|
03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
|
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: 2,961
|
03-28-2020, 01:08 PM | #151 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
But the advice above I believe to be solid: Apply for both and keep the ball moving forward....don't hesitate! You do not have to fund even if approved. keep your options open! Lots of unanswered questions at this point, but I'm hearing that much of these questions will become clearer early this coming week. |
|
Posts: 3,231
|
03-28-2020, 01:09 PM |
RINGLEADER |
This message has been deleted by RINGLEADER.
|
03-28-2020, 01:44 PM | #152 |
In Search of a Life
Join Date: Dec 2001
Location: Confusion, USA
|
OK, I made a cup of coffee and read this thread.
Everyone on here deserves a pat on the back because I actually feel like I have some idea what is going on and where to go. Much appreciated. Last edited by RINGLEADER; 03-28-2020 at 03:10 PM.. |
Posts: 46,969
|
03-28-2020, 03:15 PM |
RINGLEADER |
This message has been deleted by RINGLEADER.
|
03-28-2020, 03:46 PM | #153 | |
Veteran
Join Date: Jul 2008
Location: Wichita
|
Quote:
|
|
Posts: 1,640
|
03-28-2020, 03:59 PM | #154 |
In Search of a Life
Join Date: Jul 2009
|
After staying after bankers all day and speaking to my CPA and mililo, i would definitely recommend a few things mentioned here.
Get in touch with your banker. They'll have info for you. Start getting some numbers together of what your normal expenses and payroll per month are just so you have it all ready. I am not sure about the EIDL. I don't think i'm going to fill that out right now, i'm gonna see what happens with these other options first. I'm hopeful that if we can get thru the next 2 or 3 months, things will settle down a little bit. |
Posts: 82,344
|
03-28-2020, 04:04 PM | #155 |
Supporter
Join Date: May 2005
Location: Who knows?
|
What bank is open on Saturday?
That's big-city stuff right there. |
Posts: 85,105
|
03-28-2020, 04:08 PM | #156 |
Fish are scared of me
Join Date: Nov 2001
|
I own and run two LLC's but have no employees and don't actually draw a salary myself. Do I qualify for anything???
|
Posts: 40,778
|
03-28-2020, 04:15 PM | #157 |
In Search of a Life
Join Date: Jul 2009
|
|
Posts: 82,344
|
03-28-2020, 04:53 PM | #158 | |
Supporter
Join Date: Jun 2002
|
Quote:
5. For the past few years we look at a rolling average of the past year to determine how many of each SKU we sell per day. We exclude periods when we had no stock available. Then we just set a goal of how many days worth of each SKU we want to have in stock and it tells us when to place an order. We can change that goal for a specific vendor or product if it can take longer to receive or is frequently on backorder. 6. We're very up to speed on the UI benefits and will do that if needed. I'm hoping that I continue to need my full staff. We'll see. 7. Actually, I'd say that at least 80% of our customers have already visited our website that day or are on it when they call us. Our stuff is very specialized and they typically have a SKU or application for us when they call. I'm not at all saying you're wrong that reaching out to past customers is a bad idea, I just don't think it's as important in our situation as it is in others. Again, I agree that this wouldn't hurt and could help. I will have a couple employees do this on slow days. We have Dynamic Pricing that updates every day based on competitor's prices and stock status. 8. Okay. I've got nothing to lose by talking to my lender. Thank you for putting it in perspective. I've got key employees who I'm comfortable discussing it all with. My wife is a good sounding board as well. I may have more questions for you. I truly appreciate your time! I really need to wrap my brain around all of the different loan programs. It feels kind of overwhelming and I just haven't had time to dive in. |
|
Posts: 2,072
|
03-28-2020, 05:26 PM | #159 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
P.S. The loan situation is confusing as he;;...I've read so much and heard so many things...keep pushing every day, and there will be answers that come! |
|
Posts: 3,231
|
03-28-2020, 05:33 PM | #160 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
|
Posts: 3,231
|
03-28-2020, 06:02 PM | #161 |
Fish are scared of me
Join Date: Nov 2001
|
Well after looking into it and I don't have employees BUT I do send out 1099s and that should make me qualify. Thing is I don't know yet if rents will come in, my two highest renters are in the restaurant business so I know they are shut down.
|
Posts: 40,778
|
03-28-2020, 07:00 PM | #162 |
In Search of a Life
Join Date: Dec 2001
Location: Confusion, USA
|
This is my question — do they calculate it based strictly off payroll or does it include freelancers/people who get 1099s.
|
Posts: 46,969
|
03-28-2020, 07:08 PM | #163 | |
MVP
Join Date: Jan 2007
Location: Missouri
|
Quote:
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. |
|
Posts: 8,643
|
03-28-2020, 07:16 PM | #164 |
Fish are scared of me
Join Date: Nov 2001
|
Take it for what its worth
|
Posts: 40,778
|
03-28-2020, 07:25 PM | #165 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
|
Quote:
Everyone apply for both. More info is coming. |
|
Posts: 2,961
|
|
|