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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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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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Old 04-13-2020, 12:51 PM   #451
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Old 04-13-2020, 01:04 PM   #452
SAUTO SAUTO is offline
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Originally Posted by chiefforlife View Post
I applied for both the PPP and EIDL.

Havent heard shit on either one. Meanwhile my customer base has dried up to almost nothing.
Same here.
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Old 04-13-2020, 01:58 PM   #453
DJ's left nut DJ's left nut is offline
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We got funded today. So I think that was just a tick under 2 weeks from submitting our application - 'bout 10 days flat, IIRC.
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Old 04-13-2020, 02:26 PM   #454
Trivers Trivers is offline
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Originally Posted by DJ's left nut View Post
We got funded today. So I think that was just a tick under 2 weeks from submitting our application - 'bout 10 days flat, IIRC.
congrats!
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Old 04-13-2020, 02:41 PM   #455
chiefforlife chiefforlife is offline
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Quote:
Originally Posted by DJ's left nut View Post
We got funded today. So I think that was just a tick under 2 weeks from submitting our application - 'bout 10 days flat, IIRC.
Fist of all, Congratulations!

Was it PPP or EIDL? Did you submit on the 3rd then?

Did you have additional steps after the initial application?

What bank?
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Old 04-13-2020, 02:47 PM   #456
DJ's left nut DJ's left nut is offline
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Quote:
Originally Posted by chiefforlife View Post
Fist of all, Congratulations!

Was it PPP or EIDL? Did you submit on the 3rd then?

Did you have additional steps after the initial application?

What bank?
PPP.

It was a Thursday and approved that Saturday, so looks like it must've been on the 2nd.

Early last week I docusigned a couple of statements confirming the language in the applications; 3 spots.

Hawthorn Bank.

They funded it into our operating account so we'll just go ahead and make a quick transfer once the PPP 'secondary' account gets set up, but it should be pretty straightforward.
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Old 04-13-2020, 02:56 PM   #457
chiefforlife chiefforlife is offline
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Originally Posted by DJ's left nut View Post
PPP.

It was a Thursday and approved that Saturday, so looks like it must've been on the 2nd.

Early last week I docusigned a couple of statements confirming the language in the applications; 3 spots.

Hawthorn Bank.

They funded it into our operating account so we'll just go ahead and make a quick transfer once the PPP 'secondary' account gets set up, but it should be pretty straightforward.

Thats incredible, I think you are one of the lucky ones.

I called Thursday and was told to get in the Que on Friday the third. Wasnt able to actually apply until Tuesday the 7th. Chase Bank.
Havent heard anything since except I will get an Email once its processed.
Starting to get nervous, Im hearing they will run out of money this week.
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Old 04-13-2020, 03:04 PM   #458
Mr. Plow Mr. Plow is offline
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Quote:
Originally Posted by DJ's left nut View Post
We got funded today. So I think that was just a tick under 2 weeks from submitting our application - 'bout 10 days flat, IIRC.
Great to hear bud. Still waiting on mine - haven't signed anything other than the initial app.
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Old 04-13-2020, 03:16 PM   #459
DJ's left nut DJ's left nut is offline
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Quote:
Originally Posted by chiefforlife View Post
Thats incredible, I think you are one of the lucky ones.

I called Thursday and was told to get in the Que on Friday the third. Wasnt able to actually apply until Tuesday the 7th. Chase Bank.
Havent heard anything since except I will get an Email once its processed.
Starting to get nervous, Im hearing they will run out of money this week.
Yeah, bank came through big time.

We've done some SBA stuff in the past and Hawthorn is incredibly good at it - they really know how to navigate that process.

It's a little frustrating sometimes if we're looking for a fairly small loan and their first response is "we'll contact the SBA..." when it's just 100K for servers or something and really doesn't need that kind of backstop. But because of their tendency towards pursuing an SBA backed structure, they were able to just rock through this one.
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Old 04-13-2020, 06:58 PM   #460
IA_Chiefs_fan IA_Chiefs_fan is offline
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I received the PPP funds a couple hours ago.
I just received this email from the SBA about the EIDL. I’m not sure but it sounds like I AM getting the 10k advance?? We have 31 employees. Since we got the PPP I’m no longer interested in taking on further EIDL debt. Am I able to get the PPP and the EIDL 10k without issue? (Paging mililo4cpa)

—————————————————
Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
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Old 04-13-2020, 07:15 PM   #461
chiefforlife chiefforlife is offline
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Quote:
Originally Posted by IA_Chiefs_fan View Post
I received the PPP funds a couple hours ago.
I just received this email from the SBA about the EIDL. I’m not sure but it sounds like I AM getting the 10k advance?? We have 31 employees. Since we got the PPP I’m no longer interested in taking on further EIDL debt. Am I able to get the PPP and the EIDL 10k without issue? (Paging mililo4cpa)

—————————————————
Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
If the 10K is an advance on the EIDL, how do they determine how much you actually get?
I ask because when I filled it out there was no place to ask for an amount.
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Old 04-13-2020, 07:20 PM   #462
IA_Chiefs_fan IA_Chiefs_fan is offline
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Quote:
Originally Posted by chiefforlife View Post
If the 10K is an advance on the EIDL, how do they determine how much you actually get?
I ask because when I filled it out there was no place to ask for an amount.
Take a look at the last line of what you quoted. I didn’t know until this. Good luck to you!
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Old 04-13-2020, 07:48 PM   #463
chiefforlife chiefforlife is offline
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Originally Posted by IA_Chiefs_fan View Post
Take a look at the last line of what you quoted. I didn’t know until this. Good luck to you!
I believe they said loans up to 2 million. Its only the 10k advance on the loan that had an actual amount. Its confusing. I guess no one has got to the next steps where the amount is either determined or requested?

I appreciate your update. Thanks
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Old 04-13-2020, 07:51 PM   #464
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Originally Posted by chiefforlife View Post
I believe they said loans up to 2 million. Its only the 10k advance on the loan that had an actual amount. Its confusing. I guess no one has got to the next steps where the amount is either determined or requested?

I appreciate your update. Thanks
Sorry, I misread your question the first time. I don’t know the answer.
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Old 04-13-2020, 08:01 PM   #465
dlphg9 dlphg9 is offline
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I am one too. But I will not be applying for any money.
This whole thing has really screwed up my livelyhood. Work as a general contractor and usually I get calls from people about wanting their roof looked at from a storm. Well we haven't had a storm recently, so to drum up new business I would have to go door to door and people aren't too appreciative of salesman coming to their door when they can't even have family over. So if we don't have a hail storm sometime soon itll be really shitty.
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