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(Topic ID: 272498)

Stern Pinball recipient of Payment Protection Program loan/grant


By CVeRiTy

3 months ago



Topic Stats

  • 23 posts
  • 19 Pinsiders participating
  • Latest reply 89 days ago by seenev
  • No one calls this topic a favorite

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    -9
    #1 3 months ago

    If anyone is curious, here is Stern's entry on the list that the SBA released to the public of Payment Protection Program (part of the covid bailout package) recipients that received $150k or more

    I'm not making any judgments good or bad (my business was a recipient too), just pointing out the public data

    LoanRange: c ($1-2 million)
    BusinessName: STERN PINBALL INC.
    Address: 20001 LUNT AVENUE
    City: ELK GROVE VILLAGE
    State: IL
    Zip: 60007
    NAICSCode: 339999
    BusinessType: Corporation
    RaceEthnicity: Unanswered
    Gender: Unanswered
    Veteran: Unanswered
    NonProfit: No
    JobsRetained: 150
    DateApproved: 04/15/2020
    Lender: Fifth Third Bank
    CD: IL-05

    #2 3 months ago

    Why did you start a different thread for each company? If you really felt the need to create a thread for this, all 3 companies could have been listed in the same post...

    11
    #3 3 months ago

    Why stir one pot when you can stir three!
    If the companies are entitled to the loan and it keeps doors open, more power to all of them

    #4 3 months ago
    Quoted from transprtr4u:

    Why stir one pot when you can stir three!
    If the companies are entitled to the loan and it keeps doors open, more power to all of them

    Good Point. It's the Deeproot I have the most problem with. As far as I'm concerned not even a real company yet.
    You Kind of have to produce something Robert.

    #5 3 months ago

    It would cost the same, or more, if the employees were laid off and had to collect unemployment. And in the scheme of things, all pinball manufacturers are small businesses.

    #6 3 months ago

    That's what the program is for.
    Glad they got the help!

    #7 3 months ago

    Good for Stern and their employees.

    #8 3 months ago

    Just out of curiosity, I wonder if "Spooky" recieved a loan???

    #9 3 months ago

    Is every PPP loan available for the public to look up?

    I don’t think it’s cool if so.

    #10 3 months ago

    This is what the PPP was intended for; it saved jobs.

    Why did you post this OP??

    How much was your PPP for? List your data too.

    #11 3 months ago
    Quoted from Trekkie1978:

    Is every PPP loan available for the public to look up?
    I don’t think it’s cool if so.

    They made it public for those companies that requested and received more than $150K. I have mixed opinions as well. On one hand it's nice for privacy for the business out there that needed help but on the other hand it's not a bad idea for the general public to know whom received these funds since it came from tax dollars and can help with some accountability as well. For instance some rather large companies (even publicly traded) were asking for and getting some of these funds that were intended for small businesses.

    #12 3 months ago

    Yes, aside from the tackyness of this (or three separate) threads on this I can't see the argument for making this information private or hidden.

    #13 3 months ago

    If the OP runs his/her own business, they should know better...

    #14 3 months ago

    sorry, but this post is pretty trolly. its one of those "just sayin'" posts which is intended to stir the pot and point something out for nobody's benefit

    #15 3 months ago
    Quoted from Trekkie1978:

    Is every PPP loan available for the public to look up?
    I don’t think it’s cool if so.

    yes, I like it for full transparency.

    #16 3 months ago
    Quoted from woody76:

    yes, I like it for full transparency.

    Then the government should just start posting everyone’s tax returns.

    It’s applying public information to private companies.

    #17 3 months ago
    Quoted from 85vett:

    They made it public for those companies that requested and received more than $150K. I have mixed opinions as well. On one hand it's nice for privacy for the business out there that needed help but on the other hand it's not a bad idea for the general public to know whom received these funds since it came from tax dollars and can help with some accountability as well. For instance some rather large companies (even publicly traded) were asking for and getting some of these funds that were intended for small businesses.

    I’m glad those public companies got outed. In the instructions, it clearly stated that the PPP loans were meant for companies who don’t have access to the markets (ie - not public companies).

    75% of all the funds goes to the employees for it to qualify as a forgivable loan. The employer portion of FICA doesn’t count for it. If employers don’t hit the thresholds, they need to pay it back with interest.

    Disney issues $6 billion in new bonds. Privately held small businesses don’t have access to the credit markets like that.

    Edit: changed employee to employer. Didn’t realize my typo when I first typed it.

    #18 3 months ago
    Quoted from Ericpinballfan:

    Good Point. It's the Deeproot I have the most problem with. As far as I'm concerned not even a real company yet.
    You Kind of have to produce something Robert.

    They don't really need to produce anything honestly, the important thing for the program is are the employee's paychecks clearing?

    Far as I know everyone has been getting paid, so I don't see a problem. The entire point of these loans is to keep people employed.

    #19 3 months ago
    Quoted from Aurich:

    They don't really need to produce anything honestly, the important thing for the program is are the employee's paychecks clearing?
    Far as I know everyone has been getting paid, so I don't see a problem. The entire point of these loans is to keep people employed.

    Are they?

    #20 3 months ago

    “Paycheck” not “payment”. Also this post seems pointless. Stern got federal assistance toward payroll and rent. If you worked there, you’d be glad. I know as a small business owner that sweats this stuff everyday. Also, Stern is small potatoes compared to MANY of the PPP recipients.

    #21 3 months ago

    If they employees aren’t paid 75% of the PPP, then it becomes a loan that gets paid back.

    #22 3 months ago

    They changed it to only 60% toward payroll and the rest can go toward rent and utilities. Plus they extended the period to use the money from eight weeks to 24 weeks.

    Honestly, with how easy they made it to qualify for forgiveness, a business owner would be dumb not to take the PPP loan.

    $659 billion....

    2 weeks later
    #23 89 days ago

    Stern loves the paycheck protection program, but not so much the playfield protection program.

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