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03-26-2020, 09:25 AM | Topic Starter |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Hey Small Business Owners...What are you doing to ride the storm out?
How are you handling HR issues?
Are you applying for SBA loans? There are several types of loans. And new info is appearing daily. Capital up to $10MM. Up to 30 years to repay. Some actually are forgivable. 3.75 to 4% https://disasterloan.sba.gov/ela/ https://www.inc.com/kevin-j-ryan/sma...incthismorning My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact: I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds. What are you doing to ride the storm out? Last edited by Trivers; 04-02-2020 at 06:02 AM.. |
Posts: 2,965
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03-26-2020, 09:34 AM | #2 |
Stroking to the SB Champs!
Join Date: Aug 2000
Location: Flatlands of Kansas
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Hunkering down, cutting costs where it's possible, using 2019 reserves to pay most bills and salaries, staying in constant contact with customers and suppliers, keeping my eyes open for other business opportunities that may arise as a result of all of this mess, and trying to be as good of a human as possible.
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Posts: 40,016
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03-26-2020, 09:36 AM | #3 |
In Search of a Life
Join Date: Jul 2009
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Same as ChiTown, hunkering down. I've got reserves to get me thru a few months if need be. I am looking at the SBA stuff if it'll cover salary and such.
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Posts: 82,625
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03-26-2020, 09:40 AM | #4 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,965
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03-26-2020, 09:45 AM | #5 |
In Search of a Life
Join Date: Jul 2009
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Posts: 82,625
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03-26-2020, 09:58 AM | #6 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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According to the SBA webinar I just attended, they decide how much your financial information allows them to lend..they have formulas.
I think I remember seeing a check box for amount requested, and their website is down, so I can't double check on the form right now. |
Posts: 2,965
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03-26-2020, 10:02 AM | #7 | |
In Search of a Life
Join Date: Jul 2009
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Quote:
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Posts: 82,625
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03-27-2020, 05:25 PM | #8 |
Starter
Join Date: Nov 2008
Location: Duh
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Posts: 286
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03-28-2020, 06:52 AM | #9 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Not entirely accurate:
PPP (CARES): With a maximum maturity of 10 years, the amount to be the lesser of (a) $10 million or (b) 2.5 multiplied by the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the 1 year period before the date on which the loan is made. EIDL: Up to $2M for working capital. I believe it is based on estimated amount of economic impact (revenue loss), net of any BI. I also came across an SBA "Express Loan" option this morning....no idea what this means at this point, but it's clearly bridge loan and for disaster relief: https://www.sba.gov/document/support...-program-guide Also check your state, city, county sites for CDBG money that may be available. I know here in FL they were offering up interest fee bridge loans of $50K, and have already funded some businesses....NOTE: I would suspect that SBA will take that recovery into account when doling out their loans for EIDL |
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03-26-2020, 09:48 AM | #10 |
Shit
Join Date: Jun 2008
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03-26-2020, 09:51 AM | #11 |
Supporter
Join Date: May 2005
Location: Who knows?
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People aren't driving as much so you might slow a little. When things get moving again you will probably be overwhelmed.
We are booked over 2 months out right now, and all houses are empty (lucky as hell), but I haven't been receiving as many quote calls. I don't think people want strangers coming into their house, and they really don't want their house tore up when they are stuck at home. If this is still going strong into May it will suck. I have plenty saved up, but the summer months are when I really make a lot of strides forward. |
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03-26-2020, 10:05 AM | #12 | |
Shit
Join Date: Jun 2008
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Quote:
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03-26-2020, 09:58 AM | #13 |
Andy Reid Supporter
Join Date: Apr 2012
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Wife works for a therapy clinic. Fortunately they are doing quite well through this. They are doing a lot of teletherapy for certain types of therapy and retaining about 75% attendance, so hopefully they don’t need it.
This crisis is definitely going to change the way certain therapy is conducted. Teletherapy will be huge in the coming years. |
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03-26-2020, 09:53 AM | #14 |
In Search of a Life
Join Date: Jul 2009
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I'm just kind of waiting to see what's gonna happen with the disaster relief stuff.
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Posts: 82,625
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03-26-2020, 09:53 AM | #15 |
Distributor of Pain
Join Date: Nov 2004
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My biggest client was deemed "essential" so, for now, I'm good. Should sh*t hit the fan I'd be okay for up to about 6 months. I can always reduce my salary if needed and work with my mortgage lender to reduce my mortgage temporarily. I applied with Kabbage for a line of credit over a week ago and still haven't gotten approved or denied. I know they're getting bombarded with requests but their system is 100% automated so I don't know what's going on and the CSR can't tell me anything.
I would look into the SBA loan as an alternative. Also have plenty of equity in our house so if we had to sell, we could easily do so. We have options but none of them are ideal. |
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