Quote:
Originally Posted by DJ's left nut
Sounds like it will be administered through the local banks.
So...maybe make an appointment quickly.
There's so much shit in there to parse through and dissect that it's still going to be difficult to figure out how it works in practice. But hey, if worst case scenario I end up w/ a 10 year note with no personal guarantee that is 100% backed by the SBA at a rate not to exceed 4% for a million bucks....ugh...that'll suck dicks. But I can proooooobably make that work.
That's another $10K/month I'll have to find in the budget. So...y'know...no profit for 5 years. But it's workable.
The only thing that has me spooked is backing. If I gotta pay it back, I gotta pay it back. Shit happens. But I at least need to GET it first and if banks tighten up and I can't get the engines re-started, that's the nightmare scenario.
From what I've read I think we'll try to reduce any buyout payments by as much as we can, reduce all salaries by 25%, move on from college and part-time staff and let the chips fall where they may. I think that gets us quite a bit of cover here but it's hard to know exactly how much.
But if I can combine that cover with the security of knowing there will at least be the "well now you have to pay this back over 10 years" fallback, so be it.
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Yeah, it is what it is. It looks like alot of it will be forgiven if used for certain things so hopefully that will help.