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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.. |
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03-26-2020, 11:03 AM | #31 |
Rabbi Goldmann
Join Date: Nov 2012
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Posts: 87,025
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03-26-2020, 11:03 AM | #32 | |
In Search of a Life
Join Date: Dec 2005
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Quote:
That may be way off on what it actually is, but it's what I remembered hearing. |
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Posts: 31,242
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03-26-2020, 11:06 AM | #33 | |
Supporter
Join Date: May 2005
Location: Who knows?
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Quote:
Any business can manipulate numbers to make it appear like it went to employees. |
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Posts: 85,610
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03-26-2020, 11:06 AM | #34 |
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, 11:08 AM | #35 | |
Shit
Join Date: Jun 2008
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03-26-2020, 11:08 AM | #36 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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In Wisconsin, we are being directed straight to SBA. I hate banks anyway.
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Posts: 2,965
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03-26-2020, 11:10 AM | #37 |
In Search of a Life
Join Date: Dec 2005
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I don't disagree. But, in our situation I would see most if not all going to those criteria. Since our office is opening & running as normal, we aren't in danger of letting people go, etc. Our biggest issue is our customers that have been closed being able to pay their bill so that we can pay our employees.
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Posts: 31,242
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03-26-2020, 11:10 AM | #38 | |
Shit
Join Date: Jun 2008
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Quote:
sba loans say they will not be forgiven and directly from sba, the stimulus bill says they can be forgiven and come directly from your local bank |
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Posts: 55,715
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03-26-2020, 11:11 AM | #39 |
In Search of a Life
Join Date: Dec 2005
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Posts: 31,242
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03-26-2020, 11:13 AM | #40 | |
Shit
Join Date: Jun 2008
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BUT the bill hasnt even passed yet so the banks have no idea whats even going to happen there. i think i'll wait to see what happens when the bill gets passed |
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03-26-2020, 11:14 AM | #41 |
Shit
Join Date: Jun 2008
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Posts: 55,715
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03-26-2020, 11:15 AM | #42 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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[QUOTE=SAUTO;14869116]i'm pretty sure we are talking about 2 different loans.
It appears you may be right!! The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees. https://www.marketwatch.com/story/he...ses-2020-03-26 • A $350 billion forgivable loan program designed to ensure that small businesses do not lay off employees • A 50% refundable payroll tax credit on worker wages will further incentivize businesses, including ones with fewer than 500 employees, to retain workers • Looser net operating loss-reduction rules that will allow businesses to offset more • A delay in employer-side payroll taxes for Social Security until 2021 and 2022 • Sole proprietors and other self-employed workers could be eligible for the expanded unemployment-insurance benefits the bill provides • A portion of the $425 billion in funds appropriated for the Federal Reserve’s credit facilities will target small businesses How does the $350 billion small-business loan program work? The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees. “The SBA loans strike a balance between loans on favorable terms and grants by providing forgiveness to firms that use loaned funds for payroll, rent, mortgage interest, and utility payments,” said Garrett Watson, senior policy analyst at the Tax Foundation, a Washington, D.C.-based think tank. There is a risk that some small businesses will be left behind. They include those that do not have access to a regular line of credit, work with rapidly changing staffs, or do not have a close working relationship with a lender.— Stan Veuger, American Enterprise Institute resident scholar This ensures that the firms “have skin in the game” while also giving businesses a better chance at surviving the pandemic, he said. Loans will be administered by banks and other lenders, which American Enterprise Institute resident scholar Stan Veuger said “will hopefully speed up the process.” Businesses can receive loans up to $10 million, based on how much the company paid its employees between Jan. 1 and Feb. 29. The loans will carry an interest rate up to 4%. The bill provides for an expedited origination process. If the business uses the loan funds for the approved purposes and maintains the average size of its full-time workforce based on when it received the loan, the principal of the loan will be forgiven, meaning the company will only need to pay back the interest accrued. Last edited by Trivers; 03-26-2020 at 11:22 AM.. |
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03-26-2020, 11:19 AM | #43 | |
Shit
Join Date: Jun 2008
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Quote:
thats all i really got. i think i'd wait until the stimulus bill gets finalized and see whats available then, but i guess that could be taking a risk that the sba runs out of money if that is the fall back. |
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03-26-2020, 11:31 AM | #44 |
In Search of a Life
Join Date: Jul 2009
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Yeah, Trivers that's what everyone is waiting for.
That's what i'm gonna try and get. Then I'm gonna lay everyone off and pocket the cash. No not really. |
Posts: 82,625
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03-26-2020, 11:44 AM | #45 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Details on the forgivable loans: https://www.bclplaw.com/en-US/though...rgiveness.html |
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