Hey Small Business Owners...What are you doing to ride the storm out?

[Trivers]

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?

[O.city]

Originally Posted by notorious

No.

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

I'll have to look but i thought there was something on the app about it. I'll see if i can find it.

[notorious]

Originally Posted by O.city

I'll have to look but i thought there was something on the app about it. I'll see if i can find it.

You will make my day if it's in there.


A business shouldn't benefit if they are still plowing ahead. I am butthurt that I didn't get my tax money back, and I certainly shouldn't be expected to line the pockets of businesses that aren't in need.

[IA_Chiefs_fan]

Originally Posted by mililo4cpa

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

Your input throughout this thread has been amazing. Thank you.

[DRU]

Originally Posted by notorious

You will make my day if it's in there.


A business shouldn't benefit if they are still plowing ahead. I am butthurt that I didn't get my tax money back, and I certainly shouldn't be expected to line the pockets of businesses that aren't in need.

So if I made sure I had plenty of reserves to get through a down-time, I shouldn't get help (my tax money back)?

But if I wasn't responsible and didn't have enough reserves to last me even a single month, then I should get help?

And who would I be getting that help from? The other people that were responsible...so they didn't get their tax money back...and instead that money was given to me...since I wasn't responsible and couldn't pay my own bills..??

What I find interesting about all of this, too, is that those of us who are responsible and organized with our finances (and who may not "need" the help) were able to apply for the EIDL and PPP within minutes, and were quickly approved and funded without any issues.

Hmmmm....there just might be something to all of this.

Just imagine if everybody were actually organized enough that they could get in line for these things quickly...a line which may not need to exist in the first place, if only everybody were actually organized enough that...hopefully you get my point.

I realize I'm being a bit snarky and it's not quite that simple for everybody. But to say I shouldn't get mine because I don't "need" it, when the only reason I don't "need" it is because I prepared for such an event, and I'm supposed to just sit back and watch everybody else get theirs (or is it mine?) because they weren't prepared, for whatever reason...well that's a real slap in the junk.

[SAUTO]

Originally Posted by O.city

I'll have to look but i thought there was something on the app about it. I'll see if i can find it.

pretty sure you had to attest to the fact that this was going to negatively impact your business

[SAUTO]

Originally Posted by DRU

So if I made sure I had plenty of reserves to get through a down-time, I shouldn't get help (my tax money back)?

But if I wasn't responsible and didn't have enough reserves to last me even a single month, then I should get help?

And who would I be getting that help from? The other people that were responsible...so they didn't get their tax money back...and instead that money was given to me...since I wasn't responsible and couldn't pay my own bills..??

What I find interesting about all of this, too, is that those of us who are responsible and organized with our finances (and who may not "need" the help) were able to apply for the EIDL and PPP within minutes, and were quickly approved and funded without any issues.

Hmmmm....there just might be something to all of this.

Just imagine if everybody were actually organized enough that they could get in line for these things quickly...a line which may not need to exist in the first place, if only everybody were actually organized enough that...hopefully you get my point.

I realize I'm being a bit snarky and it's not quite that simple for everybody. But to say I shouldn't get mine because I don't "need" it, when the only reason I don't "need" it is because I prepared for such an event, and I'm supposed to just sit back and watch everybody else get theirs (or is it mine?) because they weren't prepared, for whatever reason...well that's a real slap in the junk.

wasnt this program put in place to help pay your employees to stay home and stop the spread?

how do they accomplish that if they are still working?

[notorious]

Originally Posted by DRU

So if I made sure I had plenty of reserves to get through a down-time, I shouldn't get help (my tax money back)?

But if I wasn't responsible and didn't have enough reserves to last me even a single month, then I should get help?

And who would I be getting that help from? The other people that were responsible...so they didn't get their tax money back...and instead that money was given to me...since I wasn't responsible and couldn't pay my own bills..??

What I find interesting about all of this, too, is that those of us who are responsible and organized with our finances (and who may not "need" the help) were able to apply for the EIDL and PPP within minutes, and were quickly approved and funded without any issues.

Hmmmm....there just might be something to all of this.

Just imagine if everybody were actually organized enough that they could get in line for these things quickly...a line which may not need to exist in the first place, if only everybody were actually organized enough that...hopefully you get my point.

I realize I'm being a bit snarky and it's not quite that simple for everybody. But to say I shouldn't get mine because I don't "need" it, when the only reason I don't "need" it is because I prepared for such an event, and I'm supposed to just sit back and watch everybody else get theirs (or is it mine?) because they weren't prepared, for whatever reason...well that's a real slap in the junk.

Read the thread. I agree with you.

By the way, you make and awful lot of assumptions about me in your post. If you actually knew the truth you wouldn’t have posted this.

[notorious]

Originally Posted by SAUTO

pretty sure you had to attest to the fact that this was going to negatively impact your business

That’s kind of where I’m at. This is having a delayed effect in the Midwest, as my schedule is thinning out in the future due to that fact.

I would have lied but told a future truth when answering that question.

Thank goodness I took Dru’s advice and have several years of operating money saved. (Yes Dru, YEARS).

[Buehler445]

Originally Posted by DRU

So if I made sure I had plenty of reserves to get through a down-time, I shouldn't get help (my tax money back)?

But if I wasn't responsible and didn't have enough reserves to last me even a single month, then I should get help?

And who would I be getting that help from? The other people that were responsible...so they didn't get their tax money back...and instead that money was given to me...since I wasn't responsible and couldn't pay my own bills..??

What I find interesting about all of this, too, is that those of us who are responsible and organized with our finances (and who may not "need" the help) were able to apply for the EIDL and PPP within minutes, and were quickly approved and funded without any issues.

Hmmmm....there just might be something to all of this.

Just imagine if everybody were actually organized enough that they could get in line for these things quickly...a line which may not need to exist in the first place, if only everybody were actually organized enough that...hopefully you get my point.

I realize I'm being a bit snarky and it's not quite that simple for everybody. But to say I shouldn't get mine because I don't "need" it, when the only reason I don't "need" it is because I prepared for such an event, and I'm supposed to just sit back and watch everybody else get theirs (or is it mine?) because they weren't prepared, for whatever reason...well that's a real slap in the junk.

What notorious is getting at is that people got it without shutting down.

[Mr. Plow]

Originally Posted by Buehler445

What notorious is getting at is that people got it without shutting down.

I'm one of those that got it while being an essential business and continuing to operate, basically as normal. Also had a few months of operating expenses to fall back on. We also moved the higher risk employees home to work remotely.

Yes, my business is continuing to operate as normal. We have 900ish customers in 47 states - some of which are essential, some of which are not - most of which are small businesses. Most have closed their doors and we are handling their calls because they can operate, but can't be in the office - we have a lot of customers that are dealing with Covid-19 cleanups for people and companies.

The hardship we'll see will not be with the work we are doing now, but when my customers are trying to pay their bills. In order to pay their bills, they are going to have to collect from customers that don't have jobs, which will delay everything including them paying their bill to us. This money gives us the chance to keep our employees paid & working during the delays in collecting that are sure to follow.

[Buehler445]

Originally Posted by Mr. Plow

I'm one of those that got it while being an essential business and continuing to operate, basically as normal. Also had a few months of operating expenses to fall back on. We also moved the higher risk employees home to work remotely.

Yes, my business is continuing to operate as normal. We have 900ish customers in 47 states - some of which are essential, some of which are not - most of which are small businesses. Most have closed their doors and we are handling their calls because they can operate, but can't be in the office - we have a lot of customers that are dealing with Covid-19 cleanups for people and companies.

The hardship we'll see will not be with the work we are doing now, but when my customers are trying to pay their bills. In order to pay their bills, they are going to have to collect from customers that don't have jobs, which will delay everything including them paying their bill to us. This money gives us the chance to keep our employees paid & working during the delays in collecting that are sure to follow.

Yeah. Me too. And to be fair to me, mine was basically nothing. I don't pay myself a ton of payroll and I don't have anyone else on MY staff (Dad has one guy and a couple part timers).

But here's the thing, if I don't get it, even as little as it is, and my neighbors do, and then get it forgiven, their margins improve and mine don't. My margins are ass as it stands so I have a fiduciary responsibility to do what I can to improve them, above and beyond the competitive environment.

[dlphg9]

So went to my small bank and applied on Friday to get app in early. Bank called me just about 20 minutes ago saying my PPP loan papers are ready to sign. Do you all think that means I was approved or that they need me to sign these papers so they can send to SBA?

[chiefforlife]

That means you are approved. Congratulations! You should be funded within 72 hours of signing.

[BigRedChief]

Glad to see a lot more of you guys getting this money instead of the big corporations and lawyer firms etc.


Hopefully it helps you make it through this time and you get your shot at being a big corporation.

[dlphg9]

Originally Posted by chiefforlife

That means you are approved. Congratulations! You should be funded within 72 hours of signing.

Sweet ass! May have it quick since I opened an account at the bank.