I recently read an article stating that this bailout is for the wealthy, while the poor get a mere $1,200 each.
I have a problem with that statement to an extent. While it is true that “wage slaves” will only get $1,200, while the wealthy will not be getting the $1,200 each if their income was over the threshold (S-$75,000/J – $150,000).
While I don’t consider myself the wealthy, I have applied to get a PPP loan, which may be forgiven (or not) but it will be used to pay salaries for my staff. This helps all of us in the office from my perspective, not just me.
It is possible that I may get a loan through the SBA’s EIDL, I applied for this as well. This is where the original grant (initial cash) may be forgiven (or not). But this again is to assist in keeping the business afloat with slow/no paying clients and the loss of clients, while the bills keep rolling in. I am hoping to get a loan that will allow me to stabilize cash flow and ensure the continued survival of my business moving forward.
I have a significant portion of my financial wellbeing tied to the business, as do most entrepreneurs. Without it the unemployment rolls will increase further, as my Net Worth decreases.
But the article stresses that the wealthy are the ones who own the businesses. I know people who consider their businesses the equivalent of owning their own job only. It makes them just enough to keep moving forward nothing more.
Also, it is likely that any monies forgiven will be considered income and taxed. There is no such thing as free money.