Discover and read the best of Twitter Threads about #ppp

Most recents (24)

Long thread on upcoming #JobsDay

This Friday, BLS will release new data showing how many jobs were gained—or lost—in July. This data is critical for understanding whether the economy is in recovery or if it’s stalling.

The forecasts are mixed.
1/
We expect weak data on the jobs front because of the rise in covid cases across the country, which has led consumers to stay home and policymakers to enforce more social distancing and closures. nytimes.com/interactive/20…
2/
As @ernietedeschi explains in this thread, forecasters looking at new data predict BLS data will show that the economy has either added or shed about 1 million jobs in July 3/
Read 14 tweets
Kicking off #darecapitaldialogs a bit late with @keystonebankng’s fearless leader, Jeff Wilkinson. We’re talking about community banks’ role in #covid19 recovery - come join on the livestream

My notes below.....⬇️
Customers want to work with a local bank, but they want the heavyweight expertise. @keystonebankng excels at punching above their weight class 🤜🏻 #darecapitaldialogs
Good bank culture is about openness - what can we do to solve customers’ problems? Positive mindset key. All ideas welcome. @keystonebankng #darecapitaldialogs
Read 29 tweets
BREAKING NEWS: New Broad U.S. Survey: A Second Wave of U.S. Layoffs and Furloughs is Well Under Way
CARES Act benefit extension is critical to avoiding deeper economic catastrophe.
New layoffs also in states that are NOT reporting a surge in COVID-19:
tinyurl.com/y3wpjxhg
1/3>
Study and poll with over 6,400 US respondents in real time (data as of August 1st) conclusively demonstrates that workers previously laid off and re-payrolled are being laid off again as #PPP money is exhausted/businesses fail. tinyurl.com/y3wpjxhg
2/3
@RIWIdata, @CornellLaw, @jobqualityindex report details what is actually going on in US employment - in advance of, and with more clarity than, this week's upcoming Unemployment Claims and BLS Employment Situation reports. Read it here: tinyurl.com/y3wpjxhg
END
Read 3 tweets
THREAD: Over 3,000 businesses that received $1BN in #PPP have since closed permanently.

Expect Democrats to be demanding MORE oversight & pressing Treasury/SBA to enforce repayment of these funds and/or investigations into what these businesses were.
It’s possible that some took the money and it just was not enough to survive, but given how quickly they already closed, it’s worth investigating.
*Reminder*
PPP data on loans less than $150k has still not been made public. The “privacy” rationale makes no sense. These are the exact same loans that were given in larger sums of money- business loans.
Read 4 tweets
SMQ shared in his speech in the National Assembly today the joint demands of #PMLN and #PPP about amendments to the NAB law that they have made a condition to supporting the government's #FATF related legislation package. Very revealing of their agenda. Here's what they want...
Four FATF related bills are extremely urgent. They need to be passed before the APG review, which will drive whether the plenary in October decides to keep Pakistan in the grey or pushes us to "white list" status. Of course, the threat of being black listed continues to exist.
The FATF requirements are time-bound, and the NA session has been extended to accommodate it. But the opposition parties are insisting on a "package deal" with changes to NAB laws. After not having done anything for ten years while in power, this has suddenly become very urgent.
Read 13 tweets
1/

Lots to digest in the R's latest stimulus proposal. Here are just a few of the more interesting tidbits w/ respect to the #PPP program (including a proposed PPP2):

(Note: Just a PROPOSAL at this point. Rs + Ds still need agreement before anything will get passed.

1) More...
2/

expenses will be eligible uses for PPP proceeds (and eligible for forgiveness), including PPE and other expenses incurred to comply w/ COVID safety guidelines.

2) Borrower could choose covered period of their choice between 8 weeks and 12/31/20. I see this primarily as a...
3/

way to allow biz owners to exhaust PPP funds, and then immediately furlough, terminate, etc. employees w/out impacting their forgiveness formula.

3) Loans under $150k (OVERWHELMING MAJORITY) would be automatically forgiven w/ borrower self-certification.

4) Wow... loans...
Read 7 tweets
#Justice Washington
Ex-Microsoft Executive CHARGED W/COVID-Relief Fraud & Money Laundering In $5.5M Scheme

⛈️[alleged] 8 fraudulent #PPP loan applications
⚖️ Mukund Mohan, 48, Clyde Hill
🔥#Coronavirus #Fraud

#Rabbitt #OIG
WDWA #Moran IRS
@POTUS CARES
tinyurl.com/y5qy952w ImageImageImage
#Justice Miami,FL #Unsealed
Man Who Used COVID-Relief Funds To Purchase Lamborghini Sports Car CHARGED In $13.5M Fraud Scheme

SEIZED $318,000 sports car & $3.4M
[alleged]#PPP #Fraud
David T. Hines
#COVID19 Coronavirus #Disaster

FDIC & SBA #OIG
@POTUS
tinyurl.com/y6cs9vpy ImageImageImage
#Justice #TEXAS #COVID19
U.S. Attorneys In Texas & AG Paxton Partner To Warn Consumers Of Fraudsters Selling Counterfeit, Mislabeled, & Non-Existent PPE

🔥 Unusual Payment Terms
🔥 Price Changes
🔥 Unexplained Source
🔥 Evidence of Re-Packing

WDTX
@POTUS
tinyurl.com/y3p5utb9 ImageImageImage
Read 3 tweets
#PTMExposed ...! (Thread)
So we finally uncovering the social media cells of so called parties.. we have honey trapped one of social media handle responsible for trending hashtags,viral videos, anti state ,anti government content .
Worked on him from Month ..
#PTMBehindTerrorism
To gain his trust .he is from #PTM_QUETTA International relations student working with various political parties including #PTM ,#PPP #PMLN and some #PTI Minsters . He claims takes 100s of thousands of from them to make #Propaganda I also got his number from one of
High political person also paid him just 10,000 due to that references. as I'm attaching Screenshots below you can see how they work (sorry for hiding all info due to involvement of high profile political people to get him)
Read 13 tweets
آئیں جانتےہیں کہ ڈاکٹرعاصم حسین کون ہیں؟
ان پر کتنے اور کون کون سےمقدمات ہیں؟
وہ مقدمات کس موڑ پر ہیں؟

ڈاکٹر عاصم حسین کا تعارف
ڈاکٹر عاصم حسین کا شمار آصف علی زرداری کے قریب ترین دوستوں میں ہوتا ہے۔ ڈاکٹر عاصم حسین کراچی میں موجود ضیاءالدین گروپ آف ہاسپٹلز کے چیئرمین ہیں
1/15
آصف زرداری نے انہیں 2008 میں پیپلزپارٹی کے ٹکٹ پر سندھ سے سینیٹر منتخب کروایا اور پھر انہیں وفاقی وزیر پٹرولیم و قدرتی وسائل اور وزیراعظم کا مشیر برائےپٹرولیم بنا دیا۔ 2012میں سپریم کورٹ کی طرف سےجب دہری شہریت رکھنے والے اراکین پارلیمنٹ کو نااہل قرار دیا گیا تو انہوں نے بطور
2/15
مشیر اپنے دونوں عہدوں سے استعفیٰ دے دیا جس کے بعد آصف زرداری نے ڈاکٹر عاصم کو چیئرمین آف ہائیر ایجوکیشن کمشن آف پاکستان، سندھ اور چیئرمین آف پٹرولیم انسٹیٹیوٹ آف پاکستان بنا دیا

مقدمات
ڈاکٹر عاصم پر 3⃣ بڑے مقدمات ہیں

1⃣ ٹیرر فائنانسنگ کیس۔ اگلی تاریخ سماعت 25 جولائی 2020
3/15
Read 15 tweets
I said from day one that the #PPP would be rife with fraud. None of the 600 asset management firms that got "loans" needed the money. They got paid to retain workers they had no intention of firing. I could have taken the free money myself, but didn't want to lie to obtain it.
Asset management firms like mine were not shut down. Our employees worked from home, none of our revenue stopped coming in, and soaring asset prices actually resulted in more revenue after #COVID19 than before. The #PPP money merely added to the windfall. It was a total fraud.
In fact, every government that ordered businesses to close, exempted financial services companies from those orders as the services they provide were deemed to be essential. So, even if some employees were not able to work from home, they still had access to their offices.
Read 6 tweets
Our commentary: Another Corporate Facility Launched, @federalreserve Chair’s Prepared Comments are Stale, & PPP Expires #muniland hilltopsecurities.com/media/3877/mun…
A scattered reopening rollback continued in the U.S., and an increase in confirmed #COVID19 cases is still expected. #muniland
The U.S. @federalreserve launched its Primary Market Corporate Credit Facility yesterday—still nothing similar for the #municipalbond market. Something comparable should be prepared. #muniland #unroll @threadreaderapp
Read 5 tweets
پہلے والے کون تھے؟
اور بعد والے کون ہیں؟
تمام معززین ارض پاک سے ایک معصومانہ سوال
#Pakistan #PPP "#PTIGovernment #PMIKAssemblySpeech #PMLN #NawazSharif #ZartajGulLogic #AAMAwam #Karachi #Lahore
ہوابازی کے وزیر،سرور خان ہیں۔1985 اور 1988 اور 1990 کے انتخابات میں یہ ایم پی اےمنتخب ہوئے۔97میں ppp کے ٹکٹ پر الیکشن لڑے،ہارگئے۔ 2004میں یہ شوکت عزیز کی کابینہ میں محنت اور افرادی قوت کے وزیر تھے۔ اب سرور خان لوگوں کو راز یہ بتاتے پائے جاتے ہیں کہ ملک پہلے والوں نے تباہ کیا تھا۔
خسرو بختیار صاحب اکنامک افیئرز کے وفاقی وزیر ہیں۔1997میں مسلم لیگ ن میں تھے۔2002میں ق لیگ کےٹکٹ پر ایم این بنےشوکت عزیز کی کابینہ میں امور خارجہ کےوزیر تھے۔2013میں پھر مسلم لیگ ن میں شامل ہوگئے۔ 2018میں جہانگر ترین کے بزنس پارٹنر بنتے ہی ان کا ضمیر جاگ اٹھا آپ کا بھی یہی موقف ہے
Read 13 tweets
#TaxTwitter

Had a client just hit the end of his 8-week #PPP initial covered period. Would get full forgiveness based on usage of the funds. Wants to just use the 8-week period. I've advised him against it... (1/2)
#TaxTwitter

Reason being? Freaking QBI.

$700k #PPP
$100k non-PR costs
$600k PR costs ($575k gross PR)

If I take the 24-week period, I get the following:

$700k PPP
$300k non-PR costs
$400k PR costs ($325k gross PR)

(2/3 -- lied about just 2 posts)
#TaxTwitter

Deductibility is the problem here (for now). If we lose the deduction for that $575k in wages (we shouldn't), that's $115k in QBID that goes away. If we use the 24-wk period, that $325k in wages only costs $65k QBID.

Saving $50k QBID/$18k income taxes w/ this. (3/3)
Read 4 tweets
1/?

Alrighty then... Kids are asleep, and dinner is done. So time to breakdown Congress's latest 'gift' to small business owners, and the tax and financial planning community.

It's called the Paycheck Protection Program Flexibility Act (Full Text: congress.gov/bill/116th-con…)...
2/

Now unless you've been sleeping under a rock for the past 68 days (yes, that's the exact number of days it's been since the CARES Act was passed... though it feels more like 84 years to many of us), you've heard about the #PPP program and probably know the basics. But...
3/

...if in fact you have been hiding under that rock, you can get the basics here: sba.gov/sites/default/…
here: home.treasury.gov/system/files/1…
and, of course, here: kitces.com/paycheck-prote…

But a word of warning, thanks to the new PPP Flex Act, a lot of that info is now outdated!
Read 31 tweets
At this hour @POTUS holding a roundtable discussion with restaurant executives and industry leaders in the State Dining Room " to discuss the path forward to safely reopen their businesses and facilities," according to the @WhiteHouse.
"I thought we'd bring in the fake news," begins @POTUS.
"We're looking at doing deductibility" to help boost the restaurant industry, says @POTUS.
Read 54 tweets
1) "Federal Reserve developed the #MainStreetLending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic."
2) after initial announcement of #MainStreetLending Program, Fed Reserve expanded it to: Create a 3rd loan option, w/increased risk sharing by lenders for borrowers with greater leverage &
Lowered the minimum loan size for certain loans to $500,000
federalreserve.gov/newsevents/pre…
3) this resulted in 3 loan (🍕) options: plain, pepperoni & mushroom: "termed new, priority, & expanded" 4 year loans:
New: $500K Minimum Loan Size
Priority: Ditto
Expanded: $10M Minimum Loan Size & up to a TON!
Read 38 tweets
Watch Live: Union Finance Minister @nsitharaman addressing a Press Conference.

#AtmaNirbharBharat twitter.com/i/broadcasts/1…
@nsitharaman After PM's address to the nation on building an #AatmaNirbharBharat, we have been announcing details of the stimulus Govt. feels it should provide to the economy and our people.
- FM @nsitharaman
#AatmaNirbharEconomy
@nsitharaman PM had said that we should prepare for tough competition. When we speak of #AatmaNirbharBharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges
- FM @nsitharaman
#AatmaNirbharEconomy
Read 53 tweets
The #HeroesAct, the #coronavirus bill we are voting on today, contains several important priorities I fought for. While the bill could go further, I’m pleased with much of what we secured. 1/12
The bill boosts funds for Supplemental Nutrition Assistance Program (#SNAP) by 15%. In my district, I’ve seen lines at local food banks. Families need this assistance. 2/12
It provides a second round of more substantial economic stimulus payments consisting of $1,200 per family member, and up to $6,000 per household to ease the financial burden that many are experiencing due to #COVID19. 3/12
Read 12 tweets
We're live with ASMP's Wednesday Webinar. Join us here or live on @Facebook facebook.com/asmpnational/v…
Mike Klipper is updating us on the additional relief legislation now being considered by the House. Dems and Reps are "very far apart." The President has dubbed the legislation "Dead on Arrival." #HeroesAct
As always, our disclaimer, courtesy @MaddreyPLLC
Read 57 tweets
1/

Some MAJOR #PPP news to pass along. Earlier today @USTreasury updated the FAQs on its site (AGAIN!), by creating new Q&A #46.

In short, Q&A #46 creates a safe harbor for PPP loans of $2 million or less when it comes to the good-faith certification...

home.treasury.gov/system/files/1…
2/

Just to be clear, we're talking about the certification that a borrower must make that says:

"current economic uncertainty makes this loan request necessary to support the ongoing operations"

In short, Q&A #46 the safe harbor says that if you received a loan of...
3/

...$2 million or less (including loans made to affiliated companies), the certification will be deemed valid. Period. End of story.

The logic behind this, per Q&A #46, is to "promote economic certainty" for borrowers and to...
Read 12 tweets
#AatmaNirbharBharatAbhiyan
Based on 👇

Land,Labour,Liquidity&Laws that are not isolationist but inclusive

Ease of Doing Business

DBT,JanDhan,Aadhar, Micro Insurance,Ujjwala Yojana, Ayushman Bharat, PM Awaas Yojana,PM FasalBima Yojana,Krishi Sinchai,Swachh Bharat--Key Landmarks
GST,IBC&PSU Bank Recapitalisation in last 6 yrs,have been big reforms

52606Cr given via #DBT to 41Cr #JanDhan holders

Free wheat&rice to 69Cr ration card holders

18000Cr tax refunds given

Free cylinders to 8Cr #Ujjwala holders

#20lakhcrores #COVIDー19
#atmanirbharbharat
Project DevelopmentCells,working for Promotion of Champion Sectors,in States

#MakeInIndia&Upgradation of Industrial Infra,a success&more will be done to #Decongest economy

3376 SEZs&IndustrialParks with 5 lakhhectares,to be ranked& mapped,in terms of readiness for competition
Read 20 tweets
New Guidance for #PPP: To get maximum forgiveness you'll need to sacrifice a goat during a blood moon, at the stroke of midnight, while wearing a crown of thorns and Luke Skywalker's robes, and only after reciting pi in it's entirety.

Subject to additional guidance.
#taxtwitter
Additional Guidance: after additional consideration, you do not need to sacrifice the goat. Businesses who have already sacrificed the goat will be severely punished. Instead, businesses much sacrifice a dodo bird. /2
Additional Guidance: Upon discovering that dodo birds no longer exist there is no animal sacrifice required. Businesses that have already sacrificed a goat are still to be severely penalized. Penalty TBD /3
Read 9 tweets
THREAD: When you look at the market reaction, there are a couple very concerning things.

It can fuel this OBVIOUS falsehood that the market = the economy.

But, it also takes the pressure off President Trump to do more to support the financial hemorrhaging happening.
You can already see it with Republicans and the White House (Kudlow said it today) wanting to pump the brakes on more financial support.
Consider: the ✈️ industry (which has access to raise $ in the cap markets) got a bespoke bailout deal & a defecto airline bailout czar in Mnuchin
- these companies got a tax cut in ‘17 & poured their free $ flow into buybacks over last few yrs
- charged more for bags & leg room
Read 8 tweets
Live tweeting ASMP's Friday Town Hall. @LindseyBest in CA asking @MaddreyPLLC about the problem of jobs shot in 2019 paying in 2020. Maddrey: "This is related to the #W2/#1099 problem. We've read & read & there's no clear guidance. Now we're calling them. We'll get an answer."
Now on to the featured attraction...
First things first...
Read 46 tweets

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