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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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05-03-2020, 07:08 AM | #646 | |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
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05-03-2020, 07:32 AM | #647 | |
The Lurkiest
Join Date: Aug 2000
Location: Boise,ID
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I used a smallish credit union 8 days from apication to final paperwork. My accountant recommended staying away from big banks. |
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Posts: 1,945
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05-03-2020, 09:30 AM | #648 |
Veteran
Join Date: Oct 2013
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If I could start the process over, I'd have done the same. I figured in the first days of the process that most banks were only working with their own customers. Being first come, first serve I jumped in line with BOA and got my app in.
Fortunately, it appears that I'm FINALLY going to be funded...got my promissory note yesterday morning and should have the funds in the next day or two. That being said, I haven't talked to a single person that used a big bank that had a quick and smooth process. Across the board, it appears that the little banks were way ahead of the curve, easier to deal with and certainly more transparent. My final timeline will be application on 4/4, documents uploaded 4/7, and then 17 days from that point until confirmation that my application is complete, another 5 days until email saying it has been submitted to SBA, and now acknowledgement that everything is good. So approximately 30 days from start to funding. |
Posts: 1,232
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05-03-2020, 10:34 AM | #649 |
The Beast Inside Your Head
Join Date: Jul 2006
Location: Parts Unknown
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So I am assuming if you are in an LLC with several others you only need to report the amount paid out to you when filing unemployment? What if you only pay out monthly?
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Posts: 26,021
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05-03-2020, 10:55 AM | #650 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Typically loan forgiveness is taxable and any associated expenses deductible. So congress came out and said they won’t be taxable so Treasury said that expenses used won’t be deductible. Which is not awesome. For anyone except auditors. Presume rent is due in Dec or Jan? For sure wait until you see what the program looks like. If it’s due in May or something maybe let them defer it and see how the year goes. |
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Posts: 57,710
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05-03-2020, 11:03 AM | #651 |
Andy Reid Supporter
Join Date: Apr 2012
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So my wife’s company used Chase bank. They royally ****ed up their portal and paperwork so my wife’s company could not get a loan in the first rd.
Their company is in the process of moving everything to a new bank. |
Posts: 47,733
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05-03-2020, 01:56 PM | #652 |
Award Winning Tailgater
Join Date: Aug 2000
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I'm in the process of doing the same thing. Chase and BofA is dead to me at this point.
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Posts: 3,947
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05-03-2020, 03:01 PM | #653 |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
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Buehler-We have this years first payment, waiting for second in Oct/Nov. Leases have to be negotiated and signed by Nov 1. Iowa laws.
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Posts: 37,896
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05-03-2020, 06:31 PM | #654 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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I'll probably do the same with some US Bank stock since they've been accused too. I don't have previous proof that they're evil so I'm waiting to see what happens there. Wells Fargo is everything that's wrong with the American financial system. I wish every company in America would pull their business and put that company out of business. |
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05-03-2020, 06:36 PM | #655 | |
Award Winning Tailgater
Join Date: Aug 2000
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Posts: 3,947
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05-05-2020, 07:08 PM | #656 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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HEADS UP!!!
SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. Notice: New Eligibility for Economic Injury Disaster Loan and Advance In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic. Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)). SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application. At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying. Eligible agricultural businesses may apply for the Loan Advance here. |
Posts: 2,961
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05-07-2020, 11:28 AM | #657 |
In Search of a Life
Join Date: Dec 2005
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Kind of a weird, but somewhat expected, side affect of all the shutdowns.....
Now that things are opening back up slowly, we are gaining some new customers because they are having trouble getting their staff to come back to work. These people are getting their $600/week from unemployment and they don't want to give it up. So, companies are looking for alternatives to handling their phones - which is where we come in. We've picked up around 5 new customers because of it in the last 3 days. Most recent was an attorney just north of us who was referred to us by his son, who is good friends with a customer of ours in Florida. Also picked up another restaurant in Seattle. |
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05-07-2020, 01:12 PM | #658 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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05-07-2020, 01:32 PM | #659 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Just a heads up, communicate what you’re doing and why. And that it won’t happen every time he gets a stroke of bad luck. You know your tenant better than I do. Just be clear about expectations. Quote:
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05-07-2020, 02:18 PM | #660 | |
MVP
Join Date: Oct 2010
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