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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 04-22-2020, 12:02 PM   #586
dlphg9 dlphg9 is offline
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Jesus **** no. We got a sprinkle in the afternoon and ****all else. I was really bummed this morning. Started a pivot. At least that wheat won’t die.



I think it depends on how your business is structured. Definitely get in there and talk to a bank. Like today.
Will do. I have a feeling this money will be gone in just a couple of days.
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Old 04-22-2020, 12:02 PM   #587
IA_Chiefs_fan IA_Chiefs_fan is offline
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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?
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Old 04-22-2020, 12:20 PM   #588
Buehler445 Buehler445 is offline
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Originally Posted by IA_Chiefs_fan View Post
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?
I thought they rolled EIDL into PPP? In your example you’d get 10k EIDL and 90K PPP all forgiveable.

But I’m not eligible for EIDL so I quit paying attention
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Old 04-22-2020, 12:27 PM   #589
SAUTO SAUTO is offline
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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
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Old 04-22-2020, 12:28 PM   #590
SAUTO SAUTO is offline
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Couple quick questions

Since im an IC, do I just put my name under the Business Legal Name portion?

Under the Applicant Ownership portion where it wants you to list all people that own at least 20% of the equity of applicant, do I need to put my information in those boxes since its just me and I've already put my info in?

Im putting in another app with a small local bank because I was an idiot and applied with paypal and I know they will take their sweet ass time and I'll miss out.
Yes.
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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Old 04-22-2020, 02:45 PM   #591
mililo4cpa mililo4cpa is offline
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Originally Posted by dlphg9 View Post
Couple quick questions

Since im an IC, do I just put my name under the Business Legal Name portion?

Under the Applicant Ownership portion where it wants you to list all people that own at least 20% of the equity of applicant, do I need to put my information in those boxes since its just me and I've already put my info in?

Im putting in another app with a small local bank because I was an idiot and applied with paypal and I know they will take their sweet ass time and I'll miss out.
all of my clients have been businesses, so not certain on the protocol for ICs...Bank should be able to help you with that....Sorry I couldn't be more help with that...

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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Old 04-22-2020, 02:54 PM   #592
mililo4cpa mililo4cpa is offline
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Just from anecdotal evidence, I'd say get with a small bank. Seems like larger banks had more issues the first time around than the small banks.
100% this....

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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Old 04-22-2020, 02:56 PM   #593
mililo4cpa mililo4cpa is offline
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Originally Posted by IA_Chiefs_fan View Post
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?
I believe the EIDL advance is totally separate from the PPP loan forgiveness calculation. Not certain how they are going to differentiate how you used the advance from the PPP (since they are technically not supposed to be used for the same thing).
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Old 04-22-2020, 03:02 PM   #594
IA_Chiefs_fan IA_Chiefs_fan is offline
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Originally Posted by mililo4cpa View Post
I believe the EIDL advance is totally separate from the PPP loan forgiveness calculation. Not certain how they are going to differentiate how you used the advance from the PPP (since they are technically not supposed to be used for the same thing).
We intend to use the EIDL 10k for critical inventory that will turn fast. The PPP is mostly for payroll and a little for utilities and mortgage interest.

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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Old 04-22-2020, 05:27 PM   #595
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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.
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Old 04-22-2020, 05:31 PM   #596
mililo4cpa mililo4cpa is offline
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We intend to use the EIDL 10k for critical inventory that will turn fast. The PPP is mostly for payroll and a little for utilities and mortgage interest.

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.
The two aren't tied together per se (not withstanding rolling an EIDL into a PPP Loan)....

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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Old 04-22-2020, 05:35 PM   #597
mililo4cpa mililo4cpa is offline
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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.
For PPP, and without going into all the specific requirements, as long as they pay their payroll and maintain their headcount (and I'm assuming they did since they are working full-bore), they will get the loan forgiveness...

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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Old 04-22-2020, 05:38 PM   #598
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For PPP, and without going into all the specific requirements, as long as they pay their payroll and maintain their headcount (and I'm assuming they did since they are working full-bore), they will get the loan forgiveness...

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....
It is shitty, and I can't believe it's allowed.
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Old 04-22-2020, 05:41 PM   #599
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You were supposed to show a lack of income or something IIRC?
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Old 04-22-2020, 05:43 PM   #600
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You were supposed to show a lack of income or something IIRC?
No.

Only requirement is keeping employees and being faster than everyone else.
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