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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: 2,961
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04-20-2020, 10:59 PM | #556 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Corn is shitting the bed. But hey wheats up and there is a real chance I will grow 0.00 bushels. And maybe corn too if it doesn’t ****ing rain some ****ing time just ****ing once.
The real bad news is there are 180 cases in Dodge. I’m guessing at the packing plant. If they shut that down that will have tremendous economic effects to the region. |
Posts: 57,710
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04-20-2020, 11:09 PM | #557 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Does the money just get deposited into your company account? I'm curious how it actually arrives. I'm up on the widow walk with a telescope anxiously peering at the horizon.
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Posts: 142,670
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04-21-2020, 12:02 AM | #558 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
Mine was just a deposit like any other loan advance. |
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Posts: 57,710
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04-21-2020, 04:47 AM | #559 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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PPP arrived. 10 days to the law.
Waiting to file the 2 other EIDLs. |
Posts: 2,961
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04-21-2020, 07:27 AM | #560 | |
In Search of a Life
Join Date: Dec 2005
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Quote:
I heard there were a bunch of cases out your way. Believe they did come from the packing plant, but not 100% on that. Think there is some rain coming today/tonight - not sure it's gonna hit you or not, but sounds like it's going to be pretty heavy for us. Hope it comes through for you. |
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Posts: 31,180
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04-21-2020, 07:28 AM | #561 |
In Search of a Life
Join Date: Dec 2005
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Like Buehler said - the money came from the bank so it's however you want it. I set up another account just for this money.
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Posts: 31,180
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04-21-2020, 07:37 AM | #562 |
Shit
Join Date: Jun 2008
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I figure if your payroll takes all the money you’re probably ok
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Posts: 55,715
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04-21-2020, 08:29 AM | #563 |
In Search of a Life
Join Date: Dec 2005
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I emailed to get some clarification on things - just to make sure I'm spending the money in the right places.
The loan docs I signed say.... "Borrower may apply to Lender for forgiveness of the amount due on this loan in an amount equal to the sum of the following costs incurred by Borrower during the 8-week period beginning on the date of first disbursement of this loan: a. Payroll costs; b. Any payment of interest on covered mortgage obligation (which shall not include any prepayment of or payment of principal on covered mortgage obligation); c. Any payment on a covered rent obligation; and d. Any covered utility payment." The questions I have are: 1. Are payroll taxes considered part of Payroll costs? 2. Are employee benefits (health/life insurance) considered part of Payroll costs? 3. Since I'm an S-Corp, I personally own both buildings & the business pays me rent to use them - will that cause issues? 4. Would internet expenses & telephone service be considered a covered utility? I believe the answer to #1 & #2 is yes, they are both considered part of Payroll costs. I believe the answer to #3 is that it won't cause issues. I'm really not sure on #4. |
Posts: 31,180
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04-21-2020, 09:24 AM | #564 |
In Search of a Life
Join Date: Jul 2009
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Posts: 82,344
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04-21-2020, 09:52 AM | #565 |
MVP
Join Date: Oct 2010
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Mother****ing Shake Shack got $10 mil from the PPP and many actual small businesses couldn't get a dime, myself included. $10 mil is a significant amount of money and could have helped a ton of small businesses/ICs/self employed.
How in the hell did they even get approved for this? And another question is what in the **** is going on with Congress and additional funding? Yesterday morning they were talking about being very close to a deal and there hasn't been an update since. |
Posts: 18,137
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04-21-2020, 09:52 AM | #566 | |
Hockey Town
Join Date: Apr 2005
Location: Kansas City, Missouri
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Posts: 112,461
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04-21-2020, 10:03 AM | #567 |
In Search of a Life
Join Date: Dec 2005
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Posts: 31,180
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04-21-2020, 10:04 AM | #568 | |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
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Posts: 8,540
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04-21-2020, 10:19 AM | #569 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
2. yes an acceptable expense 3. if lease agreement exists, an acceptable expense 4. yes an acceptable expense |
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Posts: 2,961
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04-21-2020, 10:21 AM | #570 | ||
In Search of a Life
Join Date: Dec 2005
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Quote:
Quote:
Companies like Shake Shack & Ruth's Chris are stealing this money from people that need it. |
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Posts: 31,180
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