How bad is this economy going to get?

My company is ok if customers will pay on time, that’s my big concern. I filled out the ppp forms and nothing.....crickets. I would have invested that money anyway. We’ll see if small companies get there’s this next go around. :idk:
 
In my 30 years of professional employment, I have never worked or owned a company without multiple entities. Especially healthcare which is almost mandatory for billing purposes.

I think, but don’t know, that the majority of the money ended up with these type of companies. We had 9 of 13 approved and paid. The other 4 were approved, but funding ran out.
 
I can see how your personal employment experience would shape your view. I have dealt with hundreds of companies (probably a few thousand in my 40 years of professional experience, but I won't hold your inexperience against you:smile1:). The vast majority, probably 95% or more, are/were single entities. I will count a limited partnership with a 1% corporate general partner as a single entity.

The average loan under the PPP program has been $206,000, which indicates smaller entities, and most likely single entities.
 
Chase has been slow, but they have approved some loans. Try Bank of Houston or First Financial if you want speed.
 
I learned a very valuable lesson these last 2 weeks when applying for PPP.

A small business should ALWAYS use a small/local/community bank. Big banks will just ignore you or slow roll on everything unless you are a multinational conglomerate.

I immediately dropped Bank of America and moved all of my business accounts to the local bank down the street. Never making that mistake again.
 
I don't disagree Dion, but I wonder how much of the situation is exacerbated by inflated commercial real estate prices. At some point if enough businesses go out of business, rent will have to come down to get someone else back in.
 
Monahorns said:
I don't disagree Dion, but I wonder how much of the situation is exacerbated by inflated commercial real estate prices. At some point if enough businesses go out of business, rent will have to come down to get someone else back in.
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I think there is going to be a big correction in commercial real estate soon. The number of vacancies in retail, combined with reduced need for office space will create pressure to drive rents down. Purchased data (which I am not allowed to share) shows office space value down 23% since Mar 1. Retail space value is down between 10% and 50%, depending on the subsector. Either demand has to ramp up (unlikely) or prices have to come down.
 
Monahorns said:
I don't disagree Dion, but I wonder how much of the situation is exacerbated by inflated commercial real estate prices. At some point if enough businesses go out of business, rent will have to come down to get someone else back in.
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Good point. We may be on the front end of a big transition to more companies doing work from home post-Covid.

When I was working in corporate in 2009 I approached the CIO about working from home. He agreed to do it for a while as an experiment, which quickly became permanent and grew to include more teams doing so. The company reduced their office space leases the next year and lowered that expense significantly.
 
My wife works for a big 3 letter company and has worked from home for 10+ years. We're in Colorado and once upon a time one of her team members lived in Hawaii. As long as she has internet and a phone she's good to go. And she's pretty high up in the company.

Almost everybody in our company is working remotely now. We still have an office but right now only one person is allowed in the office at a time. We just downsized and cut our office space in half anticipating that for the most part we'll continue to work remotely. There are now 4 spaces up for lease in our building whereas it was completely occupied before this started. And everyone left is asking for rent relief.
 
I think there is going to be a big correction in commercial real estate soon. The number of vacancies in retail, combined with reduced need for office space will create pressure to drive rents down. Purchased data (which I am not allowed to share) shows office space value down 23% since Mar 1. Retail space value is down between 10% and 50%, depending on the subsector. Either demand has to ramp up (unlikely) or prices have to come down.
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4th, I expect office occupancy to decrease even more. COVID-19 has shown that many people can work from home. Companies may still need meeting rooms and some space for interaction and collaboration, but people don't need to go into work everyday anymore. I can do 100% of my job in my bed room right now. That will change in 2 months, but even then I can probably work at home 2-3 days a week.
 
Vol Horn 4 Life said:
Humm, does anyone really consider what Wendy's sells as a burger? It looks and tastes like a postage stamp.
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I had a Wendy's burger a few months ago, the first one I've had in many years. I remember a long time ago the square patty being huge and sticking out the side of the burger but this patty was tiny, I had to lift the bread to know it was there

Cheap crap, I won't do that again
 
Driver 8 said:
I had a Wendy's burger a few months ago, the first one I've had in many years. I remember a long time ago the square patty being huge and sticking out the side of the burger but this patty was tiny, I had to lift the bread to know it was there

Cheap crap, I won't do that again
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They have good salads, and cheap. If you just have 30 minutes and want healthy, they have the best fast food salads. I like their vanilla frosty too!
 
Run Pincher said:
Dead people must return their stimulus checks. This may be difficult for many, especially if they were cremated.

Stimulus checks sent to dead people must be returned, IRS says - CNNPolitics
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What I find most humorous about the paper checks is that the envelope has a big box to check if the addressee is deceased, meanwhile the addressee was LISTED as [FN][MI][LN], DECD with the second line being "c/o [Initial.Last Name] where the C/O was the executor or executrix of the estate.

There is also language on the envelope about the crime if one forges the name of the recipient. HOWEVER...an executor or executrix is NOT forging the name of the deceased.

I speak from experience, having just received the paper check for my grandmother (after the direct deposit had failed since we closed the account about a year and a half ago when she passed away and we had paid the last of the bills).
 
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