Covid-19

Cookie_ said:
Blame the way the bill was written.

I saw a story the other day about Ruth's Chris and Shake Shack (among others) taking millions for the "small business loan" because the bill allowed for them to apply if they had less than 500 employees at a location, not less than 500 employees overall.
Click to expand...

I'm 100% pro-capitalism, but this crap turns people off of capitalism and fuels the trash-ass notion of socialism as our solution.
 
Cookie_ said:
Blame the way the bill was written.

I saw a story the other day about Ruth's Chris and Shake Shack (among others) taking millions for the "small business loan" because the bill allowed for them to apply if they had less than 500 employees at a location, not less than 500 employees overall.
Click to expand...

Yes and no. If it’s a franchise location, then yes, they can get the small business loan. If it’s a corporate owned store, then no, they can’t.

The restaurant I work at is a franchise location, with a few sister restaurants, mainly in MS. The franchise owners were coming out of their pockets to keep us open in the limited capacity we are allowed. After paying building rents, franchise fees, and such, keeping us on so that the servers and cooks could at least have some cash flow meant that they were hemorrhaging cash.

With this loan, the servers are getting paid the average of their gross income (claimed tips plus that $2.13) across 8 prior paychecks. Since those paychecks came from football season, Mardi Gras, and bowl games, they’re getting more than what unemployment in AL would pay out (so long as they claimed their tips right). And they only have to work two shifts a week to get it. That first paycheck under the program hits this Friday

The corporate-owned location in Pensacola isn’t getting the loan, and their crew is not getting the pay that my crew is, so far as I know. I don’t know what they ARE getting, but I know it’s not the deal that our franchise owners are giving us.

Edited to correct a touch screen typo
 
racing_kitty said:
Yes and no. If it’s a franchise location, then yes, they can get the small business loan. If it’s a corporate owned store, then no, they can’t.

The restaurant I work at is a franchise location, with a few sister restaurants, mainly in MS. The franchise owners were coming out of their pockets to keep us open in the limited capacity we are allowed. After paying building rents, franchise fees, and such, keeping us on so that the servers and cooks could at least have some cash flow meant that they were hemorrhaging cash.

With this loan, the servers are getting paid the average of their gross income (claimed tips plus that $2.13) across 8 prior paychecks. Since those paychecks came from football season, Mardi Gras, and bowl games, they’re getting more than what unemployment in AL would pay out (so long as they claimed their tips right). And they only have to work two shifts a week to get it. That first paycheck under the program hits this Friday

The corporate-owned location in Pensacola isn’t getting the loan, and their crew is not getting the pay that my crew is, so far as I know. I don’t know what they ARE getting, but I know it’s not the deal that our franchise owners are giving us.

Edited to correct a touch screen typo
Click to expand...

I mentioned Shack Shake specifically, because they don't franchise at all.

The article I found shared the full open letter from their CEO; this section stood out

While the program was touted as relief for small businesses, we also learned it stipulated that any restaurant business - including restaurant chains - with no more than 500 employees per location would be eligible. We cheered that news, as it signaled that Congress had gotten the message that as both as an employer, and for the indispensable role we play in communities, restaurants needed to survive. There was no fine print, anywhere, that suggested: "Apply now, or we will run out of money by the time you finally get in line."
Click to expand...

It may be that some other corporations understood the negative optics better than Shake Shack.
 
Cookie_ said:
Blame the way the bill was written.

I saw a story the other day about Ruth's Chris and Shake Shack (among others) taking millions for the "small business loan" because the bill allowed for them to apply if they had less than 500 employees at a location, not less than 500 employees overall.
Click to expand...
I'm going to vehemently disagree with this. You can choose to be quite transitive with your morals and decide to seek aid under the bill. Although I look cross-eyed at Shake Shack and Ruth's Chris for doing so, on the business side I completely understand where they're coming from.

Harvard? Fuck Em. They have a 40B endowment that allows them to weather any storm.


ETA: China ain't been letting this crisis go to waste.

Australia joins U.S. ships in South China Sea amid rising tension
 
Last edited:
ThunderHorse said:
I'm going to vehemently disagree with this. You can choose to be quite transitive with your morals and decide to seek aid under the bill. Although I look cross-eyed at Shake Shack and Ruth's Chris for doing so, on the business side I completely understand where they're coming from.

Harvard? Fuck Em. They have a 40B endowment that allows them to weather any storm.


ETA: China ain't been letting this crisis go to waste.

Australia joins U.S. ships in South China Sea amid rising tension
Click to expand...

Not just being mad because Havard is a "liberal elite" school, right?

Because The Univesrity of Texas has a 30 billion dollar endowment and took $172 million.

It's almost like businesses and schools are taking advantage of the way the bill was written, even if they don't need to.
 
Cookie_ said:
Not just being mad because Havard is a "liberal elite" school, right?

Because The Univesrity of Texas has a 30 billion dollar endowment and took $172 million.

It's almost like businesses and schools are taking advantage of the way the bill was written, even if they don't need to.
Click to expand...

Thank you for finding that, UT can eat shit too.
 
Cookie_ said:
It's almost like businesses and schools are taking advantage of the way the bill was written, even if they don't need to.
Click to expand...
Just further examples as to why the rush and necessity to create all these stimulus packages is misplaced. But, whatever. It's only taxpayer money, right?
 
ThunderHorse said:
I'm going to vehemently disagree with this. You can choose to be quite transitive with your morals and decide to seek aid under the bill. Although I look cross-eyed at Shake Shack and Ruth's Chris for doing so, on the business side I completely understand where they're coming from.

Harvard? Fuck Em. They have a 40B endowment that allows them to weather any storm.


ETA: China ain't been letting this crisis go to waste.

Australia joins U.S. ships in South China Sea amid rising tension
Click to expand...

That $40B endowment is most likely nearly all tied up in an investment, such as stocks. They most likely do not have any where near that amount given the current market.
 
BloodStripe said:
That $40B endowment is most likely nearly all tied up in an investment, such as stocks. They most likely do not have any where near that amount given the current market.
Click to expand...

Surely they have to have a plan to have a large sum in liquidity to move as necessary. Not at all saying we are the end-all-be-all, but our hospital and university have made some sound financial decisions so as to minimally impact operations. That said, I would be curious to know a) if we took money, and b) what the intent is.
 
Devildoc said:
Surely they have to have a plan to have a large sum in liquidity to move as necessary. Not at all saying we are the end-all-be-all, but our hospital and university have made some sound financial decisions so as to minimally impact operations. That said, I would be curious to know a) if we took money, and b) what the intent is.
Click to expand...

No doubt, however, why use your own money when someone else offers you theirs for cheaper?
 

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