All Forum Posts by: Kevin Lefeuvre

@Michael Plaks I hope banks are being given some incentive, but even assuming they don't, how is it different for larger SBs? It's even worse for the banks (if they don't have incentives) when dealing with  a 200 headcount company who would get a loan of $4M if it's all salary and all forgiven. Right?

@Greg O'Brien yes that's what I saw somewhere as well. Not sure how they determined the 8/52 rule which basically means "we believe you have hard time for a few months, we give you a loan for 2 1/2 months coverage, but only forgive 2 months". 

Yeah , me too I am surprised to see new buyers interested in STR given the whole travel industry is in chaos if not collapse right now.

And yes there will always be some mountain or lake chalets working for STR but there is no way the occupation rate will be as high as before and due to the competition prices are down.

Yes, just 2 weeks ago. But since I had denied them access to my bank account they couldn't take the funds. That's crazy policy, I don't think any host should accept that.

I have had 2 chargebacks on VRBO in the last 12 months, in both cases, my so-called Premier Partner Rep calls to threaten that they 'll take me off the platform if I don't sign their authorization to debit the account, I reply they can't since this was not in place when I first signed with the new CC company, and paid my annual fee, and no party to a contract can unilaterally change things.... And while the back and forth continues, they do the paperwork to fight the chargebacks, less waste of time for me. In both cases I have won (or they) and the guest lost. I don't know what they would do if I had lost. 

We pay them 6% plus annual fixed fee to take care of these things for documentation to be done with screenshots from their own platform and they have access to all the information, yet they want us to do the job and even take the risk. Not to mention giving open authorization to anyone to take whatever money from your bank account is just insane. I am sure they would lose in any court for abuse of power if they are sued on this.

@Michael Plaks thanks for further clarifying this. With the new bill hopefully finalized tomorrow, the PPP should be revived.

I'm curious, why do you predict that a lot of SE PPP loans will not be forgiven, assuming they use it for their personal income (aka salary) ?

Hi Lisa. What are your findings? A link to your article?

 Thanks Greg

 Callum thanks for the feedback. Do you have employees in the businesses that received funding or are they different businesses of yourself as self-employed?

I've got the impression that they have put the priority on the business headcount. They give big bucks to corporations with large headcount instead of "wasting" their time with smaller LLCs or even self-employed.

 Applying doesn't mean receiving. After you apply for PPP, like any loan, you receive an offer that you can accept or refuse. So you better apply anywhere you qualify and decide later if they overlap or not and don't take the funds for the same thing twice.

 So how should a self employed have applied and how should have they provided their payroll especially since they don't usually use a formal payroll system?

And since there is no way to update an existing filing, how are they supposed to take into account the new guidelines?

What a mess!