When the clock starts and how you count days gets to be a bit of a problem. Do you start with same day or next day of approval? Then does payment mean received by CCi or paid by ED? Normally none of this matters, but when CCi is so short on cash, each day is critical. Nevertheless, just add a few days for any of the various issues.
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Count 21 days from June 23, and you will have the day. But the way it looks, Title IV, we will not be getting.
I'll gladly pay you Tuesday for a hamburger today. - Jack M
And I stand by my estimate that CCi needs a cool $100M. Apply the 90/10 rule to estimated annual revenues of $1,400M. 90% of $1,400M = 1,260M in annual Title IV funds. Divide that by 250 for the number of business days in a year, and you have $5M each day. Multiply the $5M by 3 weeks (15 days) = $75M. $75M is just enough to keep going down. CCi likely needs at least $25M to clean up a bit of this mess. Even if someone simply donated $100M it won't solve the balance sheet issues. One thing is for sure, CCi cannot raise much money by selling stock.
"I thought it was 21 days AFTER they provide the required documents." That's why I suggested the "approved June 12 requests will be paid early next week."
It's not just your landlord looking for money. You maxed out your credit cards, and what about that car payment? Utilities? and on and on it goes.
Can someone clarify? I thought it was 21 days AFTER they provide the required documents.
Yeah good analogy, but once you start getting $10 a day and you need to give $100 to your landlord the next day, what r u gonna do?
The daily payments will be the same size as before the delay. That does not change much. For example, if I pay you $10 a day everyday, but suddenly I put a 21 delay on your cash, you'll still get $10 a day 21 days later. I will owe you 21 days worth of pay, but when I start paying by the day again, it's $10 a day. While CCi is still a "going concern," we don't worry about the end. But I were paying you the $10 each day, and you stopped earning the money, I'd be paying for another 3 weeks because of the delay. As 16975 puts it, FOREVER 21!
CCi needs more than $16M for payroll.
Forever 21!
So if it's like that, they will only get a tiny payment tomorrow and Monday. They're gonna need another $16M for payroll!!!
Forever a 21 day delay... By my count, approved June 12 requests will be paid early next week. Approved June 13 requests will be paid the next day, and so on and so forth. It's not just wait 21 days and everything is fine. This will likely change with the agreement with ED.