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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: 2,962
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06-17-2020, 11:02 AM | #676 |
MVP
Join Date: Oct 2010
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So just applied for EIDL. How long does it take to get the advance?
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Posts: 18,195
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06-17-2020, 11:42 AM | #677 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Hopefully no one here got their business burned to the ground or looted.
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Posts: 52,205
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06-17-2020, 03:17 PM | #678 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,962
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09-14-2020, 11:23 AM | #679 |
Banned
Join Date: Oct 2019
Location: Seattle, USA
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I faced some financial issues due to the quarantine and had to get a small loan for my business. Unfortunately, my credit score doesn't allow me to get a bank loan, so bad credit loans online seemed to be the only way out. Of course, I paid my debt off as quickly as I could. And I know that many people are skeptical about such loans, but it really helped me.
Last edited by MelGrif; 09-15-2020 at 05:43 AM.. |
Posts: 44
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01-07-2021, 02:49 PM | #680 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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So how is everyone doing?
Shit got busy with fieldwork and I pretty much quit paying attention. I did get my PPP loan forgiven, which may not be a great deal, depending on what they do with the second round. But I am excited about them allowing us to deduct the expense yet. I didn't have any stored grain, so I didn't get any of the CFAP money, but CFAP2 I was eligible for based on insured acres. That helped. Is anyone doing the second round of PPP? I need to do some research on these payroll credits. Does anyone have the skinny on that? I'm probably out because of related party, but I need to figure it out nonetheless. I didn't get an EIDL, but Dad did. We'll see how that plays out. |
Posts: 57,718
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01-07-2021, 03:11 PM | #681 |
Supporter
Join Date: May 2005
Location: Who knows?
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Good bump. I got my loan forgiven, too.
If they are allowing us to deduct the expense, holy shit that's a very nice bonus. I need to call about the second round of PPP. |
Posts: 85,318
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01-07-2021, 03:16 PM | #682 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
But whatever. I'm happy. |
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Posts: 57,718
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01-07-2021, 04:35 PM | #683 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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I have several clients that are eligible and putting packages in for round 2.....
I was VERY concerned about the expense reduction clause, but held out faith that the intention of the original PPP wasn't to give money in advance only to screw the participant later.....thank goodness that common sense prevailed. Haven't dug into the new PPP parameters as much as the old one (been very busy lately), but one question that came up yesterday was whether the first loan had to be forgiven in order to qualify for the second round.....I honestly didn't know and haven't had time to research. Anyone know the answer to this? |
Posts: 3,231
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01-07-2021, 04:40 PM | #684 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
That doesn't sound right. So I have no idea. |
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Posts: 57,718
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01-07-2021, 04:59 PM | #685 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
So, regardless of what is going on with the first loan, you can still get the second so long as you meet the requirements. With that said, I could see where if you didn't qualify for loan forgiveness the first time around (which basically means you didn't use it to cover labor costs), then why would they give you a second tranche? Just didn't know if that was the official position.... I do know that most of the clients that we're helping with the second PPP did get the first PPP, so what you say isn't the case (again, with no direct research). You should be able to get #2, again so long as you meet the qualifications to do so (p.s. second round is much more restrictive to smaller business and there is a loss demonstration). |
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Posts: 3,231
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01-07-2021, 08:26 PM | #686 |
In Search of a Life
Join Date: Dec 2005
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I've had my paperwork ready to go for 6 months from the first round of PPP. We've offered it to the bank, but they don't want it yet - so mine still hasn't been "forgiven".
Just looked into the 2nd round of PPP to see if we qualify, and because of the "Experienced a 25% revenue reduction", I don't believe we qualify for it. |
Posts: 31,189
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01-07-2021, 09:18 PM | #687 |
MVP
Join Date: Oct 2010
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So did some reading just a bit ago about the SBAs rulings on the 2nd PPP loan. So if your loan is gonna be under $150,000 then you don't have to show a reduction in income.
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Posts: 18,195
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01-07-2021, 09:19 PM | #688 |
In Search of a Life
Join Date: Dec 2005
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Posts: 31,189
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01-07-2021, 09:26 PM | #689 | |
Supporter
Join Date: Jun 2002
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Quote:
"In addition to not having to submit any documentation, for loans under $150k, you don’t have to provide documentation of the 25% reduction with the application. You just need to provide it at the time of applying for forgiveness." Last edited by IA_Chiefs_fan; 01-07-2021 at 09:33 PM.. |
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Posts: 2,072
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01-08-2021, 09:43 AM | #690 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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So I got this from here.
Quote:
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Posts: 57,718
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