FED passes Bank stress test with flying colors, but Yellen says Government could run out of money by August! - Auto-Trend Repairs and Service Information Forums

SELLC · CERTIFIED POST WHORE

RE: FED passes Bank stress test with flying colors, but Yellen says Government could run out of money by August!

PowerStroker · UNSTOPPABLE!

So exactly how much free money from the government would be enough to satisfy you then?

SELLC · CERTIFIED POST WHORE

I'm not looking for free money PowerStroker! What about that don't you get!!!

But to answer your question, about $110,000 would be good... with $10,200 of it going to repay the tax payers for my PPP loan right off the top... of course I'd want the same 3.75% interest rate that is being afforded to everyone else in the EIDL program with the same term so it's spread out over 30 years!

This would allow me to re-structure ALL business debt, and otherwise bring my DTI inline with just my house payment with a balance under $70k on my personal mortgage. It would also allow me a fairly large cushion and good enough credit to start beating the bushes for my next shop, which would FOR SURE be a "buy" and not a "rent". The leftover would give me enough $$$ power for a good sized downpayment on real-estate... once purchased, a few years down the road or however long it took I could re-finance the business property, pay off the Government and make improvements and or expansions as permissable.

Point is, I AM NOT ASKING FOR ANY FREE MONEY! I DON'T WANT FREE GOVERNMENT MONEY! This is a business LOAN, not FREE MONEY!

When all is said and done, over the past two years I'll have lost/spent almost $50-$80k due to all this pandemic BS! That is both in revenues and in my own personal money I have paid out to keep things paid on time, EVERY TIME.

It might take me longer to get there on my own, but in terms of the $10,200 paid out and forgiven it only makes the Government and SBA look bad for not following thru with a more realistic EIDL loan to follow up the PPP... I'm sorry to inform you PowerStroker, your Government is ignorant and would rather give your money away than invest it to make money! It's not like I don't have over $100k equity... at least when the property tax man comes knocking twice a year he seems to want to tax me on these "unrealized property value gains" but when it comes to using it? Naw, it's just an illusion! This just proves all of that.

Rastus · UNSTOPPABLE!

Lots of people have been screwed-up by this false pandemic, that's for sure...

At least you're still in business, & it seems that Mr.Obama doesn't like "these times" either...

SELLC · CERTIFIED POST WHORE

That video was from back when he was President... not recently. lol

SELLC · CERTIFIED POST WHORE

Same shyte different Administration.

Rastus · UNSTOPPABLE!

SELLC wrote:
Same shyte different Administration.

Yes indeed...

Don't forget that the "fix" is to drop the Federal Reserve corporation, & get your own monetary system going again.

Your problem however is that the Mofo's in-charge, & who will remain in-charge, are the only one's who benefit, since like parasites, they feed & grow from your suffering.

The US-of-A doesn't need anybody, as it once was a self sufficient country, & could be again...

SELLC · CERTIFIED POST WHORE

Rastus wrote:

The US-of-A doesn't need anybody, as it once was a self sufficient country, & could be again...

Amen brother!

PowerStroker · UNSTOPPABLE!

Just so long as people don't expect loans from the government anyway.

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:
Just so long as people don't expect loans from the government anyway.

What Rastus is saying is if the Federal Reserve was gotten rid of, or put in check, then we wouldn't see all the nations wealth just given to the top 20%!

It's ridiculous what is going on! It's an attack on American small business! We have people in the Federal Reserve who have been caught cheating the markets with their insider trading, funneling ALL the money to lobbiest of big companies!

We have our own President, Biden, who's ENTIRE FAMILY is on the take! Kicking it up to the big guy, selling America out one painting at a time!

If you don't think something is wrong with the SBA denying a small business like mine a "SMALL" loan like what was mentioned above for a company that has been open 20 years and never late on it's bills for 14 of them years then there is something wrong with you.

I shouldn't have to waste time complaining about it! If your party was worth a damn and were for the middle class and small business like they campaign then you wouldn't have to listen to it! But that's not the way of it!

PowerStroker · UNSTOPPABLE!

On the bright side, if the self-employed business model isn't working for you anymore, there are LOTS of places hiring who could benefit from your expertise.

SELLC · CERTIFIED POST WHORE

I'm sorry PowerStroker but you just don't make that option look attractive... Look at how you're always bitter and more than willing to take the shaft from your political party! And something about driving around in an old Honda and Ford Truck isn't exactly giving me wood either! And I suppose the idea of losing my house and having to shack up with my girlfriend like you're doing is probably the final straw...

Naw, think I'm doing just fine! But that is no excuse why politicians and the Government should be allowed to opperate as they have! So I will keep bitching and you can keep thinking it's for reasons other than our Government and it's employees coming up short...

Did I mention my labor rate went up to $100 an hour on November 1st? Sure, I'm backloged until December before I can even take in any new jobs at that new rate but did your job recently give you a $30 an hour increase in your hourly rate? No? Maybe you should grow some balls and join the team of Small Business People and help me fight the good fight!

PowerStroker · UNSTOPPABLE!

I do have a small business, and it's already put enough in the bank to buy my next Honda outright once the 2015 wears out, and all without any government loans to boot.

SELLC · CERTIFIED POST WHORE

I wasn't aware the Government was into making car loans?

All my cars are paid off... No interest in buying a new one at-all!

And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?

Rastus · UNSTOPPABLE!

All this crap is actually happening all over the world in one-way, or-another...

This 5-eyes & AUKUS garbage means both expansion & contraction, at the expense of regular folks monetary value contraction.

This is just the settling-down period, so that the money we're losing as spending money, gets thrown into the Military Industrial Complex by everyone.

PowerStroker · UNSTOPPABLE!

SELLC wrote:
And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?

Mine is a single member LLC which is a pass through so it just adds to what I pay on my individual return.

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:
SELLC wrote:
And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?
Mine is a single member LLC which is a pass through so it just adds to what I pay on my individual return.

Ah!

So it's listed as a hobby then if you don't pay the $3,500 "Self Employment" tax...

Pass thru... LOL

HOBBY!

SELLC · CERTIFIED POST WHORE

I say the $3,500 self employment tax because that's what I have to pay on income above and beyond my Schedual C deductions... but it's currently at 15.3%

The verbage is very clear, "SELF EMPLOYMENT TAX".

Do you pay it?

PowerStroker · UNSTOPPABLE!

I dunno, I use turbo tax and it figures it all out for me. I do report all of the income I earn and pay taxes on it. I also collect and remit MN sales tax.

SELLC · CERTIFIED POST WHORE

I'm not saying you don't have a business, but under the classification for taxes I am willing to bet Turbo Tax is classifying it as a Hobby for tax reasons since you're working for the Dealership.

Are you still able to itemize deductions with a Schedual C?

Usually the first five or so years a business runs at a loss given the amount of capital that has been invested to launch, even if this money is fronted by the company (aka no loans) it will for sure still be used to off-set taxes as the company has to reconcile them expenses regardless if there is an existing loan or not. Some people have the money going into it, and that investment has to be off-set against earnings to figure out the true profitability, or loss in some cases.

PowerStroker · UNSTOPPABLE!

For my regular day job income I can itemize, but ever since the Trump tax code changes it almost always makes more sense for me to take the standard deduction. The last time I itemized was 2017 when I bought the tool box. The accounting for my "hobby" is done differently. I receive a 1099 from Ebay and Amazon on gross sales receipts from them, and I keep track of other sales which are all entered in to the Home and Business edition of Turbo tax. There is also a place for me enter the production/materials/shipping/etc expenses, and then they determine my net taxable income. This "hobby" has shown a profit every single year, but the purchase of the CNC lathe was depreciated over a 5 year period because if I had taken the full 179 deduction at once on it I probably would have shown a loss the year I bought it.

SELLC · CERTIFIED POST WHORE

And that is not the norm... Because you work a day job your business is not exposed to the same kinds of things a "self employed" person is... it's more or less a Hobby for you since it does not support your livelihood, rather a supplemental hobby if you will.

You could open up an S-Corp and be the primary shareholder, although the tax requirements and paperwork for that organazational class sets the bar quite high with required meetings (aka corporate minutes) and all that corporate mumbo-jumbo. Usually in most all big corporations you have multiple payers and serious money and assets in play, including a rather large workforce that is paying taxes on the money they are paid from the corporation. A whole different ball-game from a small business guy like me, or a hobby like yours.

If your first year was the only loss in business, even though you spread out depreciation, that's still pretty good! But again, your business is being supplemented by your work as an employee for another company. You're not self employed, yet.

SELLC · CERTIFIED POST WHORE

Anyone taking any bets on if the Democrats are going to pass their budget by Friday?

I mean they have only spent the past few months ramming thru trillions in partisan spending packages... with the help of thirteen Rino's...

Doesn't seem to be getting much coverage due to the new "Nu" variant...

I guess the 15th is the breaking point where Miss Yellen runs out of money... That's two weeks...

I'm sure it will be the classic Government shutdown and a big all night party in congress on Chrismas Eve where everyone is extorted into drinking champaign and partying the night away or having to go home to their families for Christmas... this is a game the Democrats have traditionally won in the past, since they're all nuts and hate their familes anyway...

So I guess it's all moot until next year!

Rastus · UNSTOPPABLE!

Trumpdt Christmas.jpg

SELLC · CERTIFIED POST WHORE

Got your snowflake right here, lol

PowerStroker · UNSTOPPABLE!

Isn't it weird that my "hobby" is more successful than your business?

PowerStroker · UNSTOPPABLE!

Cars still break during a pandemic, where are your customers?

SELLC · CERTIFIED POST WHORE

Your hobby is just that... a hobby.

I don't think someone who works all day to pour money into a hobby is a sucess... it's more or less a "hobby"... but whatever you have to tell yourself.

Lots of customers here PowerStroker! Just trying to get my pandemic money they set asside for REAL small business. Something wrong with that PowerStroker?

This paticular thread you're responding to is about the government wanting to borrow more money... because December 15th it wont have the funds to pay it's bills!

It might come to pass that the government shuts down soon! But you know what? My business will still be operating!

PowerStroker · UNSTOPPABLE!

If you have so many customers, then why do you need a loan?

SELLC · CERTIFIED POST WHORE

You know PowerStroker... I think perhaps if we perform a lobotomy on you it may fix that broken ground in your head!

But I'll explain it to you again... 3.75% interest rate, long 30 year term = lower payments! Restructuring business debt out of my personal name and into the business name is also a step in the right direction for the business.

Just because I was open during the pandemic does not mean that my bottom line was not adversely affected! I want my fucking cut! Every other cock-sucking liberal out there got theirs! Now I have patiently waited two fucking years, thru contless SBA bullshit, time for you silly fucks to pony up with that money that the tax payers set asside for small business.

Screw your ignorant ass trying to act like I need a loan because of anything other than government and or liberal mismanagement during this pandemic! You can stuff a case of face masks up your ass.

The money was set asside for small business like mine, I wan't my fucking money you dirty crooks!

PowerStroker · UNSTOPPABLE!

Business DEBT you say? With as many customers as you claim to have, and with as long as you've been doing this, I would have expected to not see any red ink on your business balance sheet. So basically you want all business profits to flow from your business to your person, but all business debts to flow from your person to your business, because this would be "a step in the right direction for the business." This is like saying that to saddle an entire generation of kids with education debt, would be a "step in the right direction for a generation of kids." Essentially you want all of the money and none of the liability? Your love of Trump suddenly makes a lot more sense. He has apparently been your life long role model, except that he had the advantage of inheriting hundreds of millions of dollars from his daddy so...

Your diagnoisis is actually quite simple though, and is idental to the diagnosis of Trump: False sense of entitlement.

Luckily, the treatment is simple too. It involves steadily weaning yourself from the government's teat. Eventually you won't even miss it, and you'll be able to wear big boy pants and take personal responsibility like the rest of us.

SELLC · CERTIFIED POST WHORE

I know you think you're "big stuff" but may I remind you that in 2009 Ford's took a $6,000,000,000 (billion) loan from the Federal Government...

If I wanted to dig deeper I think I'd find that the company you work for probably also got COVID assistance in the form of PPP and EIDL loans... I'm also sure you have drawn unemployement and were sent the same amount of money thru various economic stimulus packages to the tune of thousands!

Don't get smug with me hobby boy... the people you work for are some of the biggest paupers on the planet! You're guilty by association pal... if anything I'm the only one wearing the big boy pants over here as I support four other people in the house... meanwhile you think you're so good just taking care of yourself.... whoopee-doo PowerStroker!

Fords said, Bring out the gimp!

SELLC · CERTIFIED POST WHORE

AMAZING!

Congress actually passed something without leaving it to the very last second!

https://www.yahoo.com/news/gop-risks-government-shutdown-fight-061237623.html

So they waited until the last day... old habbits, you know...

And we kick the can down the road until February... Guess congress didn't want to see their stock profits evaporate...

PowerStroker · UNSTOPPABLE!

SELLC wrote:
I know you think you're "big stuff" but may I remind you that in 2009 Ford's took a $6,000,000,000 (billion) loan from the Federal Government...
At the time, the end result of deregulation was crashing the entire economy. The major banks were in the process failing, and weren't in a position to lend Ford any money.
If I wanted to dig deeper I think I'd find that the company you work for probably also got COVID assistance in the form of PPP and EIDL loans...
It's possible, but I don't know.
I'm also sure you have drawn unemployement and were sent the same amount of money thru various economic stimulus packages to the tune of thousands!
Never in my life have I ever drawn, or even applied for unemployment. I got the same stimulus checks the government sent to everyone though.
Don't get smug with me hobby boy... the people you work for are some of the biggest paupers on the planet!
The Bechtel family owns my dealership and many others, they are worth somewhere between 3-8 Billion dollars.
You're guilty by association pal... if anything I'm the only one wearing the big boy pants over here as I support four other people in the house... meanwhile you think you're so good just taking care of yourself.... whoopee-doo PowerStroker!
Reproductive decisions are economic decisions. Living within ones means is generally a good thing.
Fords said, Bring out the gimp!

Rastus · UNSTOPPABLE!

Careful SELLC...

The Bechtel family have their fingers in a lot-of-places...

Avoid at all costs defaming these folks !

Dodgy as a hat-full-of Trump University graduates ') !

SELLC · CERTIFIED POST WHORE

Well I've never heard of the Bechtel family before today...

After having a look it would appear they got their hands in all forms of Atomic business... I'm sure they're good friends of yours, Rastus! lol

Being that big, it's almost a given that they would have won some government money for their massive projects at some point, if not from many different countries around the world.

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:
SELLC wrote:
I know you think you're "big stuff" but may I remind you that in 2009 Ford's took a $6,000,000,000 (billion) loan from the Federal Government...
At the time, the end result of deregulation was crashing the entire economy. The major banks were in the process failing, and weren't in a position to lend Ford any money.
If I wanted to dig deeper I think I'd find that the company you work for probably also got COVID assistance in the form of PPP and EIDL loans...
It's possible, but I don't know.
I'm also sure you have drawn unemployement and were sent the same amount of money thru various economic stimulus packages to the tune of thousands!
Never in my life have I ever drawn, or even applied for unemployment. I got the same stimulus checks the government sent to everyone though.
Don't get smug with me hobby boy... the people you work for are some of the biggest paupers on the planet!
The Bechtel family owns my dealership and many others, they are worth somewhere between 3-8 Billion dollars.
You're guilty by association pal... if anything I'm the only one wearing the big boy pants over here as I support four other people in the house... meanwhile you think you're so good just taking care of yourself.... whoopee-doo PowerStroker!
Reproductive decisions are economic decisions. Living within ones means is generally a good thing.
Fords said, Bring out the gimp!

So it was okay for Fords to take Government money during the melt down, but for some reason it's bad for my company? What is that BS PowerStroker!? It's okay, you don't have to cry beacuse I popped your balloon...

I have never once in my life drawn unemployement either! Outside of the stimulus they sent everyone else, the company did get $5,100 in 2020 and 2021 from our local bank thru the SBA PPP program that were recently forgiven which was a small pittance compared to many others at the same scale in terms of gross revenue.

We werent talking about reproductive decisions, I was merely pointing out the fact that supporting ones self is not the same as supporting a family. You're not comparing Apples to Apples.

SELLC · CERTIFIED POST WHORE

SELLC wrote:
AMAZING!
Congress actually passed something without leaving it to the very last second!
https://www.yahoo.com/news/gop-risks-government-shutdown-fight-061237623.html
So they waited until the last day... old habbits, you know...
And we kick the can down the road until February... Guess congress didn't want to see their stock profits evaporate...

Welp, in another media deception it would appear that just like last time, the Government will remain open when it runs out of money...

So we're not out of the woods! And the Government will STILL run out of money come December 15th if a resolution is not reached...

In other words, the massive Christmas Party in congress planned for Christmas Eve is still on! BYOB!