Latest Coronavirus - Yikes

#29,680
#29,680
lawgator1 said:
Most banks, including BofA, require that you had a preexisting loan relationship with them, at least of 2/15, the date you have to certify you were in business and had employees. So that's great for BofA clients that they are up and running.

But if you are like the rest of us (and we bank with Wells Fargo) you can't even talk to someone much less upload an application. Its $300 + billion in the pool, but for everyone like us there is a worry that it will run out before we are even able to submit an app.

That BofA clien
ts can do it, but only they can, is going to cause its own set of problems.
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Bank of America says 58,000 small businesses have asked for $6 billion in loans since 9 a.m.

Bank of America said that about half way through its first day administering a small business relief program, more than 58,000 customers applied for $6 billion in loans.


The bank was the first major lender to get its web portal for the Paycheck Protection Program up and running, and it was soon inundated with requests.

As of mid-afternoon Friday, among the largest U.S. lenders, only Bank of America and JPMorgan Chase were accepting applications for the program, which was supposed to go live shortly after midnight. JPMorgan’s site went live with a temporary version of its portal after 1 p.m. Further, Wells Fargo announced that it will be unable to accept applications on Friday.

The chaotic launch heightened fears among business owners that they could miss out on the historic program if lenders manage to disburse all $350 billion of the money. Treasury Secretary Steven Mnuchin has said he would request more money if that happened, but that would require Congressional approval.

Bank of America says 58,000 small businesses have asked for $6 billion in loans since 9 a.m.
 
#29,681
#29,681
1972 Grad said:
Have you read One Second After by William Fortschen? It is a what if on an EMP. It takes place in the author's hometown of Black Mountain N.C. It is frightening to read what could happen. In the story, the only cars running were old ones with points type distributors. He had an old Edsel that belonged to his mother-in-law.
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Great series.
 
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#29,685
#29,685
Franklin Pierce said:
Bank of America says 58,000 small businesses have asked for $6 billion in loans since 9 a.m.

Bank of America said that about half way through its first day administering a small business relief program, more than 58,000 customers applied for $6 billion in loans.


The bank was the first major lender to get its web portal for the Paycheck Protection Program up and running, and it was soon inundated with requests.

As of mid-afternoon Friday, among the largest U.S. lenders, only Bank of America and JPMorgan Chase were accepting applications for the program, which was supposed to go live shortly after midnight. JPMorgan’s site went live with a temporary version of its portal after 1 p.m. Further, Wells Fargo announced that it will be unable to accept applications on Friday.

The chaotic launch heightened fears among business owners that they could miss out on the historic program if lenders manage to disburse all $350 billion of the money. Treasury Secretary Steven Mnuchin has said he would request more money if that happened, but that would require Congressional approval.

Bank of America says 58,000 small businesses have asked for $6 billion in loans since 9 a.m.
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There will be massive scams with this program I bet.
 
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#29,689
#29,689
Orangeburst said:
I used to go out to Redstone Arsenal and they had an EMP test site where a helicopter was suspended with wires and they would zap it and other equipment with pulses.
I always wondered if older vehicles with ignition distributors would survive an EMP. Maybe even old radios with vacuum tubes.
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Some distributors might survive but the vacuum tubes almost certainly would not. The Carrington event in 1859 fried (literally melted) current carrying wires much thicker than what is found in most vacuum tubes.

Did you ever go to the back side of the base and see the little "huts" where they used to store the chem and bio weapons?
 
#29,691
#29,691
evillawyer said:
There's no way to get that much money distributed quickly to so many different businesses without there being some mischief along the way.
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I agree 100%. Those that think they can take advantage of a situation will. There is massive scams/fraud currently in disability and medicare currently.
 
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#29,692
#29,692
Hunerwadel said:
Some distributors might survive but the vacuum tubes almost certainly would not. The Carrington event in 1859 fried (literally melted) current carrying wires much thicker than what is found in most vacuum tubes.

Did you ever go to the back side of the base and see the little "huts" where they used to store the chem and bio weapons?
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Damn you're older than I thought.
 
#29,693
#29,693
UT_VOLS13 said:
I agree 100%. Those that think they can take advantage of a situation will. There is massive scams/fraud currently in disability and medicare currently.
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The PPP, if you even have to pay it back, has a 0.50% interest rate. I can see people taking that money and using it to make money, not using it for payroll as is the stated use
 
#29,695
#29,695
Hunerwadel said:
Some distributors might survive but the vacuum tubes almost certainly would not. The Carrington event in 1859 fried (literally melted) current carrying wires much thicker than what is found in most vacuum tubes.

Did you ever go to the back side of the base and see the little "huts" where they used to store the chem and bio weapons?
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I saw some "bunkers" , not sure if I would call them huts from my recollection. Lots of old buildings though and this was pre 911 and I would drive all over.
 
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#29,697
#29,697
What is the long term plan here? Is there anybody that thinks this virus isn’t here to stay? We may hit a peak in the next couple of weeks and a slow down in the summer, but it will be back in the fall. The drama queens and sensationalists are now saying breathing and talking spreads it. School, sporting events, etc...crowds are a part of our Fall life. Is all that gone forever? Is the economy shut down forever?

I’m genuinely curious as to what the long term solution is here. Herd immunity taking hold? Hope for a vaccine? Development of over the counter medicine?
 
#29,698
#29,698
Uplifting story. But just leaves you wondering how a gas station owner acquired 18 buildings with 80 apartments in NYC.

 
#29,699
#29,699
Does anyone know how they decide on who to count towards a death from the virus? If an 80yo with a bad heart and emphysema passes but testing shows they were infected is that counted?
 
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