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Old 03-26-2020, 09:25 AM  
Trivers Trivers is online now
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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 04-20-2020, 10:59 PM   #556
Buehler445 Buehler445 is offline
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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.
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Old 04-20-2020, 11:09 PM   #557
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Originally Posted by Mr. Plow View Post
Finally got visual proof of the money in the bank. It's been there since yesterday, but wasn't visible online.
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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Old 04-21-2020, 12:02 AM   #558
Buehler445 Buehler445 is offline
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Originally Posted by Rain Man View Post
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.
Your bank provides the funds. It’s up to them. Some are making new accounts for the loan so it’s easier to keep track of where that money went (qualified expenses)

Mine was just a deposit like any other loan advance.
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Old 04-21-2020, 04:47 AM   #559
Trivers Trivers is online now
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PPP arrived. 10 days to the law.

Waiting to file the 2 other EIDLs.
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Old 04-21-2020, 07:27 AM   #560
Mr. Plow Mr. Plow is offline
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Originally Posted by Buehler445 View Post
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.

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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Old 04-21-2020, 07:28 AM   #561
Mr. Plow Mr. Plow is offline
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Quote:
Originally Posted by Rain Man View Post
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.
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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Old 04-21-2020, 07:37 AM   #562
SAUTO SAUTO is offline
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I figure if your payroll takes all the money you’re probably ok
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Old 04-21-2020, 08:29 AM   #563
Mr. Plow Mr. Plow is offline
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I figure if your payroll takes all the money you’re probably ok
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.
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Old 04-21-2020, 09:24 AM   #564
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Old 04-21-2020, 09:52 AM   #565
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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.
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Old 04-21-2020, 09:52 AM   #566
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Originally Posted by dlphg9 View Post
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.
Shake shack returned the money.
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Old 04-21-2020, 10:03 AM   #567
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Shake shack returned the money.
Yes - but companies like that should have never gotten it in the first place.
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Old 04-21-2020, 10:04 AM   #568
El Jefe El Jefe is offline
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Originally Posted by dlphg9 View Post
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.
Thats where we are too, man, what a kick in the balls. They gave 20 million to Ruth's Criss (sp) and some other big fish. In our area, I know 20 small independent auto repair shops, all applied including us, none got it.
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Old 04-21-2020, 10:19 AM   #569
Trivers Trivers is online now
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Quote:
Originally Posted by Mr. Plow View Post
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.
1. not an acceptable expense
2. yes an acceptable expense
3. if lease agreement exists, an acceptable expense
4. yes an acceptable expense
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Old 04-21-2020, 10:21 AM   #570
Mr. Plow Mr. Plow is offline
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Quote:
Originally Posted by dlphg9 View Post
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.
Quote:
Originally Posted by El Jefe View Post
Thats where we are too, man, what a kick in the balls. They gave 20 million to Ruth's Criss (sp) and some other big fish. In our area, I know 20 small independent auto repair shops, all applied including us, none got it.
Man, I'm sorry guys. It really sucks that these large businesses are getting millions of dollars and it's leaving small businesses out in the cold. I'm hoping they get a second round of money going and this time they limit it to actual small businesses so it can help those people that REALLY need it.

Companies like Shake Shack & Ruth's Chris are stealing this money from people that need it.
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