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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: 2,936
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04-13-2020, 08:35 PM | #466 | |
Supporter
Join Date: Jun 2002
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Posts: 2,043
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04-14-2020, 01:47 AM | #467 |
To the Game
Join Date: Oct 2003
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Just saw my EIDL advance payments come through for two of my businesses. Haven't seen it yet in two others.
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Posts: 2,124
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04-14-2020, 07:05 AM | #468 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,026
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04-14-2020, 07:50 AM | #469 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,936
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04-14-2020, 07:52 AM | #470 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Post on Facebook!! I see people asking all the time for contractors. If you were close to Two Rivers, I have roof and siding work that needs to be done. |
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Posts: 2,936
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04-14-2020, 08:12 AM | #471 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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PPP is going two routes: Small banks = funding (or clear communication), large banks = shitshow.... Congrats to those that received funding already.....it's no small feat given the timing of everything.... |
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Posts: 3,230
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04-14-2020, 08:14 AM | #472 |
Supporter
Join Date: May 2005
Location: Who knows?
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I finally tracked down a bank that has their head removed from their ass.
We will see how it goes, but I feel way behind the game already even though I was ahead of it until the local morons screwed things up. |
Posts: 83,792
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04-14-2020, 08:15 AM | #473 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,936
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04-14-2020, 08:18 AM | #474 |
The Constitutional Choo choo
Join Date: Dec 2009
Location: homeof43conferencetitles
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Good luck to all of you.
Hang in there. I think this shit is about to take a turn for the better. |
Posts: 44,327
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04-14-2020, 08:19 AM | #475 |
Supporter
Join Date: May 2005
Location: Who knows?
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Posts: 83,792
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04-14-2020, 08:22 AM | #476 |
In Search of a Life
Join Date: Jul 2009
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Got my stuff for the PPP all wrapped up. Thankfully.
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Posts: 81,579
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04-14-2020, 09:19 AM | #477 | ||
Sauntering Vaguely Downwards
Join Date: Sep 2005
Location: Columbia, Mo
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Good luck man - seems like getting the right bank involved in this will be huge and if anyone is seeing stumbles early in this process, that's probably a huge red flag as to how things will go on the back side when things get REALLY iffy. Because if a bank is struggling to get money out of the treasury right now, when the tap is wide open, they're gonna REALLY struggle to get it forgiven later. Make really really sure you're confident in how your lender is handling all this because the only thing worse than not getting it will be having to pay all of it off in 2 years as being floated around. |
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04-14-2020, 09:45 AM | #478 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,936
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04-14-2020, 09:47 AM | #479 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Applied for 2 EIDLs on 4/4:
Received this email this AM: _______________________ 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. You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs: Paycheck Protection Program Full EIDL Loan PURPOSE Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven) TERMS Up to $10 million 1% interest rate Up to $2 million 3.75% for businesses 2.75% for non-profits FORGIVABLE YES NO – EIDL Loan YES – EIDL Advance MATURITY 2 years 30 years FIRST PAYMENT DUE Deferred 6 months Deferred 1 year To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection. Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners. |
Posts: 2,936
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04-14-2020, 10:08 AM | #480 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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I have two more EIDLs to file.
I may wait till the next batch of funding hits the pipeline. |
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