I saw where the senate was working on a bill with the federal reserve to declare a bank holiday until this is over.
At the 17:02 mark in the video below. Wish he said what the bill number was, but maybe it isn't that far along.
There is no bank holiday being reported, at this time, by legitimate news outlets (i.e., the NYT, etc.).
This is a situation that we have no point of reference to look back on, so it breeds fears and doubt. I am not an economist, but I worry about them printing more money until everybody's savings are worthless in an attempt to keep the economy going after this.
At the very least we need a city, state and federal tax holiday for the rest of the year. No taxes of any kind.
Our business has dropped by 65% in the last two weeks, nearly overnight. We have some savings and are looking into the CARES act provisions. The problem with the loans is most have to be paid back (not withstanding the Paycheck Protection ones). Taking out loans assumes things will eventually get back to semi-normal. I have doubts, our shop is primarily business-to-business and events. If a bunch of our customers go out of business we might see a longer term fallout from this. I'm also wondering how long its going to take for "large events" to make a comeback or if the public is going to be skittish about those for a while. It might take several years before we get back up to our current volume which makes it harder to pay back loans we take out right now to keep things "operating as normal."
These emergency loans are essentially asking business owners to gamble on the economy returning to normal. They aren't a great solution to this problem but I guess if there's any group of people most likely to be willing to bet on the future of America it's going to be business owners.
I'd love to know if Xerox is able to do that for you guys. I'm not sure they even have control over it. Our leases through Xerox are actually held through 3rd party banks (Bank of America | US Bank etc) - so I don't know if Xerox is even able to if they want to.My mortgage company agreed to a 3 month pause without interest. Ive requested a 3 month extension on my lease with XEROX but haven't heard back yet. Ive closed to walk in traffic and business is down probably more than 50%. There are some government programs in Canada which will help significantly when they become available.
I have received no response from Xerox at all. So I would assume Xerox isn't doing anything for their lease holdersI'd love to know if Xerox is able to do that for you guys. I'm not sure they even have control over it. Our leases through Xerox are actually held through 3rd party banks (Bank of America | US Bank etc) - so I don't know if Xerox is even able to if they want to.
I have received no response from Xerox at all. So I would assume Xerox isn't doing anything for their lease holders
On the contrary they appear to be actively focussed on doing nothing.
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