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COVID ECONOMICS


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#481 Victoria Watcher

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Posted 25 June 2020 - 06:37 AM

Metchosin Mayor John Ranns opposed the motion as “too restrictive” given other pressures facing the region.

 

“It is focusing where the stimulus money will be spent,” he said. “I see this as an ideological initiative and I don’t think this is the time for that. I can’t help but think that there’s a number of members here that don’t really see the new world that we’re entering.”

 

Ranns said the country has yet to experience the full impact of the pandemic, because many people are still being supported by federal government programs.

 

“When that ends, when the jobs end, when everything else ends, we are going to be in severe economic trouble,” he said. “I’ve been there. I know what it’s like, where you’re going to be fighting to try and just find money for essential things.”

 

Ranns said it’s unclear what will happen to transportation as people lose their jobs, while others continue to work from home. “Is there even going to be a need for that much transportation? We don’t know that.”

 

https://www.timescol...ixes-1.24159595


Edited by Victoria Watcher, 25 June 2020 - 06:37 AM.


#482 Mike K.

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Posted 25 June 2020 - 06:39 AM

This is what Ranns is responding to:

The Capital Regional District agreed Wednesday to press the federal and provincial government for increased investment in public transit as a way to promote economic recovery during the COVID-19 outbreak.

Saanich Coun. Ned Taylor said the region’s transit system was in need of improvements even before the pandemic hit.

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#483 spanky123

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Posted 25 June 2020 - 07:29 AM

What was it before covid?

 

What was it before the CERB?



#484 spanky123

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Posted 25 June 2020 - 07:29 AM

This is what Ranns is responding to:

The Capital Regional District agreed Wednesday to press the federal and provincial government for increased investment in public transit as a way to promote economic recovery during the COVID-19 outbreak.

Saanich Coun. Ned Taylor said the region’s transit system was in need of improvements even before the pandemic hit.

 

You mean the system that runs at 1/4 capacity now because people are afraid to use it?



#485 spanky123

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Posted 25 June 2020 - 07:32 AM

“When that ends, when the jobs end, when everything else ends, we are going to be in severe economic trouble,” he said. “I’ve been there. I know what it’s like, where you’re going to be fighting to try and just find money for essential things.”

 

 

Sounds like John has his head screwed on correctly. He is 100% correct. I read the other day that the Government is paying out more in CERB and wage subsidies then people are losing in wages. On that basis then there has been very little impact to consumers at this point. When those programs end the poop will hit the fan. Perhaps with both the Feds and the Province considering snap elections this fall and their willingness to let the credit ratings sink they will keep extending the subsidies.


Edited by spanky123, 25 June 2020 - 07:33 AM.

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#486 spanky123

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Posted 25 June 2020 - 07:38 AM

There is no requirement to ask for name and phone number unless it's already part of your current business practice, such as collecting that info for a reservation.

 

This wage subsidy thing is bananas, I hope it sticks around for a long time. The 30% decline in business threshold is real easy to hit.  :)

 

Matt.

 

This is what I was referring to Matt.

 

https://www.timescol...reak-1.24159611



#487 Casual Kev

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Posted 25 June 2020 - 11:01 PM

The transit situation is tricky. Until a vaccine is developed buses will be underused, and rising unemployment will reduce usage. On the other hand, those who remain employed will obviously rely on it as usual, and the economic crisis may force a substantial # of people to sell their cars and try the bus instead. 

 

Normally it'd be a no-brainer to prop up transit during tough times so when less money is going around people can have access to affordable transportation, but because it's a pandemic-induced crisis the ROI is a lot muddier. 



#488 Matt R.

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Posted 25 June 2020 - 11:09 PM

This is what I was referring to Matt.
 
https://www.timescol...reak-1.24159611


Yeah. That article says what I said.

Matt.

#489 spanky123

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Posted 26 June 2020 - 07:33 AM

The BC Government has finally extended the timeline for layoffs to 24 weeks but picked the worst possible day to end it. August 31st is the same day that the wage subsidy ends so store owners will have to either recall all of their staff or face the prospect of losing the wage subsidy and having to pay severance and holiday pay. Would have been far better to extend the period an additional month to allow businesses to adjust to adequate staffing and then get some revenue in the door to help pay costs.



#490 GetLisaSomeHelps

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Posted 26 June 2020 - 07:37 AM

Maybe they picked that day on purpose...



#491 spanky123

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Posted 26 June 2020 - 07:48 AM

Maybe they picked that day on purpose...

 

I thought the same thing. This is one way to keep the unions happy. If the dates remain the same for the wage subsidy and the layoff provisions then you may see a whack of store closures on the 31st. 

 

The way the rules are written, if you go out of business and declare bankruptcy then you only owe a maximum of 2 weeks severance. If you stay in business and are required to terminate people then you owe AT LEAST 2 weeks (after a year of service) and up to 8 weeks (one additional week for every year up to 8) MINIMUM.



#492 todd

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Posted 28 June 2020 - 02:42 PM

Chuck E. Cheese files for bankruptcy: https://www.ctvnews....uptcy-1.4999441

#493 Mike K.

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Posted 29 June 2020 - 08:08 AM

The province is extending the $300 and $500 rental subsidy through August:

As part of the province’s $5 billion action plan, the BC Temporary Rental Supplement Program gives tenants and landlords temporary support towards rent payments for renters impacted by COVID-19. It will cover part of the rent for low- and moderate-income renters who have lost income as a result of COVID-19. Payments are made directly to the landlords of eligible households.

The program has been available since April, and has been extended for July and August 2020. Those who have received the supplement in April, May or June do not need to apply again. They will receive an email asking them to confirm that they plan to continue living at the same address for July and August.

New applications will be accepted until August 31, 2020 and will be effective from the month received. Eligible applications received in June will receive the supplement for June, July and August. Eligible applications received in July will receive the supplement for July and August.

The program gives $300 per month for eligible households with no dependents, and $500 per month for eligible households with dependents.

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#494 Victoria Watcher

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Posted 29 June 2020 - 10:57 AM

Cirque du Soleil files for creditor protection, terminates 3,480 employees

Cirque says it's filing for bankruptcy protection after its shows were cancelled due to the pandemic. Stakeholders have a "stalking horse" agreement to acquire the company, setting the minimum price for an auction.


i’d been practicing my forward rolls too, for a possible career change.

Edited by Victoria Watcher, 29 June 2020 - 11:02 AM.


#495 Matt R.

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Posted 29 June 2020 - 12:12 PM

It baffles me that these large organizations that have been around for a long time and presumably profitable can’t go six months without revenue before being forced to shut. I can see laying off the employees, but folding?

Is there something I’m missing here? I’m not very sophisticated

Matt.
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#496 Mike K.

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Posted 29 June 2020 - 12:36 PM

These businesses are about revenues and profit sharing with investors.

Consider a large retail chain. It owns nothing, really. It leases its stores and acquires product on credit. Their value to investors is in being able to match supply with demand. Once there’s no desire for the supply they provide, they fold as their value has evaporated.

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#497 Victoria Watcher

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Posted 29 June 2020 - 12:37 PM

long term contracts and ongoing liabilities.

never anticipated this so had no hesitation in entering into contracts for goods and mostly services where they got good deals. even just office space and marketing deals.

#498 Wayne

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Posted 29 June 2020 - 06:05 PM

It baffles me that these large organizations that have been around for a long time and presumably profitable can’t go six months without revenue before being forced to shut. I can see laying off the employees, but folding?

Is there something I’m missing here? I’m not very sophisticated

Matt.

 

Does bankruptcy protect certain assets? Especially if money has been moved for protection from bankruptcy. 


#499 Rob Randall

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Posted 29 June 2020 - 06:07 PM

i’d been practicing my forward rolls too, for a possible career change.

 

Cirque De So Lame.


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“I mean I just don’t understand the big Texas part, like maybe he’s from Texas? I want to know the back story.”


#500 Casual Kev

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Posted 29 June 2020 - 08:13 PM

It's unprecedented for businesses to simply not be able to take any revenue for months, that's why. During a typical recession there's a drop in revenues, but they generally keep most of their business because we're talking fractions. What the tourism and entertainment industries are facing requires right now usually happens when there's war or a totalitarian dictatorship.
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