Nordic shut down for at least a month

[TCHB]

Bernie we need you!

 

[RCDave]

It is my understanding that the PPP section of the CARES act is a fully guaranteed SBA loan. As such, the risk is entirely on the government and the bank is simply the servicer. All amounts funded by the bank in the loan are immediately funded back leaving them with no risk.

Further, banks who are processing these loans, are entitled to a 5% fee up front. That is a hell of a fee to process a two page application.

Self employed people are also eligble. Everyone should take a look and make a decision for themselves but this is one of the largest government transfer payments in the history of the US.

Banks get paid a fee of 1%, 3%, or 5%, depending on the size of the loan

 

[TCHB]

Let’s hope these small companies can survive this Virus stop work. Take a look at this picture today from Las Vegas Airport. Almost zero airplanes using the runways.

 

[RiverDave]

in order to stop the speculation, Nordic didn't layoff...…..az gov mandated furlough...…...and randy and thane are taking care of everyone to keep the band together...…..if we lose 1 person over this, i'd be shocked...…….it is more like a paid vay-cay

carry on...…….

I was assuming something along those lines.. They treat their employees pretty well from what I have seen.

 

[PlanB]

How does a state mandate a furlough of workers to a private business? I searched and can't find anything online about any type of mandatory furlough.

 

[Havasu blue label]

Rumor is paid them a extra week no health ins maga

 

[Havasu blue label]

They will make money with employment

 

[Havasu blue label]

Just cut there hours hopefully one month we should back to making money just watch your workers comp claims

 

[Bobby V]

Rumor is paid them a extra week no health ins maga

Read post #44.

 

[GRADS]

It's sad to hear some non-essential businesses are still open. I get that keeping the doors open are essential to keeping a roof over your head but if everyone thought the same way then everyone would be working and spreading the virus. In the end they might be better off building coffins than boats if that's the case.

 

[Havasu blue label]

Ok your point was

 

[LakeMead Boater]

It is my understanding that the PPP section of the CARES act is a fully guaranteed SBA loan. As such, the risk is entirely on the government and the bank is simply the servicer. All amounts funded by the bank in the loan are immediately funded back leaving them with no risk.

Further, banks who are processing these loans, are entitled to a 5% fee up front. That is a hell of a fee to process a two page application.

Self employed people are also eligble. Everyone should take a look and make a decision for themselves but this is one of the largest government transfer payments in the history of the US.

I read that 5% after I posted. And then saw it was 2% for anything over $2,000,000. All making sense why my banker has been my best friend this past week lol

 

[NicPaus]

It's sad to hear some non-essential businesses are still open. I get that keeping the doors open are essential to keeping a roof over your head but if everyone thought the same way then everyone would be working and spreading the virus. In the end they might be better off building coffins than boats if that's the case.

I went to several supply houses today. They are going above and beyond the protocol to keep everyone safe. I will say Home Depot is by far the worst when it comes to keeping things clean and people not being distanced. Most supply houses they will not let you in. Call or online orders only for will call.