Let’s make (another) deal

[The beef 675] [I'm an image] “Taking funding secured to another level.” - Jeff Hey there carnivores, Markets were up again on Friday. And today we’re talking about the government’s new deal. Keep raging, Jeff & Jason [Image] [I'm an image] Sweet relief “Wow, that was faster than I thought.” It only took two weeks for small businesses to rip through $349B in rescue funds allotted to them via the CARES act. So Treasury Secretary Mnuchin is hoping to reach a deal by today (Monday) to secure supplemental funding for the Paycheck Protection Program for small businesses. The proposed deal includes [$300B in new funding]( to businesses as well as $50B for disaster loans. $75B of the funds will be put aside strictly for hospitals and $25B to a federal testing program. However, additional funds for state and local governments will not be part of this package. Sorry, Pawnee Parks and Rec department. Much success Going through $350B faster than a stoner through a sleeve of Girl Scout Cookies... *checks calendar*...today might indicate to some that the bill was underfunded, but the glass half full crowd believes it actually shows that the program was a success. [Over 1.6M loans]( have been approved with an average loan size of $206k. Of course, you can’t keep everyone happy. Early on, banks, noted prima donnas, were having trouble processing all of the applications and despite being approved, not all funds have been distributed. On top of that, an apparent $20M in [loans granted to Ruth’s Chris Steak House]( has caused a PR sh*tstorm as a 5k employee food chain doesn’t exactly scream “small business”. [And let’s not forget]( about what hedge funds are trying to pull... Let’s get this bread Not so fast. While both parties in the House and Senate are in favor of the funding, it once again comes down to the nitty gritty. If it were up to Mnuchin, the deal would be approved by the House today, get through the Senate tomorrow, and be ready for Wednesday. Or better yet, last week when funding ran dry... The problem? Neither the House nor the Senate are “in session” at the moment. Measures can be taken to approve the bill without convening, but Rep. Thomas Massie from Kentucky threatened to force an in-person vote last week if he opposes the bill. Something tells me that wouldn’t fall in line with social distancing policies. The bottom line... With the initial blow from the coronavirus pandemic in the rearview, Mnuchin is already looking towards recovery. In fact, on Sunday Mnuchin predicted that the economic rebound will come in months… not years. His reasoning? Well, ya know, “vaccines” and “terrific breakthroughs.” That won’t bring back my [Taylor Swift]( concert, Steven. [Image] Going Down Right Now! Join Ben Sturgill Live This Morning As He Gives You His Trade Of The Day Doors Opens at 8:30 AM ET Expect Ben to Be In at 9:00 AM [Enter Here]( [I'm an image] ☑️ Cutting ties. Citigroup is [socially distancing]( itself from Anthony Scaramucci’s SkyBridge Capital. The move comes after SkyBridge saw a 22.5% loss in March, due to a big bet on debt investments. On the year, the fund is down 21.9%. As of the end of February, The Mooch’s fund managed more than $4.8B. In March, however, the credit-related investments SkyBridge was involved in plummeted as investors dumped low-rated debt over concerns that coronavirus would hurt consumers. Turns out, it sure did. ☑️ On your own. Uber does not have Anthony Levandowski’s back, that’s for sure. You see, Levandowski, who Uber recruited from Alphabet, [pleaded guilty]( to possessing and destroying highly confidential Google ride-share technology info... and Uber said he’ll have to foot the $180M penalty himself. Uber had initially promised to provide legal coverage to Levandowski, but a guilty plea changed the game. Levandowski would have been eligible for reimbursement for the penalty, but Uber is saying that Levandowski knew what he was doing, and had they known his intent, they’d never have hired him in the first place. Consider this: Uber even backed Travis Kalanick for a while when things went south... ☑️ Renaissance man. Jim Simons isn’t feeling the coronavirus pain like most Americans. His algorithm-driven Renaissance Technologies’ Medallion hedge fund has grown more than [24% on the year](, as of April 14th, after a 9.9% gain in March. The same March which was one of the worst months ever for the US markets. Jimmy playing the hand he’s dealt, how about that. ☑️ Sweat equity. 24 Hour Fitness is feeling the burn, as it works with advisers to weigh options that include, but are not limited to, bankruptcy. Since the coronavirus pandemic started, 24 Hour Fitness has been forced to [close]( all of its more than 400 clubs around the country, and that’s after struggling to compete against high-priced options like Equinox, and bargain offerings such as “homeless people buy our memberships to shower” Planet Fitness. 24 Hour has a massive debt load which includes a $837M loan coming due in March of 2022, and $500M in unsecured notes coming due in June of the same year, if more than one-fifth of those loans remain outstanding. 24 Hour Fitness had more than $1.5B in sales in 2019, before the entire world went to sh*t and we all stopped caring about fitness as we hole up in our homes. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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