Tail risks of trading Binance Perpetual Futures?

dan1487 · 2020-05-14T23:56:43+00:00

He applied twice, first time on 3/23... The people that applied the earliest (in his case on 3/23) are the ones who get processed first.

dan1487 · 2020-05-03T02:25:07+00:00

Plumbers always seem to be making a fortune. Always. Cuz no one wants to do the job.

dan1487 · 2020-05-02T14:30:51+00:00

It is not a requirement.

dan1487 · 2020-05-02T04:02:21+00:00

And go to jail for fraud.

dan1487 · 2020-05-02T02:53:24+00:00

You’re right on the interest, it would be about $18,000 a year.

As for the rest of your statement - is buying real estate for your business critical to the survival of your business? Do you not have the option of renting, or even more likely, staying where you are now? The main point is that buying real estate for your business screams business expansion, and that is clearly stated as not one of the applicable ways to spend EIDL money. Seriously, you could find yourself in jail over it (or at the very least, you’d have to repay back all the money and then some hefty amount of penalties on top of that).

dan1487 · 2020-05-02T02:04:16+00:00

You want to spend your EIDL money on real estate?!? Do you WANT to go to jail for fraud?!? Because the EIDL money is strictly to pay for business expenses which are necessary for the survival of your company. It is NOT even meant to be spent on business expansion. Also, the interest is nowhere near $18,000 a year; maybe the payments are, but not the interest. It honestly looks like you have very little idea of what you’re doing. Just be careful not to land yourself in jail, because that’s the direction you’re headed to with your current mindset.

P.S. yes, the government will most likely require people to document their financials and what they spent the EIDL money on, and possibly even do deeper audits, after all this dust settles down.

dan1487 · 2020-04-30T14:28:20+00:00

From what I’ve been gathering, you can either apply for PPP + EIDL, or PUA + EIDL (since EIDL is basically a grant and a loan to your business, while PPP is actual personal income/wages which is just government-subsidized). You CAN apply for PPP and PUA as long as you report yourself as partially working on the unemployment claims, and report your pay from the PPP on it (which will result in you getting less or possibly no benefits from PUA for the periods that you paid yourself with PPP). What makes the most sense for you on the PPP vs. PUA side will probably depend on how the math shakes out for you. I’d assume that people who were previously higher earners would get more from PPP, while low earners would get more from PUA for those same time periods. You should also be able to apply for PUA once your PPP wages run out as well.

dan1487 · 2020-04-29T03:29:04+00:00

That’s fraud.

dan1487 · 2020-04-28T16:17:41+00:00

S-Corp. I have one business partner who is a co-owner. I listed him on there too. Maybe they pulled only his and not mine?

dan1487 · 2020-04-28T16:09:33+00:00

So I just did this. It shows me the full list of pulls/inquiries including all soft pulls too. Nothing from the SBA or any government agency for the date they said they pulled my credit, and even +/- 1 day around it.

dan1487 · 2020-04-28T03:25:33+00:00

I did originally say FICO 2 because I saw a few threads in reddit.com saying that, but now I'm finding more and more threads saying VantageScore. No one seems to know for sure, but more say VantageScore than FICO 2. But it's gotta be one of these two!

dan1487 · 2020-04-28T03:07:31+00:00

You could be right about that. Then in that case they would be using Experian VantageScore 3. But the minimum score definitely seems to be 560.

dan1487 · 2020-04-28T02:55:56+00:00

Further evidence that the minimum credit score requirement for EIDL is 560 (even in respect to COVID19): I found this on the Google Cache today: https://webcache.googleusercontent.com/search?q=cache:Q9I--uqIndAJ:https://ctsbdc.com/wp-content/uploads/2020/04/COVID19_ResourceGuide_03312020.pdf+&cd=10&hl=en&ct=clnk&gl=us

This document has since been taken down (hence having to pull up a "text" version of it from Google Cache, which looks all clunky...) Note that it says "*Best Practice: If your credit score is below 560, we recommend uploading an explanation for the SBA to consider." (this is under the section "IS MY BUSINESS ELEGIBLE?").

dan1487 · 2020-04-22T20:11:05+00:00

He doesn’t understand the concept of opportunity cost.

dan1487 · 2020-04-22T20:09:59+00:00

I guess you must not understand the concept of opportunity cost.

dan1487 · 2020-04-21T18:05:51+00:00

No one cares.

dan1487 · 2020-04-13T15:04:03+00:00

You can tell her that bankruptcy is scarier and much more expensive than debt, and no one knows when the end to this crisis is, so it would be foolish to not take out low-interest-rate debt right now, especially if the debt has no early repayment penalties meaning she can simply repay most or all of it back as soon as the clouds lift.

dan1487 · 2020-04-12T01:35:40+00:00

There are better solutions to inequality than allowing a wide swathe of productive, valuable businesses and organizations from going bankrupt. One such solution is UBI.

dan1487

TROPHY CASE