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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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04-22-2020, 12:02 PM | #586 |
MVP
Join Date: Oct 2010
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Will do. I have a feeling this money will be gone in just a couple of days.
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Posts: 18,137
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04-22-2020, 12:02 PM | #587 |
Supporter
Join Date: Jun 2002
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So let's say I get 100k from the PPP and all of it is forgivable. I spend 101k in eight weeks on payroll.
I get 10k from the EIDL and all of it is forgivable. A that point only 90k of the PPP becomes forgivable so I have to pay back 10k of the PPP. Am I understanding this correctly? |
Posts: 2,072
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04-22-2020, 12:20 PM | #588 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
But I’m not eligible for EIDL so I quit paying attention |
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Posts: 57,710
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04-22-2020, 12:27 PM | #589 |
Shit
Join Date: Jun 2008
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No you roll everything EXCEPT 10k advance into the ppp. The 10k advance can’t be used for payroll if you have a ppp .
I would think the ppp and the 10k advance would both be wiped. But that’s just my opinion from reading through this stuff |
Posts: 55,715
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04-22-2020, 12:28 PM | #590 | |
Shit
Join Date: Jun 2008
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Quote:
No. You should make sure the other application hasn’t been submitted. If so and you submit another application you could be signing off on false info where they asked if you could be getting money from ppp already... |
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Posts: 55,715
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04-22-2020, 02:45 PM | #591 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
Yes...don't go through PayPal....go through small banks....they process applications one by one, not in tranches like the big banks Last edited by mililo4cpa; 04-22-2020 at 02:57 PM.. |
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Posts: 3,231
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04-22-2020, 02:54 PM | #592 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
smaller banks will process applications one by one.....big banks send them over to the SBA in large tranches.... Definitely go small....you'll get better treatment. With that said: My concern is that, with all the businesses that applied, but didn't get funded...are they already in the hands of the SBA waiting for the new funding, and if so, is that money already used up....my fear is that anyone who hasn't already applied may not get the shot to do so now. Obviously, you still have to fight tooth and nail to do so, but everyone should be planning as if it may not occur |
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Posts: 3,231
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04-22-2020, 02:56 PM | #593 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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Posts: 3,231
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04-22-2020, 03:02 PM | #594 | |
Supporter
Join Date: Jun 2002
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Quote:
From my research, I sure thought that any amount of the EIDL that's forgiven (10k for me) would reduce the amount of the PPP that is eligible to be forgiven. But it's been a week or more since I was researching and it's all one big blur now. |
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Posts: 2,072
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04-22-2020, 05:27 PM | #595 |
Supporter
Join Date: May 2005
Location: Who knows?
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Is there anything that says you have to have a drop in revenue to receive forgiveness?
I know of several businesses out here that are still going 100% that got the loans for payroll. I'm pissed I'm not one of them. |
Posts: 85,105
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04-22-2020, 05:31 PM | #596 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
For this purpose (where they have not been rolled together, the $10K EIDL grant has nothing to do with how the loan forgiveness is calculated on the PPP |
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Posts: 3,231
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04-22-2020, 05:35 PM | #597 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
Decline in revenue is not a requirement. Separate debate on whether it was shitty that they did that knowing there are more needy businesses out there.... |
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Posts: 3,231
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04-22-2020, 05:38 PM | #598 | |
Supporter
Join Date: May 2005
Location: Who knows?
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Quote:
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Posts: 85,105
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04-22-2020, 05:41 PM | #599 |
In Search of a Life
Join Date: Jul 2009
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You were supposed to show a lack of income or something IIRC?
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Posts: 82,344
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04-22-2020, 05:43 PM | #600 |
Supporter
Join Date: May 2005
Location: Who knows?
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Posts: 85,105
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