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  1. #1
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,847

    Lightbulb Unemployment Claims

    04-30-2020 Unemployment claims just announced -
    3.8 Million New Claims

    Roughly 30 Million Unemployment Claims filed within the past 6 weeks.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  2. #2
    Senior Member Reputation points: 337045
    Join Date
    Mar 2015
    Location
    Rock Ridge
    Posts
    3,453

    Now you know why a lot of states want to re-open even though the virus has not delinted in their respective states. They DO NOT want the unemployment liability. This number released does not include all that have been rejected for unanswered reasons an/or those that applied weeks ago that still have not been approved.

    There are several small businesses in Florida that laid off long term employees that were rejected or have not been able to receive benefits. I personally know some folks in the restaurant industry that have been waiting weeks to either get approved or receive benefits. Truly sad....

    What should have been done.... PPP should have been processed differently. The intent was to make sure works stayed employed and paid. Since 80% of small businesses today use a PEO or payroll service, it should have been funded through those services. All are connected directly to the Fed for tax purposes. The Fed could have just funded payrolls on the schedules of the respective businesses over time. At the end of the period then turn to the SBA and banks to issue the forgivable loans. The money would not have to be deployed all once AND it would have been used for purposes intended. Those who do not have a payroll service could sign up with a provider and receive the benefit. This would also remove some of the liability from the banks. The funds are used as intended and the SBA would issue the loans to banks where the business is a customer for servicing.
    Last edited by Hedley Lamarr; 04-30-2020 at 09:06 AM.
    Hedley Lamarr......That's Hedley

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