Impacts of the $2T Coronavirus Relief package

[JVM225]

I feel like we’re in the same boat as you. We don’t qualify for the stimulus check but how much will our taxes go up for all this wasteful spending? As for the loss in the market. That doesn’t concern me whatsoever. We took a huge hit in 2008 and then in the next year and a half it all came back and then some.

Same experience in the market for us too.
I know our taxes will eventually go up for all of this and it pisses me off that it’s because some are getting checks without their monthly income being impacted, and others will be collecting more in unemployment than they did working.
But, I’ve got no problem paying more in federal taxes down the road to help out people who are legitimately getting screwed with this.
The guy who cuts my hair, or waits on our table when we go out to eat, etc..
Even some places that are open are hurting.
Stopped by a local independent auto repair shop this afternoon to get a tire plugged. He has a lot of commercial diesel fuel accounts. His fuel and auto repair business are both way down and he’s fighting tooth and nail to keep his 3 employees on the payroll as long as possible, but if things don’t change next month he’s going to have to make cuts.
Those employees are not wealthy guys. Neither is the owner of the business.
He applied for the small business loan, but he said 8 weeks isn’t enough. He’s already lost more than half that.

 

[JVM225]

The only thing really hurting us is we have several vacation rentals that unfortunately will not be able to rent out until this China virus situation is over. Fortunately we don’t owe anything on them except property taxes.

While you don’t owe anything on them, most people in that position would probably spend less on discretionary stuff because that extra money isn’t coming in. That would still have a ripple effect.

 

[Maggieiscrazy]

Same experience in the market for us too.
I know our taxes will eventually go up for all of this and it pisses me off that it’s because some are getting checks without their monthly income being impacted, and others will be collecting more in unemployment than they did working.
But, I’ve got no problem paying more in federal taxes down the road to help out people who are legitimately getting screwed with this.
The guy who cuts my hair, or waits on our table when we go out to eat, etc..
Even some places that are open are hurting.
Stopped by a local independent auto repair shop this afternoon to get a tire plugged. He has a lot of commercial diesel fuel accounts. His fuel and auto repair business are both way down and he’s fighting tooth and nail to keep his 3 employees on the payroll as long as possible, but if things don’t change next month he’s going to have to make cuts.
Those employees are not wealthy guys. Neither is the owner of the business.
He applied for the small business loan, but he said 8 weeks isn’t enough. He’s already lost more than half that.

Funny you say that. I have a friend that has a very successful auto repair business.He has 5 techs that work for him. I drive by his shop every morning on the way to my shop. Usually his lot is overflowing with vehicles waiting to get repaired. The last week or so. Only about half as many vehicles have been sitting in his lot.

 

[JVM225]

Maybe I’m getting soft in my old age, or maybe it’s because I’ve never seen anything like this before in my nearly 66 years, but I’m starting to feel genuinely sorry for people that are getting hammered financially by this thing.
People are really starting to hurt, all while it seems like my credit card bill is shrinking from being locked down.
I usually get a haircut every other week, and a few times a year I treat myself to an old fashioned barber shave.
Once this is over, if my local barber comes back, I’m going to get a shave with that bi-weekly haircut for a while to try to make up a bit.
I’ve also decided to buy gift certificates from the handful of places we typically eat out at.
We’ll be giving out gift certificates to local places for Birthdays and Holidays for a while.
I’ve been going to the same barber and diner since I moved out here to the suburbs 25 years ago.
We’ve been regulars at some of those local restaurants for a decade or more.
Some of these hard working people watched my kids grow up.
After stopping at the independent auto repair shop today I decided that I’m going to go to him for the next few oil changes instead of doing it myself.
Been doing them myself for about 50 years, I can afford to spend some of that money I’m saving on gas and pay him to change my oil for a while.
I’m going to try to think of other ways I can reasonably help out some of the local service type places we usually patronize.
By and large, the people that own or work in these small businesses don’t appear to be wealthy enough to weather this storm.

 

[Maggieiscrazy]

I’ve been buying gift certificates at some of my local restaurants as well. We’ll use them.

 

[JVM225]

Funny you say that. I have a friend that has a very successful auto repair business.He has 5 techs that work for him. I drive by his shop every morning on the way to my shop. Usually his lot is overflowing with vehicles waiting to get repaired. The last week or so. Only about half as many vehicles have been sitting in his lot.

People aren’t driving their cars because they’re working from home, or they’re out of work. Those who lost their jobs or are worried about losing them probably aren’t spending money on auto maintenance and repairs.
Demand for fuel is down about 50% nationally so these guys aren’t making it up by selling gas.
My guy is lucky in that he owns his property, but he still has a few grand a month in property taxes and insurance to come up with after he feeds his family and pays his employees.
A close friend of mine retired from the auto repair business 3 years ago (lost my lift privileges). He owns that property too.
He has a tenant renting the 4 bay shop, and another one renting the gas side of the business.
Both of his tenants are hurting because of this.
He depends on that rent for retirement income and the first 36,000 a year goes to pay taxes on the property.
If his tenants can’t pay him rent he is screwed for his own monthly income and still has to come up with the property taxes.
He worked hard turning wrenches 6 days a week all his life to have a comfortable retirement. That’s in a bit of danger now. He’s worrried.
A ripple effect!