I just wonder if the treasury department was able to do any kind of math from labor stats they have or payroll information to determine if $350bil was even in the ballpark of enough money. Seems like it is not.
I have no idea what the average payroll times 2.5 is for many companies, but for ours it's $2.5mil. I would think we're on the higher end for sure, but even if it was $500,000, that's $21bil needed from one bank. If it's closer to $1mil, then it's $42bil.
For many small business, maybe it's like $80,000, probably is, but I would think a lot of those companies are at smaller banks than Truist.
Who knows, but it's going to be interesting.
I have no idea what the average payroll times 2.5 is for many companies, but for ours it's $2.5mil. I would think we're on the higher end for sure, but even if it was $500,000, that's $21bil needed from one bank. If it's closer to $1mil, then it's $42bil.
For many small business, maybe it's like $80,000, probably is, but I would think a lot of those companies are at smaller banks than Truist.
Who knows, but it's going to be interesting.
