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03-26-2020, 09:25 AM | |
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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04-03-2020, 10:29 AM | #301 |
Rookie
Join Date: Mar 2020
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Can anyone clarify in more detail which payroll taxes are to be omitted from the request?
Ive heard only Federal taxes, but Ive also heard only the employer portion is excluded. Any help would be great. |
Posts: 27
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04-03-2020, 11:29 AM | #302 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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you only include taxes that are the responsibility of the company, not those withheld from the employees
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Posts: 3,231
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04-03-2020, 11:31 AM | #303 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
From my consultants in the field: None of the big banks are going through right now, but smaller banks are starting to process. In a call earlier with PNC, we believe that until the big banks have clarity on the level of risk they are taking, they are going to either not accept applications or hold the ones they do get. PNC is expecting upwards of $10B in these loans, which means BoA, Chase, JPMorgan, Wells, and any other sizable bank is going to sit tight in short term. The smaller banks that have little exposure are processing.... |
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Posts: 3,231
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04-03-2020, 11:33 AM | #304 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,834
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04-03-2020, 11:36 AM | #305 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
If BoA wants to come out and say, we're only taking applications because we made a business decision to do so, then do that, but don't lie to people. |
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Posts: 3,231
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2 0 |
04-03-2020, 11:54 AM | #306 |
Rookie
Join Date: Mar 2020
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Posts: 27
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04-03-2020, 12:11 PM | #307 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Welcome aboard! If you learn to not take things to seriously in most of the threads, it's a really enjoyable place. I've been a long time lurker until about 6 - 8 months ago....fun group to say the least, but you have to have thick skin!
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Posts: 3,231
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04-03-2020, 12:52 PM | #308 |
In Search of a Life
Join Date: Jul 2009
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Anyone heard anything back yet? I sent all my stuff in yesterday and they said they’re sending it all to SBA today
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Posts: 82,625
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04-03-2020, 01:19 PM | #309 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
Assuming you mean PPP application: Had many of my clients that went through smaller banks acknowledge the application is in....none of the big banks came through today... From here, I suspect at least two weeks to fund, but that's speculative. And no prognosis at this point as to when the big banks will come through. |
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Posts: 3,231
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04-03-2020, 02:10 PM | #310 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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04-03-2020, 02:11 PM | #311 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Found this out on the SBA site today....it is their "interim final rule".
Lots of good information here, but what stood out to me was on page 13....the PPP is "First Come, First Served" Apparently BoA didn't get the memo on this.... https://www.sba.gov/sites/default/fi...%20FINAL_0.pdf Last edited by mililo4cpa; 04-03-2020 at 02:17 PM.. |
Posts: 3,231
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04-03-2020, 02:19 PM | #312 |
Shit
Join Date: Jun 2008
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They have said first come first served all along
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Posts: 55,715
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04-03-2020, 02:56 PM | #313 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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04-03-2020, 03:00 PM | #314 |
Rookie
Join Date: Mar 2020
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Posts: 27
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04-03-2020, 05:04 PM | #315 |
In Search of a Life
Join Date: Jul 2009
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Got everything done
Can’t get this on my new office because of the timing. Sucks But the girls all figured out apparently they can make more being furloughed and on unemployment |
Posts: 82,625
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