A provision of the CARES Act allows companies to get a 50% refundable tax credit on the first $10,000 of wages and benefits paid to each of their employees idled by COVID-19– meaning that they could assist employees at low cost to themselves. A survey of the major hospitality employers[1] shows that the credit could […]
https://www.bailoutbandits.org/wp-content/uploads/6355388579_0312787bde_c.jpg533799jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-06-29 10:21:152020-06-29 10:21:15The Missing Hospitality Stimulus: Hospitality corps could give billions in stimulus to their own employees for cents on the dollar – what’s stopping them?
The Pandemic Response Accountability Committee (PRAC) held their first public forum on June 3, 2020 to hear from ‘stakeholders’ representing state and local government, businesses, financial institutions, non-profits, and healthcare leaders. (Notably absent were any representatives of workers’ organizations.) The stated goal of this forum was to have panelists “provide insights into specific areas where […]
https://www.bailoutbandits.org/wp-content/uploads/horowitz.png297546jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-06-05 10:45:552020-06-05 12:30:15PRAC kicks-off public side of accountability work with forum lacking depth: highlights and lowlights
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 to provide broad-based economic assistance for workers, families, small and large businesses, and state, local and tribal governments. The $2 trillion CARES Act is the largest emergency spending measure bill in US history. With such a large amount of money at […]
https://www.bailoutbandits.org/wp-content/uploads/miller-testifies.png10251840jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-06-04 12:23:272020-06-05 12:30:47Who are the “Overseers”? Picking apart the accountability structure for CARES Act implementation
Senate Confirms Inspector General to Oversee Virus Bailout Funds – NY Times The Most Important Word in the Hospitality Industry? ‘Clean’ – NY Times Coronavirus Shock Could Upend Las Vegas Economy for Years – Wall Street Journal As Amusement Parks Reopen, Will Americans Ride Roller Coasters in a Pandemic? – Wall Street Journal Are we […]
Only a few months into a seemingly never-ending pandemic crisis, Darden Restaurants – the parent company of Olive Garden, Longhorn Steakhouse, and other suburban favorites – has quietly restored the base salary of CEO Gene Lee and executives. Meanwhile, thousands of its employees face the end of ‘emergency pay’ and serious questions about the safety […]
https://www.bailoutbandits.org/wp-content/uploads/3452613503_1fa7398928_c.jpg600800jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-06-02 13:09:362020-06-05 12:31:33Darden Restaurants CEO and execs have six-figure salaries restored – while thousands of workers face end of ‘emergency pay’ and risky reopening
On Thursday, May 28th, an overwhelming majority of Republican representatives voted against HR 7682, Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act, or the TRUTH Act, which would require the Administrator of the Small Business Administration to submit a report on recipients of assistance under the Paycheck Protection Program and […]
https://www.bailoutbandits.org/wp-content/uploads/21414499529_374891fb50_c.jpg387800jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-05-29 12:11:012020-06-05 12:31:51Hear no evil, see no evil, speak no evil: House Republicans sink TRUTH Act for fear of ‘shaming’ corporate welfare recipients
The White House’s favored recovery strategy could permanently scar the economy – Washington Post Some Americans fear their jobs will be lost forever – Financial Times For Economy, Worst of Coronavirus Shutdowns May Be Over – Wall Street Journal Hotels Fund More Cleaning by Cutting Room Amenities and Breakfast Buffets – Wall Street Journal U.S. […]
The lobbying group for big hotel companies like Marriott, Hyatt and Hilton has come up with another bailout request they’ve named “Roadmap for Recovery”. The group claims they’ve put the plan forward in large part to help the 4 million hotel workers who have lost their jobs – and in many cases their health insurance […]
https://www.bailoutbandits.org/wp-content/uploads/detour.png480640jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-05-23 09:00:572020-06-05 12:34:21Detour: Hotel industry lobbying group wants to redirect federal funds meant for workers to banks and bondholders
At the May 19th Senate Banking Committee hearing on CARES Act implementation, Treasury Secretary Steve Mnuchin and Federal Reserve Chair Jerome Powell were asked about their plans to shore up the hotel commercial-backed securities (CMBS) market. Although they did not commit to any specifics, it is a worrying sign that they entertained the possibility of […]
https://www.bailoutbandits.org/wp-content/uploads/33165938171_638156da3d_c.jpg514800jsussmanhttps://www.bailoutbandits.org/wp-content/uploads/bailoutbandits.pngjsussman2020-05-22 17:03:212020-06-05 12:34:53The Fed bailing out hotel CMBS debt would be a backdoor bank handout that won’t help workers – not that you’d know that from Tuesday’s Senate Banking Hearing
(Reporter by Alex Steffler – CC BY-NC 2.0) Powell, Mnuchin Outline Contrasting Perils Facing Economy – Wall Street Journal At Least 30 Public Companies Say They Will Keep PPP Loans – Wall Street Journal Mnuchin says US ready to ‘take losses’ on $500bn bailout – Financial Times Skittish Treasury Hobbles Small-Business Loan Plan – Washington […]
The Missing Hospitality Stimulus: Hospitality corps could give billions in stimulus to their own employees for cents on the dollar – what’s stopping them?
A provision of the CARES Act allows companies to get a 50% refundable tax credit on the first $10,000 of wages and benefits paid to each of their employees idled by COVID-19– meaning that they could assist employees at low cost to themselves. A survey of the major hospitality employers[1] shows that the credit could […]
PRAC kicks-off public side of accountability work with forum lacking depth: highlights and lowlights
The Pandemic Response Accountability Committee (PRAC) held their first public forum on June 3, 2020 to hear from ‘stakeholders’ representing state and local government, businesses, financial institutions, non-profits, and healthcare leaders. (Notably absent were any representatives of workers’ organizations.) The stated goal of this forum was to have panelists “provide insights into specific areas where […]
Who are the “Overseers”? Picking apart the accountability structure for CARES Act implementation
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 to provide broad-based economic assistance for workers, families, small and large businesses, and state, local and tribal governments. The $2 trillion CARES Act is the largest emergency spending measure bill in US history. With such a large amount of money at […]
News Highlights – 6/3/20
Senate Confirms Inspector General to Oversee Virus Bailout Funds – NY Times The Most Important Word in the Hospitality Industry? ‘Clean’ – NY Times Coronavirus Shock Could Upend Las Vegas Economy for Years – Wall Street Journal As Amusement Parks Reopen, Will Americans Ride Roller Coasters in a Pandemic? – Wall Street Journal Are we […]
Darden Restaurants CEO and execs have six-figure salaries restored – while thousands of workers face end of ‘emergency pay’ and risky reopening
Only a few months into a seemingly never-ending pandemic crisis, Darden Restaurants – the parent company of Olive Garden, Longhorn Steakhouse, and other suburban favorites – has quietly restored the base salary of CEO Gene Lee and executives. Meanwhile, thousands of its employees face the end of ‘emergency pay’ and serious questions about the safety […]
Hear no evil, see no evil, speak no evil: House Republicans sink TRUTH Act for fear of ‘shaming’ corporate welfare recipients
On Thursday, May 28th, an overwhelming majority of Republican representatives voted against HR 7682, Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act, or the TRUTH Act, which would require the Administrator of the Small Business Administration to submit a report on recipients of assistance under the Paycheck Protection Program and […]
News Roundup – 5/25/20
The White House’s favored recovery strategy could permanently scar the economy – Washington Post Some Americans fear their jobs will be lost forever – Financial Times For Economy, Worst of Coronavirus Shutdowns May Be Over – Wall Street Journal Hotels Fund More Cleaning by Cutting Room Amenities and Breakfast Buffets – Wall Street Journal U.S. […]
Detour: Hotel industry lobbying group wants to redirect federal funds meant for workers to banks and bondholders
The lobbying group for big hotel companies like Marriott, Hyatt and Hilton has come up with another bailout request they’ve named “Roadmap for Recovery”. The group claims they’ve put the plan forward in large part to help the 4 million hotel workers who have lost their jobs – and in many cases their health insurance […]
The Fed bailing out hotel CMBS debt would be a backdoor bank handout that won’t help workers – not that you’d know that from Tuesday’s Senate Banking Hearing
At the May 19th Senate Banking Committee hearing on CARES Act implementation, Treasury Secretary Steve Mnuchin and Federal Reserve Chair Jerome Powell were asked about their plans to shore up the hotel commercial-backed securities (CMBS) market. Although they did not commit to any specifics, it is a worrying sign that they entertained the possibility of […]
News Roundup – Evening of 5/19/20
(Reporter by Alex Steffler – CC BY-NC 2.0) Powell, Mnuchin Outline Contrasting Perils Facing Economy – Wall Street Journal At Least 30 Public Companies Say They Will Keep PPP Loans – Wall Street Journal Mnuchin says US ready to ‘take losses’ on $500bn bailout – Financial Times Skittish Treasury Hobbles Small-Business Loan Plan – Washington […]