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Tens of millions of lost jobs, the largest trade deficits in history, the sharpest GDP decline in modern American history–and yet business applications are booming. The figures are staggering:

Nationwide, business applications are up over 82% from the same time last year, with every single state recording double-(or triple-)digit percentage increases. Seems a little strange, doesn’t it? A refresher on the Paycheck Protection Program from the Treasury Department clears up the confusion:

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible.

The entrepreneurial spirit is alive and well in the enterprising mob bosses, er, citizens who filed the necessary paperwork yesterday to be eligible for the next round of government grants just around the corner. The correlation at the state level between the percentage of the population that is black and the percentage increase in business creation compared to the same quarter last year is a strikingly robust .85, putting to rest the lie that Donald Trump hasn’t done anything for black people–or at least for their racist neighbors!

 
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  1. Yahya K. says:

    Seems like a classic case of unintended consequences.

  2. Michael S says:

    Unemployment is back below 8%, nearly every year in America sets a new deficit record, and GDP has always been a useless and meaningless figure. It’s looking more and more like a V-shaped recovery. And I can see it around me, I don’t have to read the news or look at the figures – we’re not back to normal, obviously, but compared to April/May, we’re doing great.

    I’m not by any means trying to say everything is wonderful and peachy, a lot of people have suffered from the lockdowns and many are still suffering, but lately it’s all doom and hopelessness with you. I think you need to get outside and catch some rays, or at least pick up a bottle of vitamin D.

  3. Some Guy says:

    Funds are provided in the form of loans that will be fully forgiven when used for payroll costs

    What does this mean, you just get free money if you use it to pay yourself or people close to you?

  4. @Michael S

    “Unemployment is back below 8%” That is the absolutely lowest figure for unemployment. It fails to count whole swaths of the “unemployed”.
    Its the figure the MSM always use….

  5. @Some Guy

    Yup.

    Mr. Epigone is right to be cynical about this “recovery”, especially after his (very clever, IMO) idea to calculate the correlation of these hand-outs to % of black residents.

    • LOL: Some Guy
  6. Realist says:

    Never believe anything the US government says.

    The US is the most corrupt country on the planet.

    • Replies: @TomSchmidt
  7. Why is The Wall Street Journal not paying you $250,000 annually to do what you do? Surely the reason cannot be that Ron Unz is already paying you $300,000 annually! For that would be well deserved.

    I cannot fathom where you get the interesting ideas to collate and publish data like this.

    In view of your data, if you or anyone else in this thread would like to offer practical advice or to make projections, I’d like to hear it. Question: should an American that does not presently have payroll be developing payroll now?

    If a detailed scenario to support the question is helpful, it follows after the break.

    [MORE]

    Scenario: an American has a dormant LLC presently with no employees but still with active licenses. Because the LLC has not during recent years been operating “for profit” (a term of federal tax law; it means what you think it means), the LLC was ineligible for PPP loan/bailout money earlier this year.

    The entrepreneurial spirit is alive and well in the enterprising mob bosses, er, citizens who filed the necessary paperwork yesterday to be eligible for the next round of government grants just around the corner.

    Should such an LLC acquire a payroll and start operating “for profit” now?

    There is a significant opportunity cost to the LLC’s white, male owner. He would forgo immediate income from another source if the LLC reactivated “for profit.”

    The LLC of our scenario is a real business with a real market but, under ordinary conditions, it would need 18 months of “for profit” operation actually to become profitable. As you imply, conditions are not ordinary.

    The correlation at the state level between the percentage of the population that is black and the percentage increase in business creation compared to the same quarter last year is a strikingly robust .85, putting to rest the lie that Donald Trump hasn’t done anything for black people–or at least for their racist neighbors!

    So will it be necessary to be black to take advantage?

    The question is a brainstorming question. Feel free to answer imaginatively.

  8. putting to rest the lie that Donald Trump hasn’t done anything for black people–or at least for their racist neighbors!

    One can hope, but I think the more likely story is that the Democrats don’t agree to anything that they haven’t already worked out how to steer to their own purposes. In this case, all that Paycheck Protection money is simply being helicopter-dropped into nets being set up by ACORN-like Dem-crony Potemkin orgs. That .85 correlation is no accident. In other words, Donald got played by Chuck and Nancy again.

    As long as there is big government with fiat currency, there will be a class of people expert at exploiting it. Republicans in general, and Donald in particular, are not in that class.

    • Agree: The Alarmist
  9. Truth says:

    Once again, ever-proliferating signs of Camacho’s American MAGA(T) movement.

  10. Mr Epigone says:

    Nationwide, business applications are up over 82% from the same time last year, with every single state recording double-(or triple-)digit percentage increases. Seems a little strange, doesn’t it? A refresher on the Paycheck Protection Program from the Treasury Department clears up the confusion:

    I say:

    Bah — Bah — Bah — Bah — Bah — BINGO!

    This filthy and atrocious scam called the Paycheck Protection Program(PPP) is only possible because of the electronically conjured up dollars from the privately-controlled Federal Reserve Bank.

    I wrote this in August of 2020 about the PPP scam and monetary extremism and greedy slobs born before 1965:

    The Charles Pewitt campaign for president of the USA has recently put forth the modest policy proposal of nationalizing the currently-private Federal Reserve Bank.

    The PPP program scam and the unemployment program scam and the other Bat Soup Fever scams are rancid disgusting frauds that shovel conjured up loot to shady bastards — yeah, I didn’t get any of it and I’m as bitter and jealous and infuriated as a late season bee.

    NATIONALIZE THE FED NOW! DAMMIT!

    The dollar is going dodo and if we don’t grab some goddamn loot then some other bastard will do it and continue to do it.

    Welfare Queen money grubbers are grabbing loot from this PPP horseshit and this extra 600 clams a week in the unemployment and the Fed is conjuring up the loot out of thin air.

    NATIONALIZE THE FED NOW!

    The phucking dollar is done and a currency collapse is baked into the cake and the American Empire is imploding like a bastard and the hogs are at the trough shouldering us regular people the Hell out.

    They ARE doing the Bernanke helicopter money at this very damn frigging moment and the shady crooked crook governor of a certain state is grabbing big loot from this disgusting PPP fraud scam. The vile disgusting baby boomer money-grubber hubby of a certain senator from a certain state is grabbing this Fed PPP money like a bastard too! OUTRAGED!

    The 60 percent for payroll and the 40 percent for so-called “business expenses” leads me to believe that the PPP is the most crooked crock of rancid fraudulent horseshit ever.

    But, the crooked PPP scam and the unemployment 600 hundred dollar scam treat are merciful and kind, the privately-controlled Federal Reserve Bank itself is the dreaded enemy.

    All the phucking financial scams emanate from the big scam of the debt-based fiat currency system that the baby boomers have used to attack and destroy the European Christian ancestral core of the USA. The Fed asset bubbles bought off the slobs born before 1965 and that’s why those damn dirty nation-wreckers have allowed all this anti-White crap to keep going. The mass legal immigration and the mass illegal immigration would’ve been stopped long ago if it weren’t for the greedy slobs born before 1965 getting bought off with all the ill-gotten gains from all the Fed-induced asset bubbles.

    Grab Control Of The Fed Now!

    Nationalize The Fed And Get Your PCLP Ten Thousand Dollars A Month Now!

    The Pewitt Conjured Loot Portion(PCLP) will pay each American who has all blood ancestry born in colonial America or the USA before 1924 a cool ten thousand dollars a month. The US Treasury and the Federal Reserve Bank shall work together to conjure up the cash out of thin air, just like the ruling class is doing now.

    https://www.unz.com/anepigone/shaking-the-money-tree/#comment-4134735

  11. A123 says:

    Chicago, Atlanta, and New Orleans are preferred hubs for organized crime. A huge chunk of this is likely gang/mob related rather than individuals trying to get a “paycheck”.

    To head off the inevitable question, “Why are other crime hubs low?” The answer is most likely driven by time & cost for business formation. NY and California are the slowest & most expensive places in the U.S. to form a business, thus making them undesirable for this particular organized crime.

    PEACE 😇

  12. @Michael S

    I think you need to put down the crackpipe. You’ll be “seeing things around” yourself when you’re under the influence.

    It’s Silent Hill out there…. And it’s only gonna get worse as we’re about to get hit with two bew mutated flu strains in Winter. There will be another lockdown, more stringent than the one that preceded it, and for 1 year’s time.

    The shamelessness of posts such as this one by paid trolls trying to garner up even a modicum of support for Trump’s hopeless reelection, is pitiful. Imagine how your God will judge you in the afterlife, having witnessed the games you played on Earth. Are you even capable of realizing that your actions are immoral?

    • Replies: @anon
  13. They figure what goes down must go up.

  14. @Michael S

    Don’t look at unemployment. Look at the employment rate. That’s ata 25 year low:
    https://tradingeconomics.com/united-states/employment-rate

    • Replies: @The Alarmist
  15. @Realist

    Maybe most corrupt rich country. Or mostly white country. We really don’t compare in general corruption. At the top, sure.

    • Replies: @Realist
  16. @Michael S

    It’s looking more and more like a V-shaped recovery.

    It’s called a ‘Dead Cat Bounce.’ You need to get out and walk around your local town or city.

    Yes, I really don’t look forward to a world where everyone works at McDonalds or Amazon, shops at Amazon, and eats at McDonalds.

    • Agree: Mr. Rational, Mark G.
    • Replies: @El Dato
  17. @V. K. Ovelund

    … should an American that does not presently have payroll be developing payroll now?

    Yes, and Cook County, IL will sell you a list of eligible-voter names you can use to flesh it out.

    BTW, forget the LLC and look into SPACs as the quickest route to plunder and spoils.

  18. @TomSchmidt

    25 year low??? Try hitting the MAX button.

    • Replies: @TomSchmidt
  19. Realist says:
    @TomSchmidt

    Maybe most corrupt rich country. Or mostly white country. We really don’t compare in general corruption.

    This country is corrupt from top to bottom, side to side. A couple example are: The so called reporters spew bullshit they know is not true…from national to local. Government is corrupt from national to local. As I wrote…this country is the most corrupt on the planet.

    • Replies: @TomSchmidt
  20. El Dato says:
    @The Alarmist

    Plus ad-driven revenue for everybody.

    That’s body harvesting made into a fine art.

  21. Catdog says:

    I think you are wrong on this, Mr. Anepigone. Do you have any actual evidence that what you’re claiming is the case? To get the loan, businesses had to prove that they already had payroll and we already in business for a length of time pre-pandemic. Banks were in charge of administration and most did not accept applicants who didn’t have a pre-existing business account.

    Banks did not want to administer the program- it was a big burden for them and their cut was small. The big scandal was that the banks tried to spend down the loan and reduce their paperwork by only processing their largest customers. A big loan was just as much work as a small loan.

    Even if a bank was in cahoots to create a fraudulent application, it’s still a loan. The loan amount is only forgivable if spent on payroll, mortgage interest, rent and utilities. The applicant needs documentation to prove that.

    The state needed to balance considerations of preventing fraud against the need to dispurse funds quickly and without being overly burdensome on small business. Considering how hastily the program was thrown together, I think that they did a fine job. My only criticism is that the SBA has been constantly changing the rules and waiting until past the last minute to issue guidance.

  22. @The Alarmist

    Quibbles. 25 years is effectively a lifespan for many youth.

    I’m tired of the spin. COVID response is a disaster; I haven’t suffered, frankly, but I’m horrified for the people in food lines, trying to get by.

    I note that the local store, which has sold apples for about $.99 a lb for almost all the years I can recall, has recently moved to $1.29, and they do not look to be moving back. Now, maybe that’s not overnight 30% inflation, but it suggests that the small holders of dollars have been taxed to support people getting benefits from inflation. That’s not the 40% of people making less than 40k who were made redundant by the political reaction to COVID.

  23. @Realist

    In daily transactions I do not have to suspect most of the people I deal with. That we have become a society where the default behavior with people we don’t know is to lie shows we have changed much from earlier. I talk to students from Scandinavia and I find thrilling their idea that they can trust what their politicians say, that they expect to be dealt with as adults.

    The economic system, based upon an ill-defined unit of account that is manipulable by connected elites, will gradually undermine everything in a transvaluation of all values. But that has not yet translated to personal corruption; how many times have you seen, for example, additional items added onto your restaurant bill? I’ve seen that a lot in more corrupt societies: it’s not just elites in on the con, it’s everyone.

    • Replies: @Realist
  24. Realist says:
    @TomSchmidt

    But that has not yet translated to personal corruption; how many times have you seen, for example, additional items added onto your restaurant bill?

    One would have to be a dumb son of a bitch to try to pull that and even dumber to fall for it.

    But to use your analogy… restaurants, use less quality produce in their offerings…than they did in the past as well as less quantity. As though the customer is to stupid to taste the difference in quality…or see the difference in quantity.

    But I fail to see your point. If a restaurant is cheating you in some way…go to a different restaurant…when the government has their boot in your ass…that’s a problem.

    • Replies: @TomSchmidt
  25. @Realist

    I guess the point is: inflation is corruption of all values, allowing an elite to skim from people who might not even know how they’re being skimmed from. That’s the corruption from the top you and I both see. The elites at the top use the skimmed wealth to buy politicians, keeping the skim going. Campaign contributions then becomes the next step in corruption.

    Soon you get what George Washington Plunkitt called “dishonest graft.” If I recall correctly, Harry Reid made a LOT of money off of what Plunkitt would have called “Honest graft,” where politicians with foreknowledge of government intents and contracts buy options, but don’t specifically buy options and then decide contracts.

    Biden clearly engaged in dishonest graft: changing government policy to satisfy a local interest, rather than using insider information to personally profit. That’s a stage further down the corruption slope.

    A restaurant that substitutes lower quality produce is responding to the inflation of currency and theft of value by connected, grifting elites. There are companies that have a business model of taking over a place with a reputation for quality and then charging prices based on the reputation while delivering crap; This happens especially in computer companies with service contracts where the acquirer gets subscription revenue and does not deliver the service. Eventually the subscribers stop paying after the long-run value has been turned into short-run profit.

    You haven’t yet had the experience of EVERY place you go trying to add extra items onto your bill, I guess. I have had that experience in a country I won’t name; I was always able to get the excess items removed, but if I just signed and paid I would have been out extra dollars at every place I ate. In the USA, I more often get items removed from my bill; granted, this usually leads to a larger tip for the server and might be the beginning of the foreign corruption I saw, but it’s not there yet.

    • Replies: @Realist
  26. anon[416] • Disclaimer says:
    @JohnPlywood

    The shamelessness of posts such as this one by paid trolls

    Irony.

  27. Realist says:
    @TomSchmidt

    A restaurant that substitutes lower quality produce is responding to the inflation of currency and theft of value by connected, grifting elites.

    So a worker that doesn’t work as hard as he did before is responding to the inflation of currency and theft of value by connected, grifting elites.

    Most likely the restaurateur is being greedy.

    You haven’t yet had the experience of EVERY place you go trying to add extra items onto your bill, I guess.

    As I wrote your argument is meaningless to me.

    I stand by my assertion that this country is the most corrupt on the planet…I get that you disagree.

    This country is on a shit slide to hell.

  28. Corvinus says:

    “The entrepreneurial spirit is alive and well in the enterprising mob bosses, er, citizens who filed the necessary paperwork yesterday to be eligible for the next round of government grants just around the corner.”

    This looms larger.

    https://www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/

  29. @Some Guy

    It means they’re not “loans”, but “loans” sounds like less of a giveaway than, well, the word “giveaway” does!

  30. @V. K. Ovelund

    Non-profits are eligible for PPP loans, too. People with purely tax shelter ‘corporations’ got money out of it, and they’re going to get more.

    It genuinely saddens me to say it, but if I see no moral problem with getting your beak wet. Suckers sit on the sidelines. We have to stop being suckers.

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