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I send out multiple 1099s, but no one actually works for me full time either. The mother ****ing multinational cock sucking packer oligarchy sure a hell hurt my income and are still doing so via workforce shutdown rumors and other market manipulation tools. |
Take it for what its worth
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Everyone apply for both. More info is coming. |
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Here’s a good starting place |
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Here it is directly from chamber: https://www.uschamber.com/sites/defa...al_revised.pdf |
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From a SBA rep:
Disaster customer service - https://www.sba.gov/funding-programs...ter-assistance Disaster loan application – https://disasterloan.sba.gov/ela/ To determine your NAICS code – https://www.naics.com/naics-identification-help/ To determine your NAICS code small business eligibility – https://www.sba.gov/size |
Doing well at this point.
Still signing up clients, new staff member starting Monday. Setting up a VOIP system and using the savings on software and advertising. Slowdown in medical treatment is gonna **** me later, tho. |
OK....back on the trail of PPP and EIDL this morning....should be hearing things from the bankers today....
Would encourage all of you to reach out to the banks today! |
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I reached out to small business rep at my Bank of America down the street. Had a 1pm appointment that he cancelled bc he said they had a system wide conference call in regards to the stimulus. Told me he'd be back in touch with me tomorrow.
It wasn't terribly encouraging because I knew about 10 times more about the proposed details of the disaster loans and PPP than he did, but I guess we'll wait and see. I'd honestly rather do it through the bank where I do my personal business, but I figure verification of expenses would be easier if I applied through the bank that holds my business account. |
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In the meantime, my consultants were greeted this morning with the mass confusion of small business owners, so we're trying to keep them as informed as possible based on what we know.... |
Thanks to everyone for posting. Great information in here.
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Just saw this....posting various links
For PPP applications (looks like apps should be in process this week) https://www.foxbusiness.com/economy/...navirus-update https://www.bloomberg.com/news/artic...ning-this-week For individual checks ($1,200 payments - looks like 3 weeks out): https://www.cnbc.com/2020/03/26/coro...chin-says.html |
I want to know what you guys are gonna do with your stimulus checks. Just keep them and/or hire back your staff?
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It's gonna be much more noticeable to me in the summer when I see the lack of money coming in from being so damn slow for the past 2-3 weeks and continuing. I won't go broke if the PPP doesn't work out for me, but it'd sure help cover some of the losses. There's another strange thing I've wondered, and I could be totally reading things wrong and haven't done the due diligence researching. I didn't lay off employees because I do have some cushion and their situations are certainly more in limbo than mine....but I wonder if it wouldn't actually help in the long run if I did. From the little I've read, they'd be making a decent amount more on unemployment right now (accounting for the extra $600 from fed) than what their weekly paychecks are from me. Seems like a pretty backwards way of incentivizing employers and employees from each taking advantage of the system, no? |
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If you lay them off, what guarantee that you have that they will come back to you? $600/week is for 4 months only. We have not laid off anyone and stated to them that we are family and we will work through it. A lot of companies can't afford to do that and I respect that. We are in a position where we can. |
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How much are Chiefs Season Tickets? :) |
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So with the ppp, I just closed on my second practice March 6. It has been in operation for 30 plus years and I haven’t changed anything. We actually contractually closed January 1 but with loan issues had to do addendums to March 6.
I hope that isn’t a problem? |
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https://files.constantcontact.com/4f...5e7421297e.pdf Creates a Small Business “Paycheck Protection Program” This new $349 billion lending program would be modeled after the Small Business Administration (SBA) existing 7(a) loan program, but would have a 100% federal government loan guarantee (as opposed to 75% currently). The loan eligibility criteria is as follows: • Must be a small business as defined by the SBA (typically less than 500 employees, but various by business sector) • Businesses in the Accommodation and Food Services Sector (NAICS Code 72) are eligible with up to 500 employees at each location. • Non-profits with a 501 (c)(3) with fewer than 500 employees are eligible. • Sole proprietors, the self-employed, and independent contractors are also eligible. The requirement that a borrower cannot find credit elsewhere is waived, and all lenders can provide loans. Not personal guarantee or collateral is required. Lender would defer fees, principal and interest for at least 6 months, and up to 1 year. Loan Terms: The loans could be made for an amount equal to 2.5 months of payroll costs, up to a maximum of $10 million. Payroll costs exclude compensation paid to individuals above $100,000 a year. Loan Use: An employer must certify that the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, or pay utilities. Loan Forgiveness: Borrowers are entitled to loan forgiveness for the portion of their loan that is used for payroll costs for employees earning less than $100,000 per year, interest payments on mortgages, rent payments, and utility payments made between February 15, 2020 and June 30, 2020. Loan forgiveness will be reduced if the borrower reduces employment by a ratio similar to their reduction in employment or if borrower reduces salaries and wages by more than 25%. |
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Two I currently bank with. Last one was the largest SBA loan lender in the state. |
Welcome to the wonderful world of .gov. Years of doing business with the USDA, FSC, NRCS, and even the corp and fema have made it clear that it's standard operating procedure with most gov programs. You often walk in their door with more knowledge of the program than they have.
Frustrating as hell to say the least. |
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What I was saying is, THEY (employees) might be better off if u did cut them bc their take home would increase. I think state unemployment is like $350 in MO. Tack on another $600/week from the Fed and they would be making more on unemployment than on my payroll. Just seems a little backwards is all I was saying, but I very well could be misunderstanding how those numbers work. |
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I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet? My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off.... |
i thought i read on a pdf somewhere that to apply for the PPP you had to declare that you havent applied for any other SBA loan at this time.
but i could be totally wrong. |
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got an e mail from sba this morning stating that they are giving out up to 10k advance on a loan and if you are denied it could be forgiven BUT you have to fill out another EIDL apllication. it said to do it and it wouldnt slow down the process any but you couldnt get the up to 10k unless you filled out another one...
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From my banker this afternoon (PNC bank):
This is as close of an answer to what we discussed early, from an official source(US Senate), that is out there. It seems as though an EIDL can be refi’d under the PPP provisions as long as the EIDL was used for an approved cost and you aren’t “double dipping”. What are allowable uses of loan proceeds? • Payroll costs (as noted above) • Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums • Employee salaries, commissions, or similar compensations (see exclusions above) • Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation) • Rent (including rent under a lease agreement) • Utilities • Interest on any other debt obligations that were incurred before the covered period QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan? Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April. QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan? Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April. |
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Just got these from my banker. Says that they can submit as early as Friday, April 3rd.
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Seems like a good place to ask
I have a renter that owes me $2500. They also have a lien against them by our local hospital. Will the stimulus money make it to my renter or will that get intercepted by the lien holder like a tax refund would? |
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Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website? |
This outfit says there has to be a 50% revenue decrease in the applicable quarter. That will certainly be applicable to some of you guys but it may boot me out. I gotta look at some numbers. I’m not sure I took in any revenue in Q2 2019.
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https://home.treasury.gov/system/fil...ontent=Special |
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and if anyone is so inclined, here's what the SBA is giving to the banks:
https://home.treasury.gov/system/fil...ontent=Special |
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Yeah. So I’m an idiot. Apparently I need to quit reading technical shit at night.
I forgot to post the blog that I was reading. It’s here. https://blogs.claconnect.com/agribus...ll-tax-credit/ But it’s talking about the refundable payroll taxes. That’s seems of far less importance than the PPP loan at the moment. Thanks for the help guys. |
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I've lost four jobs.
My business is dying a slow death. That said, I still have hope. |
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thanks, buddy. |
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I'll put this here for you, and anyone else, that I could help during all of this. The short version - I own an inbound call center and we answer calls for companies all across the country. Nearly 900 customers in all 50 states (and Canada). If anyone needs help taking orders, answering customer questions, setting appts.... whatever you need to keep your business running - shoot me a PM and I'll have my manager (wife) reach out to you. Won't charge you much if anything at all. We're here to help in anyway we can. |
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In short, two things: 1. Freaking government! 2. Keep in touch with your bank! |
My renter called the other day and said he couldn't make the rent. Big ideas but the cash is all spent. Good thing I plan for these types of things, but it can only go on so long before other things have to happen. Either way, I took the pressure off him. I said that's okay...just feed me when you can.
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It's an existing dental practice that has been in operation for 30 plus years, i just took over March 6th. Kept everything the same, just name change. |
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Hope you can get something going. If PPP doesn’t work hopefully the disaster money will |
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Not a religious man.
But praying for all of you small biz owners. Its utter bull shit what we're going through. |
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That’s my guess, but if I were you I’d say “**** you Buehler” and try like hell to get it. All they can say is no. |
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It asks how long the business has been open and how long you’ve owned it.
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