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Post by robbmo on Apr 28, 2020 16:55:25 GMT -5
I am a little conflicted on this, but here is where I currently stand (all IMO of course)— MannKind is not a mega conglomerate BP company. They have less than 400 employees. They qualify as a small business IMO (despite them being a public company), and are justified for the Loan. If they give it back fine, and if they do not give it back, fine. They were following the rules as initially written. They would have been foolish not to apply. But now that Congress is clarifying their expectation, they may want to reconsider. I'm with you, either way is fine with me as long as they can back ip their reasoning. I agree, and I believe they can quite reasonably make the case that their script/revenue growth trajectory declined due to the pandemic, and it significantly impacts their ability to access the last tranche of funding. In addition, per the SBA, pharmaceutical manufacturing is allowed to have up to 1,250 employees and still be eligible for the Paycheck Protection Program. If they are pushed, I hope they go to the mat in a public forum, and plead that they are a small pharma company struggling to bring a life-changing therapy to PWDs, are also working with other companies to create solutions to the pandemic using their unmatched inhalation technology. |
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Post by awesomo on Apr 28, 2020 17:05:23 GMT -5
If they are pushed, I hope they go to the mat in a public forum, and plead that they are a small pharma company struggling to bring a life-changing therapy to PWDs, are also working with other companies to create solutions to the pandemic using their unmatched inhalation technology. No company with execs pulling in millions with bonuses is going to get sympathy in a public forum. |
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Post by mnkdfann on Apr 28, 2020 18:45:32 GMT -5
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Post by longliner on Apr 28, 2020 19:00:11 GMT -5
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Post by goyocafe on Apr 28, 2020 22:47:49 GMT -5
So let's see if they're stand up folks and give back the loan money, and immediately reinstate their full pay.
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Post by mnkdfann on Apr 29, 2020 11:12:31 GMT -5
They were following the rules as initially written. They would have been foolish not to apply. But now that Congress is clarifying their expectation, they may want to reconsider. I'm with you, either way is fine with me as long as they can back ip their reasoning. I agree, and I believe they can quite reasonably make the case that their script/revenue growth trajectory declined due to the pandemic, and it significantly impacts their ability to access the last tranche of funding. In addition, per the SBA, pharmaceutical manufacturing is allowed to have up to 1,250 employees and still be eligible for the Paycheck Protection Program. I don't see how. Based on various of the scripts forum threads, both appear to have held up remarkably well. |
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Post by mango on Apr 29, 2020 11:31:55 GMT -5
I don't see what the issue is here. It would be disingenuous and completely biased and unfair to leave out small casinos with employees under 500. Previously they were disqualified, now they are not. Casinos have been closed down and many of the employees have families to feed and take care of, not to mention, they need to take care of themselves. "For nearly 25 years, companies that made more than one-third of their revenue from gambling were barred from receiving Small Business Administration loans,” reported Jonathan O’Connell and Aaron Gregg. “That remained true when the government doled out a $349 billion fund for small businesses, called the Paycheck Protection Program, as part of the $2 trillion economic stimulus package. But following lobbying from the casino industry, new rules issued by President Trump’s administration Friday state that no business is disqualified from receiving PPP loans because of gambling revenue.” |
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Post by longliner on Apr 29, 2020 11:46:53 GMT -5
I don't see what the issue is here. It would be disingenuous and completely biased and unfair to leave out small casinos with employees under 500. Previously they were disqualified, now they are not. Casinos have been closed down and many of the employees have families to feed and take care of, not to mention, they need to take care of themselves. "For nearly 25 years, companies that made more than one-third of their revenue from gambling were barred from receiving Small Business Administration loans,” reported Jonathan O’Connell and Aaron Gregg. “That remained true when the government doled out a $349 billion fund for small businesses, called the Paycheck Protection Program, as part of the $2 trillion economic stimulus package. But following lobbying from the casino industry, new rules issued by President Trump’s administration Friday state that no business is disqualified from receiving PPP loans because of gambling revenue.”Exactly!! Keep the money! A number of us have been gambling on Mannkind revenue for quite some time.  |
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Post by robbmo on Apr 29, 2020 12:37:08 GMT -5
I agree, and I believe they can quite reasonably make the case that their script/revenue growth trajectory declined due to the pandemic, and it significantly impacts their ability to access the last tranche of funding. In addition, per the SBA, pharmaceutical manufacturing is allowed to have up to 1,250 employees and still be eligible for the Paycheck Protection Program. I don't see how. Based on various of the scripts forum threads, both appear to have held up remarkably well. Yes, the scripts have not declined significantly since the lockdown, however, prior to the lockdown, they can demonstrate an upward trajectory. |
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Post by celo on Apr 29, 2020 12:51:10 GMT -5
I don't see what the issue is here. It would be disingenuous and completely biased and unfair to leave out small casinos with employees under 500. Previously they were disqualified, now they are not. Casinos have been closed down and many of the employees have families to feed and take care of, not to mention, they need to take care of themselves. "For nearly 25 years, companies that made more than one-third of their revenue from gambling were barred from receiving Small Business Administration loans,” reported Jonathan O’Connell and Aaron Gregg. “That remained true when the government doled out a $349 billion fund for small businesses, called the Paycheck Protection Program, as part of the $2 trillion economic stimulus package. But following lobbying from the casino industry, new rules issued by President Trump’s administration Friday state that no business is disqualified from receiving PPP loans because of gambling revenue.” The employees are on employment and for some are making more or roughly the same they would make if they were employed. The goal is to save the business so that the jobs exist when the employee comes back off of unemployment. Casinos have large amounts of cash flow and can handle set backs. Small business can not. |
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Post by rfogel on May 14, 2020 13:32:11 GMT -5
Is this relevant to Mannkind: www.nytimes.com/2020/05/13/us/politics/ppp-loan-companies-mnuchin.html"When big businesses like Shake Shack and the Los Angeles Lakers basketball franchise took millions of dollars’ worth of emergency loans intended for small businesses, Treasury Secretary Steven Mnuchin called such borrowing “outrageous,” narrowed eligibility and threatened to hold companies criminally liable if they did not give the money back. But in the last month, large companies have continued to take out big loans through the Paycheck Protection Program, including publicly traded firms with ready access to other forms of capital. That is posing a critical test for Mr. Mnuchin, who had set a Thursday deadline for firms that did not need the money or had other ways of obtaining capital to return their loans or face a government review and potential legal repercussions." |
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