Collectors Universe (read PSA)

[Bamacollection]

Good investment or stay away???

[samosa4u]

“Borrowers still must certify in good faith that their PPP loan request is necessary,” the SBA said.

Despite Joe Orlando's salary, we don't really know what kind of financial state CU is currently in. First, let's look at the SlabGate scandal. There are all these lawyers involved, lawsuits, returns, police, etc. And just when you thought things were bad, then boom, COVID-19 came knocking. PSA had to close their doors for about a month. According to a recent update posted on the 21st of April, PSA is slowly starting to reopen their California facility and have brought in a few employees, but they are still far away from being back at full capacity.

[drcy]

My girlfriend's company-- that she works for-- got $$, and the condition was they can't fire anyone. If they fire someone, they have to return the money.

[Bugsy]

Originally Posted by samosa4u

“Borrowers still must certify in good faith that their PPP loan request is necessary,” the SBA said.

This is from a new guidance posted today. It will be interesting if CU returns the money.

"It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith..."

https://home.treasury.gov/system/fil...-Questions.pdf

[JeremyW]

Seems to me that they don't qualify.

[MULLINS5]

Joe Orlando will get 8 weeks salary paid by the government in bailout money that was meant for small mom and pop shops.

That's about $100k of free money.

Pay it back Joe.

[sbfinley]

Not that I agree with the fact, but they are actually small enough that they didn't need to slide through the loop hole to receive the funds. Like it or not they qualified for paycheck protection as written in the bill and didn't need the multiple location caveat to do so.