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?

[DaFace]

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.

The form we had to fill out made us initial next to this:

"Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."

That's it though.

[chiefforlife]

**** Chase Bank!!

Ok, I have had a 15 year business relationship with Chase bank.

I have my building loan with them (2 million dollars), I have both my business accounts, personal, 2nd mortgage (cabin), Wifes auto loan, business line of credit, Credit card processing. So literally like 8 accounts with them.

I applied on April 3rd within the first hour of it opening, was told I could only get in the Que. On April 7th was told to go ahead and fill out the application, again in the first hour of it opening.
3 days after the first round ran OUT of money was told sorry but they did get 300,000 loans approved, just not mine.
However I could remain in the "process" in case there was a second round of funding, which of course I did.

In the meantime I contacted a smaller bank, First National Bank of Omaha, which a few of my business friends had used and DID receive funding on the first round.

They were super responsive and helpful, told me to go ahead and open a business checking account and apply for the PPP loan so if there was a second round I would be ready and they would as well.

As we all know, the second round opened up Monday. Tuesday morning a received a call from them saying I had been approved. I received my "Docusign" loan papers today (Thursday) and have completed them. Should be funded within 72 hours.

Without exaggeration, these funds will probably save my business and I was in pretty good shape as far as reserve funds though they were drying up quickly.

I still havent heard anything from Chase other than my loan was submitted to the SBA and they will let me know. The email literally says DONT call or Email us!

So, what else is there to say other than Chase does NOT value its small business' and are willing to sacrifice them in order to take care of their larger customers, many of whom did NOT need the help.

I get it, they were just doing what they felt was best for their business. Well now I will be doing what I feel is best for mine. Good bye Chase Bank!

[KingKong]

How about a list of businesses or if a contractor trades. I probably don’t need something in everyone’s line of work but if I do and know where to go I would be more than willing to direct my business in your directions to help out if I can.

If we can get that on here I will start picking options from that list as priority

[dlphg9]

Originally Posted by KingKong

How about a list of businesses or if a contractor trades. I probably don’t need something in everyone’s line of work but if I do and know where to go I would be more than willing to direct my business in your directions to help out if I can.

If we can get that on here I will start picking options from that list as priority

Where do you live?

[Mr. Plow]

Originally Posted by chiefforlife

**** Chase Bank!!

Ok, I have had a 15 year business relationship with Chase bank.

I have my building loan with them (2 million dollars), I have both my business accounts, personal, 2nd mortgage (cabin), Wifes auto loan, business line of credit, Credit card processing. So literally like 8 accounts with them.

I applied on April 3rd within the first hour of it opening, was told I could only get in the Que. On April 7th was told to go ahead and fill out the application, again in the first hour of it opening.
3 days after the first round ran OUT of money was told sorry but they did get 300,000 loans approved, just not mine.
However I could remain in the "process" in case there was a second round of funding, which of course I did.

In the meantime I contacted a smaller bank, First National Bank of Omaha, which a few of my business friends had used and DID receive funding on the first round.

They were super responsive and helpful, told me to go ahead and open a business checking account and apply for the PPP loan so if there was a second round I would be ready and they would as well.

As we all know, the second round opened up Monday. Tuesday morning a received a call from them saying I had been approved. I received my "Docusign" loan papers today (Thursday) and have completed them. Should be funded within 72 hours.

Without exaggeration, these funds will probably save my business and I was in pretty good shape as far as reserve funds though they were drying up quickly.

I still havent heard anything from Chase other than my loan was submitted to the SBA and they will let me know. The email literally says DONT call or Email us!

So, what else is there to say other than Chase does NOT value its small business' and are willing to sacrifice them in order to take care of their larger customers, many of whom did NOT need the help.

I get it, they were just doing what they felt was best for their business. Well now I will be doing what I feel is best for mine. Good bye Chase Bank!

Glad to hear you got it and your business gets to keep chugging along. I absolutely hate hearing about these small businesses that are closing up because they didn't get their funding.

Sucks that Chase let you down, but you might have a good future with this small bank that will actually care about your business. I've got a similar issue on our building note with our old, bigger bank that forced us to move to the bank we're at now.

Extremely happy about where we're at now.

[dlphg9]

Im so glad I went the small bank route. Those big banks can suck a fat one. ****ing LA Lakers got a PPP loan lol. How does that happen.

[Mr. Plow]

Originally Posted by KingKong

How about a list of businesses or if a contractor trades. I probably don’t need something in everyone’s line of work but if I do and know where to go I would be more than willing to direct my business in your directions to help out if I can.

If we can get that on here I will start picking options from that list as priority

Great idea. Might double check with mods to make sure they don't care.

[DaFace]

Originally Posted by Mr. Plow

Great idea. Might double check with mods to make sure they don't care.

No issues at all from my perspective (though I'd probably suggest a new thread for it for visibility).

The one minor caveat is that we have some ****ing idiots around here, so if you're the type to get into pissing matches with people on here, think twice about putting your business out there for someone to retaliate against.

[KingKong]

Originally Posted by dlphg9

Where do you live?

KCMO but I’m anywhere from Airport to OPKS all time

[KingKong]

Originally Posted by DaFace

No issues at all from my perspective (though I'd probably suggest a new thread for it for visibility).

The one minor caveat is that we have some ****ing idiots around here, so if you're the type to get into pissing matches with people on here, think twice about putting your business out there for someone to retaliate against.

Not looking to get into all that just seeing if way to help folks out. I don’t post much just read mostly. I don’t want to get anyone more pain than they already are bearing

[dlphg9]

Originally Posted by DaFace

No issues at all from my perspective (though I'd probably suggest a new thread for it for visibility).

The one minor caveat is that we have some ****ing idiots around here, so if you're the type to get into pissing matches with people on here, think twice about putting your business out there for someone to retaliate against.

Yep thats the big issue. Idiots that take this site too serious.

Btw, anyone in eaatern Kansas to central MO that hasn't had their roof looked at in the last few years and wants/needs a new roof let me know. Most likely you have hail damage and we can get your insurance company to foot a large portion of the bill.

Id even donate $100 to CP for each job I get because of CP.

Also if you don't live in the specified area, but know someone that does ill give ya $100 for each job you could help me get.

[blake5676]

Originally Posted by chiefforlife

**** Chase Bank!!

Ok, I have had a 15 year business relationship with Chase bank.

I have my building loan with them (2 million dollars), I have both my business accounts, personal, 2nd mortgage (cabin), Wifes auto loan, business line of credit, Credit card processing. So literally like 8 accounts with them.

I applied on April 3rd within the first hour of it opening, was told I could only get in the Que. On April 7th was told to go ahead and fill out the application, again in the first hour of it opening.
3 days after the first round ran OUT of money was told sorry but they did get 300,000 loans approved, just not mine.
However I could remain in the "process" in case there was a second round of funding, which of course I did.

In the meantime I contacted a smaller bank, First National Bank of Omaha, which a few of my business friends had used and DID receive funding on the first round.

They were super responsive and helpful, told me to go ahead and open a business checking account and apply for the PPP loan so if there was a second round I would be ready and they would as well.

As we all know, the second round opened up Monday. Tuesday morning a received a call from them saying I had been approved. I received my "Docusign" loan papers today (Thursday) and have completed them. Should be funded within 72 hours.

Without exaggeration, these funds will probably save my business and I was in pretty good shape as far as reserve funds though they were drying up quickly.

I still havent heard anything from Chase other than my loan was submitted to the SBA and they will let me know. The email literally says DONT call or Email us!

So, what else is there to say other than Chase does NOT value its small business' and are willing to sacrifice them in order to take care of their larger customers, many of whom did NOT need the help.

I get it, they were just doing what they felt was best for their business. Well now I will be doing what I feel is best for mine. Good bye Chase Bank!

I'm in a somewhat similar situation, albeit with different account numbers, etc. I've business banked with BOA for 12 years, wife and I have our personal accounts there, multiple CC's, car loan history, etc. I applied for my business day 2 (April 4). It's been horrible ever since.

Obviously didn't get funded first go round. Have strongly considered pulling my app and going to a different small local bank, but afraid that might mess up the process if I'm already in the SBA system. Which I have no way of knowing bc BOA doesn't answer any, and I mean any, questions when inquiring. Have been told my application is accepted by BOA for weeks, got email that it was submitted to SBA finally on Monday. Crickets again ever since. I read they sent a batch of like 175,000 applications at once on Monday. There's literally no way of knowing if you in the queue, if they actually reviewed your numbers/amounts on the app, etc. Crossing my fingers that since I'm supposedly submitted that I will actually be funded this 2nd round. And I'm anxiously awaiting the money being deposited so that I can turn around and tell BOA to suck my ass. No idea other than convenience that it's basically next door for why I've stayed with them so long.

[KingKong]

Originally Posted by dlphg9

Yep thats the big issue. Idiots that take this site too serious.

Btw, anyone in eaatern Kansas to central MO that hasn't had their roof looked at in the last few years and wants/needs a new roof let me know. Most likely you have hail damage and we can get your insurance company to foot a large portion of the bill.

Id even donate $100 to CP for each job I get because of CP.

Also if you don't live in the specified area, but know someone that does ill give ya $100 for each job you could help me get.

Got mine done with hail damage a few years ago but will keep an eye out for anyone needing one. Hopefully your doing good I have a friend in that biz and he been busier than ever with folks home all time now noticing things on their house

[dlphg9]

Originally Posted by KingKong

Got mine done with hail damage a few years ago but will keep an eye out for anyone needing one. Hopefully your doing good I have a friend in that biz and he been busier than ever with folks home all time now noticing things on their house

I have a couple buddies that still work for the company I started with and the corporate office has been paying for a lead service to call and do the prospecting and since they had that big hail storm up around Raymore a few weeks back theyve been keeping busy.

What's good and bad about the company I work for is that we don't really do any type of cold prospecting. My boss is pretty well know ans highly regarded, so we stay busy. It's just me and him, so not many mouths to feed, but recently the calls have slowed way down and Icant knock even if I wanted to.

[chiefforlife]

Originally Posted by blake5676

I'm in a somewhat similar situation, albeit with different account numbers, etc. I've business banked with BOA for 12 years, wife and I have our personal accounts there, multiple CC's, car loan history, etc. I applied for my business day 2 (April 4). It's been horrible ever since.

Obviously didn't get funded first go round. Have strongly considered pulling my app and going to a different small local bank, but afraid that might mess up the process if I'm already in the SBA system. Which I have no way of knowing bc BOA doesn't answer any, and I mean any, questions when inquiring. Have been told my application is accepted by BOA for weeks, got email that it was submitted to SBA finally on Monday. Crickets again ever since. I read they sent a batch of like 175,000 applications at once on Monday. There's literally no way of knowing if you in the queue, if they actually reviewed your numbers/amounts on the app, etc. Crossing my fingers that since I'm supposedly submitted that I will actually be funded this 2nd round. And I'm anxiously awaiting the money being deposited so that I can turn around and tell BOA to suck my ass. No idea other than convenience that it's basically next door for why I've stayed with them so long.

I wouldnt wait on BOA, go to a small bank ASAP. I have heard that Wells Fargo BOA and Chase have all let their smaller customers hanging.
I will be funded by the time I hear from Chase. I was worried about the same thing and also thought, I was in on the first day, first hour of the opening. Surely Chase will come through before this other bank.
It wasnt even close as previously stated.
Look, I know how much this probably means to you, checking for Emails from the bank every five minutes.
Find out which small bank in your area is having success and run to them. It wont mess up the status of your loan with BOA and whomever gets it first.

This is to important not to. Good luck fellow Chief fan!