Misc Firearms Crew LXXIX: Tax Stamps, Background Checks, and Mag Caps

[keyboardworkout]

Pretty sure that’s wrong

In addition, applicants for second draw PPP loans must also meet the following criteria: The business may not have more than 300 employees and. The business must have at least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters

One quarter in the first three quarters of 2020 must be down 25% compared to the same quarter in 2019.

[Farley1324]

One quarter in the first three quarters of 2020 must be down 25% compared to the same quarter in 2019.

In other words, gun companies need not apply lol

I mean, maybe there's a quarter of down revenues if they weren't able to manufacture much of anything for that quarter and inventory was pretty much sold out going into it, but if they are down 25% over a full quarter, it's not due to lack of demand, would have to be on the supply end which I guess is totally possible for these not exactly huge companies? IDK

[keyboardworkout]

In other words, gun companies need not apply lol

I mean, maybe there's a quarter of down revenues if they weren't able to manufacture much of anything for that quarter and inventory was pretty much sold out going into it, but if they are down 25% over a full quarter, it's not due to lack of demand, would have to be on the supply end which I guess is totally possible for these not exactly huge companies? IDK

You might be surprised how the math can be tweaked. As for manufacturing, lots of it was down in the 2nd quarter of 2020 due to supply. Can't build firearms if you can't get steel.

If you can't qualify for a PPP loan, you need to fire your accountant and try again. Everyone should get a piece of this .gov stupidity.

[Farley1324]

You might be surprised how the math can be tweaked.

I...wouldn't now that I think about it. Most of my education including my bachelors has been numbers-centric, I did pretty good in the accounting courses, and my brother is an accountant. Sht gets super complicated and there are all kinds of manipulations that can be done. It can even be interesting when it's an internal question like "what does it cost Ford to build one Ranger", or whatever...you could use the same sets of numbers to make up a nearly infinite set of 'answers'.

It's kind of why I always ask to see the source data when statistics are presented. I am unfortunately pretty aware of how strongly numbers can be manipulated without 'lying' or breaking a given set of rules.

There's a reason good accountants are expensive and also worth it for anything involving big money.

And also why there are lies, damn lies, and statistics. Numbers are only your friend if you have the raw data personally in your hands

[criminal_manne]

One quarter in the first three quarters of 2020 must be down 25% compared to the same quarter in 2019.

You could easily shift income into later quarters by delaying recognition of income. ie.. having everything back ordered for 3 months

[DualRectifier]

You might be surprised how the math can be tweaked. As for manufacturing, lots of it was down in the 2nd quarter of 2020 due to supply. Can't build firearms if you can't get steel.

If you can't qualify for a PPP loan, you need to fire your accountant and try again. Everyone should get a piece of this .gov stupidity.

I've done at least 50 PPP loans for clients, and if I told you who they were it would make you sick. New York law firms, doctor's offices, high-end luxury retail, public companies that the pandemic is the best thing that ever happened to them. And I'm the one paying for this sh!thead corporate welfare.

This crap is out of control and has driven me crazy. One of the main reasons i just quit a job as a partner at a large New York City law firm and am just moving down to the beach in South Florida, where I am at right now, typing this out at a bar at the Ft Myers Beach airport, but about to head back to close my house which is under contract and be done with it

[criminal_manne]

I've done at least 50 PPP loans for clients, and if I told you who they were it would make you sick. New York law firms, doctor's offices, high-end luxury retail, public companies that the pandemic is the best thing that ever happened to them. And I'm the one paying for this sh!thead corporate welfare.

This crap is out of control and has driven me crazy. One of the main reasons i just quit a job as a partner at a large New York City law firm and am just moving down to the beach in South Florida, where I am at right now, but about to head back to close my house and be done with it

Yep can confirm. It’s all public record. My firm took almost a million dollars and we were business as usual throughout 2020. We helped process a lot of the loans and everyone took them, I mean why wouldn’t you ? These are wealthy business owners who didn’t lose a dime.

What a fukin joke our country has become.

[gachase21]

In other words, gun companies need not apply lol

I mean, maybe there's a quarter of down revenues if they weren't able to manufacture much of anything for that quarter and inventory was pretty much sold out going into it, but if they are down 25% over a full quarter, it's not due to lack of demand, would have to be on the supply end which I guess is totally possible for these not exactly huge companies? IDK

There are many ways for different size and type businesses to play the game differently.


For this industry, a few avenues that come of the top of my head.




Now this one was intentionally left was very broad wording....



https://www.federalreserve.gov/newse...20200608a1.pdf

Which left a lot of room for potential flexibility for gun and ammo manufacturers especially when lobbying efforts and some payments are involved.

Do you have a single contract to make ammo or a piece of a firearm?

https://home.treasury.gov/system/fil...l-security.pdf




Then you go into more direct/ indirect stuff

https://www.federalreserve.gov/monet...eetlending.htm

https://www.federalreserve.gov/monetarypolicy/pmccf.htm

https://www.federalreserve.gov/monetarypolicy/cpff.htm


PPP is also a go to for all of them- simple fixed make it easy



You could keep going- this mixed with all the existing provisions of the tcja coupled together made a very unusual climate enabling unique moves for the especially mid-level manufacturers to make. And large ones.

[gachase21]

Interesting related article

Gun Companies Received Millions in PPP Loans
Firearm sales are soaring, but manufacturers like Henry and Century Arms received coronavirus relief funds from the federal government.




.....


The Trace identified more than 40 other gun companies that received loans between $150,000 and $1 million:
American Tactical
Armscor
Black Rain Ordnance
Cabot Guns
Caracal
Connecticut Shotgun Manufacturing
Cooper Firearms
Dark Storm Industries
Diamondback Firearms
DS Arms
Ed Brown Products
Faxon Firearms
Fierce Firearms
Fostech
Franklin Armory
Freedom Ordnance
Head Down Firearms
HS Precision
Keystone Sporting Arms
Kriss USA
Magnum Research
Masterpiece Arms Holding Company
Maxim Defense
Nighthawk Custom
Noveske Rifleworks
OSS Suppressors
Patriot Ordnance Factory
Primary Weapons Systems
Rainier Arms
Rock River Arms
SCCY Industries
Shadow Systems
Spikes Tactical
Steyr Arms
Strategic Armory Corps
Tactical Solutions
Taran Tactical Innovations
Troy Industries
US Competition Arms
Volquartsen Firearms
Weatherby
Windham Weaponry
ZRO Delta

https://www.thetrace.org/2020/07/gun...ies-ppp-loans/

Despite Booming Gun and Ammunition Sales, Weapons Manufacturers Secured Up To $164 Million In PPP Funds Meant For Struggling Small Businesses

https://www.accountable.us/wp-conten...ufacturers.pdf

[criminal_manne]

Important to note the first round of funds had no requirement to prove your revenue declined.

[gachase21]

Important to note the first round of funds had no requirement to prove your revenue declined.

It was a big “throw a bunch of random money out there and hope something happens” plan.

[criminal_manne]

It was a big “throw a bunch of random money out there and hope something happens” plan.

There is a requirement the money had to be used to pay wages but that’s a joke to. I can easily separate that money in a different account and use to pay wages meanwhile my operating account grows by an equal amount.

And on top of that the loan is forgiven + you don’t have to recognize it as income AND you get to deduct the wages as a business expense lmao.

1,000,000 loan* 37% tax savings is another 370k cherry on top.

Chit was pretty demoralizing not gonna lie.

[Lefticle]

Made a thread in main misc, but should probably post here too. Got a couple boars in Hawaii with wife

[CdtCox]

Biden Buxxx on the way?

[rectifryer]

Biden Buxxx on the way?

[JChippy]

Made a thread in main misc, but should probably post here too. Got a couple boars in Hawaii with wife



[img]https://i.ibb.co/tb20S87/462-D6106-4741-4100-B329-62-FA7165-CCCA.jpg[/ig]

[img]https://i.ibb.co/BBRBgYM/D458511-C-143-E-47-CE-8-AD7-C4-F6943-F8-B49.jpg[/ig]

[img]https://i.ibb.co/dmWrKR7/BE0-CF3-ED-AC3-C-4-B80-AC7-E-3-D77-BB013-DC4.jpg[/g]

looks great!
What made you decide Hawaii for boars instead of Texas or somewhere not as far away?

Weather looks good, although the gear makes me think it was rainy

[Farley1324]

Interesting related article



https://www.thetrace.org/2020/07/gun...ies-ppp-loans/





https://www.accountable.us/wp-conten...ufacturers.pdf

As crazy as it is, that big list of companies adding up to $164 million in loads is practically a rounding error within the context of all money being thrown around by the feds these days

[Lefticle]

looks great!
What made you decide Hawaii for boars instead of Texas or somewhere not as far away?

Weather looks good, although the gear makes me think it was rainy

We were going to Hawaii anyways. It was more of a vacation with a couple days of hunting.

Super rainy and muddy

[2Rude4MyOwnGood]

I started swapping out the clips on most of my holsters with the Mod 4 from Discreet Carry Concepts. These are by far the best clips I’ve used, highly recommend.

Lowest profile of any clip available, and better retention than any clip I’ve tried as well.

[RThoe]

Lmfao at Biden and democrats promising to give citizens $2000, but instead are now doing only $1400. On top of only 9% of the $1,900,000,000,000 going towards Covid related issues. But hey, at least illegal aliens and violent felons currently incarcerated are getting the $1400, too! Also, 17 million less Americans are getting checks under Biden than under Trump. Lmfao

[Brozef]

I told my wife we should use the Biden bucks to buy a KAC but I don't think she's going for it. To me it's sweet irony.

[criminal_manne]

I told my wife we should use the Biden bucks to buy a KAC but I don't think she's going for it. To me it's sweet irony.

Do it bro. If you can find one.

Just impulse bought a D-60 drum mag and G43 eotech magnifier at LGS. Feels good mane.

[CdtCox]

Up to 9 million more Americans could get checks lmao

Brietbart fake news strikes again

[DualRectifier]

I'm always on the donating side of these "stimulus" free money checks...you're welcome. Maybe learn to work for your money at some point in your life. Working to pay for other people is starting to get pretty old

[CdtCox]

I'm always on the donating side of these "stimulus" free money checks...you're welcome. Maybe learn to work for your money at some point in your life. Working to pay for other people is starting to get pretty old

Thanks

[rectifryer]

I'm always on the donating side of these "stimulus" free money checks...you're welcome. Maybe learn to work for your money at some point in your life. Working to pay for other people is starting to get pretty old

I'm in a bizarre position where the stimulus is more than the difference between my pay and the cutoff...

Still don't really feel comfortable. Would like a quarter mil a yr tbh.

[spirit750]

i'm always on the donating side of these "stimulus" free money checks...you're welcome. Maybe learn to work for your money at some point in your life. Working to pay for other people is starting to get pretty old

tyfys

[fishnbrah]

I'm always on the donating side of these "stimulus" free money checks...you're welcome. Maybe learn to work for your money at some point in your life. Working to pay for other people is starting to get pretty old

not like i asked for it

[fishnbrah]

i got a turkey hunt coming up in a few weeks, i wonder if i can find any turkey loads? if not its gonna be waterfowl shot

[BulkingIsHard]

Potential jew scheme I am aweiring you guys on

Derek Chauvin trial is on March 8th. If he gets not guilty for 2nd degree murder, we will repeat history of the George Floyd and LA 90s mostly peaceful protests. This will increase demand for ammo and guns, leading to increased prices, where you can sell high for a profit.