Who is Lee Price III?
So, who is Lee Price III?
Mr. Price is a recent Lamborghini owner, along with a very nice Ford F-350 and Rolex watch. At least he is practical; we all know you can’t put a sheet of plywood in or on a Lamborghini, much less golf clubs.
Why is this important? Because he bought them with a $1,600,000 PPP loan he secured. Fraudulently. I really hope he enjoyed the purchases because he will be spending the next nine years in federal prison.
Do NOT steal from the government; they really don’t like that.
You can, however, raid your local Nordstrom and get a strongly worded letter as a response.
But take a dime from Uncle Sam, and you’ll need that dime for a phone call to your attorney.
The feds also said that 120 other people have been charged with fraud in connection with false PPP loans.
I mention this because from time to time, I hear from people who lament the forgiveness process and talk about all the people that got away with “fake loans”. Just so you know, the SBA has a four year window to investigate this stuff. If you have done everything in good faith regarding your PPP, EIDL, RRF and whatever other set of initialed financing tool you can think of, you have no worries, even if you did it wrong.
You will be asked to correct it, but you won’t be put in the slammer. Unlike Lee Price III. BTW, he still had $700,000 remaining, so I guess he’ll only have a $900,000 loan to pay back.
Christmas shopping: Have you gone to a store lately? Where is the stuff? I almost expect them to put out the spring items before Christmas is even here.
If you are a retail store this bodes well; let’s just hope you have the employees to staff and sell it.
It is not a supply thing, it is a pent-up demand thing, along with available cash.
Husbands, do NOT wait until December 23rd to get the gift for the wife – and I know some of you think even that is too early – you will be very disappointed. By the time you realize you are in trouble, not even overnight delivery can save you from the doghouse. Unless that would, in fact, be the perfect gift – the husband in the doghouse. You, sir, are a winner.
Folks, don’t wait until next weekend for your Christmas shopping.
Economic and Business Update
Well, that was an impressive stock market ride this week.
Why? Uncertainty.
First Omicron Prime became a new Covid unknown.
Then, the fed inserted it’s own virus of uncertainty by changing its position on inflation. Guess what? It’s no longer transitory.
Better update your budget for inflation to stay, and plan accordingly.
Remember, the best businesses act, before they have to react.
Credit card demand rises sharply
27% of consumers in October said they had applied for a credit card in the last 12 months, up from 16% a year ago.
11% said they had applied for increased credit, up from 7% a year earlier.
Interestingly enough, demand for credit cards fell during the early months of the pandemic.
So, what does this mean?
Increased income for credit card companies – obviously.
Increased consumer spending: if your company manufactures or sells consumer products, I think this bodes well for 2022.
It certainly bodes well for travel and hospitality; I think the light is at the end of the tunnel.
Triple Bottom Line
Most business owners are charitable people and have generously given back to the community. Some owners formalize it into something called the Triple Bottom Line.
I first heard of this 15 years ago from Chris Suchanek, the founder of Firm Media and Project Boon.
He made it a point to have the profits from his firm go to employees, the community and to the company – the Triple Bottom Line.
From this, he established Project Boon – click on it.
The Triple Bottom Line is successful because it unites the company behind a cause that everyone can feel good about.
It can also be a reason that employees stay with the company or join the company enabling you to hire and retain your good employees.
Finally…
The birth day of the Greatest Generation
On December 7th, 1941, the United States was drawn into the second world war it would find itself fighting just 23 years after the end of the war that was supposed to end all wars.
But it did shape what would be named The Greatest Generation and, I would argue, gave birth to a generation that not only made the USA back-to-back World War champs, but it also gave birth to one of the most amazing periods of productivity the United States has ever seen.
Think about that on Tuesday. A lot of people sacrificed for this country starting December 7, 1941, right up through September 2, 1945.
18 shopping days ‘til Christmas.
