next 8 weeks with taxpayer money, and you all of the sudden have caught the "lazy ass" bug cause we don't have enough work, your ass will be gone in 8 weeks.

 

[Bangswitch]

This is highly against the rules of the PPP loan! To even get approved for the loan, you have to submit actual payroll data to support the amount you are going to borrow BEFORE the process begins. If what you are saying is true (I have no reason to disbelieve you), and that woman's employer has accepted PPP money, and they are reducing her pay, I would drop a dime on them!

I am guaranteeing all of my employees a 40 hr paycheck at their current levels for 8 weeks, whether we work a 40 hour week or not. That is the way the PPP works!

As for your situation, it doesn't matter if you have work for all or not. If you accepted a PPP loan, you have to pay the employees to stay employed. If some of you sit around with your finger up your ass, so be it. But I will tell you how it works for me, and many I know; if I am paying you to remain an employee for the next 8 weeks with taxpayer money, and you all of the sudden have caught the "lazy ass" bug cause we don't have enough work, your ass will be gone in 8 weeks.

I don’t think there is anything coercive in the PPP to maintain FTE’s at 100% of their salary. And the testing for forgiveness allows for up to a 25% decrease in salaries/wages before that particular reduction kicks in, but no one benefits from that reduction except the SBA because whatever isn’t spent in the 8 weeks doesn’t get forgiven. So to me what they are doing follows right up against the line but why would they do that? All they are doing is pissing off employees.

 

[Emperor]

I don’t think there is anything coercive in the PPP to maintain FTE’s at 100% of their salary. And the testing for forgiveness allows for up to a 25% decrease in salaries/wages before that particular reduction kicks in, but no one benefits from that reduction except the SBA because whatever isn’t spent in the 8 weeks doesn’t get forgiven. So to me what they are doing follows right up against the line but why would they do that? All they are doing is pissing off employees.

Actually, only the 25% after the PPP is satisfied is forgiven along with the PPP itself, and if qualified as a bona fide utility expense. All else (which should be minimal), must be repaid at .5% interest. It explicitly states that you cannot use this money for any other expenses. Obviously, they Feds didn't want us to pay off regular debt at higher interest rates. If I thought they were stupid enough to let that happen I would have applied for enough money to pay off my house, my cars, a boat, etc.

But you are correct on the other point, why try to screw your employees unless they are planning on defrauding the loan somehow?!? I don't see a reasoning.

 

[Emperor]

For those of you that own a business and are considering the PPP loan option, there is a downside to consider. You cannot submit certain expenses like delivery (truck maintenance, insurance for those trucks, fuel), building maintenance, equipment, packaging/boxes, and some other common business expenses! And there lies the biggest downside of this. If you apply for this, and you have non-covered expenses as mentioned, but have no income to cover those unforgivable expenses because you are completely closed, you are only making Trump and your employees happy; while you continue to operate in the red. That is why this program does not work for all businesses.

Considering how much money this crap is going to cost the country when it is all said and done, this PPP loan should be 100% forgiven for ALL bona fide and provable company expenses. That way ALL small businesses could actually benefit by applying. Does this loan program work for my company, definitely! But I am still open and selling enough to cover the remainder of my overhead that is not forgiven; and should squeak out a small profit.

So be careful when deciding!

 

[Hermit]

Convention center official charged with stealing N95 masks from New Orleans field hospital
https://www.healthcarefacilitiestoday.com/posts/Convention-center-official-charged-with-stealing-N95-masks-from-New-Orleans-field-hospital--24142?source=facilitypulse&utm_source=facilitypulse&utm_campaign=facilitypulse&utm_medium=email

The public safety director at New Orleans’ Ernest N. Morial Convention Center — where officials are erecting a makeshift hospital for patients infected with COVID-19 — has been charged with stealing 80 N95 masks, according to an article on the New Orleans Advocate website...

 

[Bangswitch]

Actually, only the 25% after the PPP is satisfied is forgiven along with the PPP itself, and if qualified as a bona fide utility expense. All else (which should be minimal), must be repaid at .5% interest. It explicitly states that you cannot use this money for any other expenses. Obviously, they Feds didn't want us to pay off regular debt at higher interest rates. If I thought they were stupid enough to let that happen I would have applied for enough money to pay off my house, my cars, a boat, etc.

But you are correct on the other point, why try to screw your employees unless they are planning on defrauding the loan somehow?!? I don't see a reasoning.

We may want to PM privately later. I’m pretty deep into how the forgiveness calculation will work. I have few questions the SBA hasn’t answered but between myself and the firm who handles our audit I think we have it pretty well figure. You and I may be saying some of the same things but comes out differently.

But know whatever doesn’t qualify for forgiveness is a 17 month loan. Once it’s just a loan I believe the strings are gone.

 

[Magdump]

Convention center official charged with stealing N95 masks from New Orleans field hospital
https://www.healthcarefacilitiestoday.com/posts/Convention-center-official-charged-with-stealing-N95-masks-from-New-Orleans-field-hospital--24142?source=facilitypulse&utm_source=facilitypulse&utm_campaign=facilitypulse&utm_medium=email

Haaaaaa haaaaaaaaaaaaaa!!!
That’s awesome

Seriously, I feel I’ve had my weekly dose of internet win right here.

 

[Emperor]

So, Ruth's Chris Steak House (5,000 units worldwide), applied for and accepted a $20 million PPP loan as a "small" business! They were getting trashed badly all across the country on social media, and Yesterday, they said they would return it. What dirtbags!

If I could charge the kind of markup they do, and had the business they do; not only would I not need a loan, everyone in my company would make over 100K a year, have full benefits across the board, and have 2 months per year paid vacation! Including my delivery drivers!

BTW; they charge $61.00 for a take out ribeye!

A la Carte!

 

[DAVE_M]

So, Ruth's Chris Steak House (5,000 units worldwide), applied for and accepted a $20 million PPP loan as a "small" business! They were getting trashed badly all across the country on social media, and Yesterday, they said they would return it. What dirtbags!

If I could charge the kind of markup they do, and had the business they do; not only would I not need a loan, everyone in my company would make over 100K a year, have full benefits across the board, and have 2 months per year paid vacation! Including my delivery drivers!

BTW; they charge $61.00 for a take out ribeye!

A la Carte!

Ruth’s Chris is a dump.

 

[Bangswitch]

So, Ruth's Chris Steak House (5,000 units worldwide), applied for and accepted a $20 million PPP loan as a "small" business! They were getting trashed badly all across the country on social media, and Yesterday, they said they would return it. What dirtbags!

If I could charge the kind of markup they do, and had the business they do; not only would I not need a loan, everyone in my company would make over 100K a year, have full benefits across the board, and have 2 months per year paid vacation! Including my delivery drivers!

BTW; they charge $61.00 for a take out ribeye!

A la Carte!

Your post reads like an eat the rich statement so let me color in the picture a little. The PPP is supposed to be for businesses with 500 or less employees. That’s physically impossible for Ruth’s Chris. My first question is how was that approved? And who should be charged for that.?

As a side note the PPP has a 10M dollar cap so...

Ruth’s Chris is one of those places I’ve always heard people talk about but never been so I won’t pass judgment on their prices or quality. I’m by no means a high roller but on rare occasion I enjoy indulging in what some would consider extremely over priced eats and drinks. Variety is the spice of life.

 

[Emperor]

Your post reads like an eat the rich statement so let me color in the picture a little. The PPP is supposed to be for businesses with 500 or less employees. That’s physically impossible for Ruth’s Chris. My first question is how was that approved? And who should be charged for that.?

As a side note the PPP has a 10M dollar cap so...

Ruth’s Chris is one of those places I’ve always heard people talk about but never been so I won’t pass judgment on their prices or quality. I’m by no means a high roller but on rare occasion I enjoy indulging in what some would consider extremely over priced eats and drinks. Variety is the spice of life.

Let me clarify!

If you get caught with your hand in the cookie jar, admit it. They used 2 subsidiaries (supposedly under the same corporation), to get past the cap. When the public became outraged that a giant publicly traded corporation with $85 million in the bank was taking money away from legitimate mom and pops through a loophole, they got hammered. Then to cover their asses, they say they will return the money, but on top of that they claim they are actually $135 million in debt to make themselves look needy along with all the truly small businesses that are going down the tubes!

Let me tell you why that is BS. They sell a scalloped potato au gratin appetizer for $17. Ok, fine! But let's say you get 1/4 lb. of potatoes in that. With potato and cream and cheese, they may have .40 into that appetizer. That is a 4300% markup. I have no qualms with any body making money, and certainly not as much as you think you can. But, don't charge what they charge for food, be packed every day and night, and tell me you are losing money because you are being called out in public for being a bunch of greedy freeloaders looking to take advantage of the American taxpayer in the worst economic crisis this country has had since the Great Depression.

Look, their steaks are fantastic! I have no problems with eating those. But just to put this in to context, I took my wife, and 2 kids there for our Anniversary. That meal cost me $500 with tip. I had no problem with that! I am the ultimate consumer! It was delicious! Just don't try to makel me believe your not making money! That's all America is saying!

 

[AustinBR]

Let me clarify!

If you get caught with your hand in the cookie jar, admit it. They used 2 subsidiaries (supposedly under the same corporation), to get past the cap. When the public became outraged that a giant publicly traded corporation with $85 million in the bank was taking money away from legitimate mom and pops through a loophole, they got hammered. Then to cover their asses, they say they will return the money, but on top of that they claim they are actually $135 million in debt to make themselves look needy along with all the truly small businesses that are going down the tubes!

Let me tell you why that is BS. They sell a scalloped potato au gratin appetizer for $17. Ok, fine! But let's say you get 1/4 lb. of potatoes in that. With potato and cream and cheese, they may have .40 into that appetizer. That is a 4300% markup. I have no qualms with any body making money, and certainly not as much as you think you can. But, don't charge what they charge for food, be packed every day and night, and tell me you are losing money because you are being called out in public for being a bunch of greedy freeloaders looking to take advantage of the American taxpayer in the worst economic crisis this country has had since the Great Depression.

Look, their steaks are fantastic! I have no problems with eating those. But just to put this in to context, I took my wife, and 2 kids there for our Anniversary. That meal cost me $500 with tip. I had no problem with that! I am the ultimate consumer! It was delicious! Just don't try to makel me believe your not making money! That's all America is saying!

If you're eating at the one in BR, I recommend going to Stab's...much better and owned locally.

Ruth's is consistently consistent. They put out high quality food at high quality prices. You don't go there expecting to get the best bang for your buck.

 

[Rocko68]

The things people do for money and what they are willing to take total advantage of anything or anyone is absolutely disgusting. A special place in hell for that caliber of person.

 

[shrxfn]

We had a company event in Las Vegas a few years ago and the CEO decided to take everyone to Ruth's Chris Steakhouse. I got a ribeye and a baked potoato and veggie. I almost passed out when I saw the prices and then when we got the food I thought damn I have had better steaks than this for half the price. I have paid for and eaten some phenomenal foods but Ruth's Chris was not one of those places I was jsut glad I hadn't paid for it.

I ate a Flemings in Birmingham once and I think it was better overall especially since it was like half the price.

 

[Bangswitch]

Let me clarify!

If you get caught with your hand in the cookie jar, admit it. They used 2 subsidiaries (supposedly under the same corporation), to get past the cap. When the public became outraged that a giant publicly traded corporation with $85 million in the bank was taking money away from legitimate mom and pops through a loophole, they got hammered. Then to cover their asses, they say they will return the money, but on top of that they claim they are actually $135 million in debt to make themselves look needy along with all the truly small businesses that are going down the tubes!

Let me tell you why that is BS. They sell a scalloped potato au gratin appetizer for $17. Ok, fine! But let's say you get 1/4 lb. of potatoes in that. With potato and cream and cheese, they may have .40 into that appetizer. That is a 4300% markup. I have no qualms with any body making money, and certainly not as much as you think you can. But, don't charge what they charge for food, be packed every day and night, and tell me you are losing money because you are being called out in public for being a bunch of greedy freeloaders looking to take advantage of the American taxpayer in the worst economic crisis this country has had since the Great Depression.

Look, their steaks are fantastic! I have no problems with eating those. But just to put this in to context, I took my wife, and 2 kids there for our Anniversary. That meal cost me $500 with tip. I had no problem with that! I am the ultimate consumer! It was delicious! Just don't try to makel me believe your not making money! That's all America is saying!

I don’t care how much their markup is. I care that they cheated. This wasn’t for subsidiaries to begin with it specifically asked if one of the owners had applied for this type of loan with another entity or affiliate company (I’m paraphrasing). I’m irritated that they clearly don’t meet the standard of under 500 employees and everyone involved in the loan proceedings should have known it. It required principals to be listed on the first page. So the question is if two of the subsidiaries received funding, how many applied and didn’t?

Its ridiculous we jumped through every hoop required of us. Worse one of the owners here chose to deny her nonprofit this benefit because she didn’t want to violate the law, because it wasn’t entirely clear if she could legally request the loan for two entities even if one was a NFP. I’m almost certain you can’t for more than one business.

 

[Emperor]

I don’t care how much their markup is. I care that they cheated. This wasn’t for subsidiaries to begin with it specifically asked if one of the owners had applied for this type of loan with another entity or affiliate company (I’m paraphrasing). I’m irritated that they clearly don’t meet the standard of under 500 employees and everyone involved in the loan proceedings should have known it. It required principals to be listed on the first page. So the question is if two of the subsidiaries received funding, how many applied and didn’t?

Its ridiculous we jumped through every hoop required of us. Worse one of the owners here chose to deny her nonprofit this benefit because she didn’t want to violate the law, because it wasn’t entirely clear if she could legally request the loan for two entities even if one was a NFP. I’m almost certain you can’t for more than one business.

Ruth's is bad, but read about Harvard's!

What scum!

 

[AustinBR]

Ruth's is bad, but read about Harvard's!

What scum!

LMAO, I see what you did there.

 

[Emperor]

If you're eating at the one in BR, I recommend going to Stab's...much better and owned locally.

Ruth's is consistently consistent. They put out high quality food at high quality prices. You don't go there expecting to get the best bang for your buck.

The ultimate consumer is also the ultimate capitalist! I am intimately intertwined with all of them!