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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
Always ask 'Why?"
 
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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 03-26-2020, 01:47 PM   #61
Buehler445 Buehler445 is online now
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Join Date: Apr 2007
Location: Scott City KS
Quote:
Originally Posted by DJ's left nut View Post
Eh - 3/day during the weekdays.

So...kinda.

But yeah, the last two weeks have been just about on the hour. I've spent the last two days trying to anchor myself to the chair to just not go outside. The fact that my actual day to day workload has petered out to damn near nothing combined with the stress of all this is just a real bad combo.

Should probably go get sunflower seeds or something and then just use little 10 minute intervals to chew on 'em.
Sunflower seeds, coffee, gum, video games, guns, whatever.

I’ve had decent luck fighting anxiety and uncertainty by tying onto some big project and grinding. I used to do pretty well with exercise but since my knees are shot it isn’t the same. Sucks ass when your workload has dried up, but find something and plow hard. Revise your project tracking system, billing system, run some numbers on advertising, put together some proposals, just find something that will make you grind and go get it.

In my line of work there are a lot of uncontrollable variables that can **** up a guys business. So I can relate. And just the way I’m wired I’m not built to just sit back and rely on my risk management strategies despite putting a lot of work into them. I have to go somewhere with that energy. I’m guessing you’re the same way. Even if you’re not wired like me, smoking still isn’t it.

Last thing then I’ll shut the hell up. When I was a kid I was big and strong, pretty decent athlete could do a lot of things. Most kids that would lead to being cocky and feeling indestructible. But not me. I have a specific allergen that ****s up my life and I get asthma. I haven’t had an attack in years and medication has come a long way since then, but I had an attack when I was probably 12 that I thought was going to get me. I was working as hard as I could to catch my breath. Seriously. I was laying down giving it everything I had and I was just getting further behind. That’s the most scared I’ve ever been. Couple fairly serious car accidents, a damned close call on the farm almost falling off a roof, nothing compares that fear I felt. Accordingly, I’m fairly sensitive to lung issues and why I’m so passionate about what you probably think is a nothing deal.

I’ll crawl off the soapbox now. All the best man. You seem like good people. Best of luck.
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Old 03-26-2020, 01:47 PM   #62
O.city O.city is offline
In Search of a Life
 
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Quote:
Originally Posted by DJ's left nut View Post
Sounds like it will be administered through the local banks.

So...maybe make an appointment quickly.

There's so much shit in there to parse through and dissect that it's still going to be difficult to figure out how it works in practice. But hey, if worst case scenario I end up w/ a 10 year note with no personal guarantee that is 100% backed by the SBA at a rate not to exceed 4% for a million bucks....ugh...that'll suck dicks. But I can proooooobably make that work.

That's another $10K/month I'll have to find in the budget. So...y'know...no profit for 5 years. But it's workable.

The only thing that has me spooked is backing. If I gotta pay it back, I gotta pay it back. Shit happens. But I at least need to GET it first and if banks tighten up and I can't get the engines re-started, that's the nightmare scenario.

From what I've read I think we'll try to reduce any buyout payments by as much as we can, reduce all salaries by 25%, move on from college and part-time staff and let the chips fall where they may. I think that gets us quite a bit of cover here but it's hard to know exactly how much.

But if I can combine that cover with the security of knowing there will at least be the "well now you have to pay this back over 10 years" fallback, so be it.
Yeah, it is what it is. It looks like alot of it will be forgiven if used for certain things so hopefully that will help.
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Old 03-26-2020, 01:49 PM   #63
O.city O.city is offline
In Search of a Life
 
Join Date: Jul 2009
Quote:
Originally Posted by Buehler445 View Post
Sunflower seeds, coffee, gum, video games, guns, whatever.

I’ve had decent luck fighting anxiety and uncertainty by tying onto some big project and grinding. I used to do pretty well with exercise but since my knees are shot it isn’t the same. Sucks ass when your workload has dried up, but find something and plow hard. Revise your project tracking system, billing system, run some numbers on advertising, put together some proposals, just find something that will make you grind and go get it.

In my line of work there are a lot of uncontrollable variables that can **** up a guys business. So I can relate. And just the way I’m wired I’m not built to just sit back and rely on my risk management strategies despite putting a lot of work into them. I have to go somewhere with that energy. I’m guessing you’re the same way. Even if you’re not wired like me, smoking still isn’t it.

Last thing then I’ll shut the hell up. When I was a kid I was big and strong, pretty decent athlete could do a lot of things. Most kids that would lead to being cocky and feeling indestructible. But not me. I have a specific allergen that ****s up my life and I get asthma. I haven’t had an attack in years and medication has come a long way since then, but I had an attack when I was probably 12 that I thought was going to get me. I was working as hard as I could to catch my breath. Seriously. I was laying down giving it everything I had and I was just getting further behind. That’s the most scared I’ve ever been. Couple fairly serious car accidents, a damned close call on the farm almost falling off a roof, nothing compares that fear I felt. Accordingly, I’m fairly sensitive to lung issues and why I’m so passionate about what you probably think is a nothing deal.

I’ll crawl off the soapbox now. All the best man. You seem like good people. Best of luck.
I've put all my energy into masturbation.

Being in the dental field I was my hands so so many damn times a day it's like sandpaper so the lotion from rubbing one out is multifaceted in it's benefits.
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Old 03-26-2020, 01:52 PM   #64
DJ's left nut DJ's left nut is offline
Sauntering Vaguely Downwards
 
Join Date: Sep 2005
Location: Columbia, Mo
Quote:
Originally Posted by O.city View Post
I've put all my energy into masturbation.

Being in the dental field I was my hands so so many damn times a day it's like sandpaper so the lotion from rubbing one out is multifaceted in it's benefits.
This would all ****ing happen during shark week in my house, wouldn't it?

I am not fond of 2020, lemme tell ya.
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Old 03-26-2020, 02:01 PM   #65
Yosef_Malkovitch Yosef_Malkovitch is offline
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Join Date: Aug 2000
Location: Wichita, KS.
Quote:
Originally Posted by ChiliConCarnage View Post
Is that true when the crisis might still kill your spouse? Leaving you not to have to deal with divorce and a bonus possible fat life insurance check?

Screw divorce, Id be praying for the Rona to take her.

I think, from what I read, that the stress of the crisis tends to make people more likely to make major life choices (such as marriage and divorce).


I'm sure there are people out there hoping the virus will make the choice for them (as terrible as that sounds). But with a fatality rate of 2-4%, that will still leave a lot of people married and needing divorces.


I'm just not sure how they are going to pay for the divorce when the economy is a train wreck. Assuming that we get through this crisis in 6 months or so (hoping for the best here), I don't expect my practice to recover for probably a year at the earliest.

Last edited by Yosef_Malkovitch; 03-26-2020 at 02:07 PM..
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Old 03-26-2020, 02:45 PM   #66
notorious notorious is offline
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Just called my local banks and both said the loans will be ran direct through the government.
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Old 03-26-2020, 02:52 PM   #67
ChiliConCarnage ChiliConCarnage is offline
TACO SALAD
 
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Originally Posted by Yosef_Malkovitch View Post
I think, from what I read, that the stress of the crisis tends to make people more likely to make major life choices (such as marriage and divorce).


I'm sure there are people out there hoping the virus will make the choice for them (as terrible as that sounds). But with a fatality rate of 2-4%, that will still leave a lot of people married and needing divorces.


I'm just not sure how they are going to pay for the divorce when the economy is a train wreck. Assuming that we get through this crisis in 6 months or so (hoping for the best here), I don't expect my practice to recover for probably a year at the earliest.
I was a bit tongue in cheek there. Aren't money problems/stress at the root of a lot of divorces? Maybe you'll see a surge once things smooth out a bit. Good luck
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Old 03-26-2020, 02:59 PM   #68
DJ's left nut DJ's left nut is offline
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Originally Posted by notorious View Post
Just called my local banks and both said the loans will be ran direct through the government.
Looks like it's just really ramping up funding and de-regulating 7(a) loans through the SBA.

Those have always been administered by the banks themselves but ultimately backed by the government. From what I can see, the SBA will essentially 'purchase' the forgiveable obligations from qualified lenders in the event that they certify that the funds were used by the borrower on allowed expenses.

I just don't see how this can be a direct loan program - who in the federal government has the infrastructure for that? The Treasury department damn sure isn't geared up to accept millions of credit applications.

That just cannot be right.
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Old 03-26-2020, 03:14 PM   #69
SAUTO SAUTO is offline
Shit
 
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Quote:
Originally Posted by notorious View Post
Just called my local banks and both said the loans will be ran direct through the government.
Those are the sba loans already available
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Old 03-26-2020, 03:15 PM   #70
SAUTO SAUTO is offline
Shit
 
Join Date: Jun 2008
Quote:
Originally Posted by DJ's left nut View Post
Looks like it's just really ramping up funding and de-regulating 7(a) loans through the SBA.

Those have always been administered by the banks themselves but ultimately backed by the government. From what I can see, the SBA will essentially 'purchase' the forgiveable obligations from qualified lenders in the event that they certify that the funds were used by the borrower on allowed expenses.

I just don't see how this can be a direct loan program - who in the federal government has the infrastructure for that? The Treasury department damn sure isn't geared up to accept millions of credit applications.

That just cannot be right.
yeah Mnuchin yesterday said that you will go to your local bank and should be able to apply and get money same day.
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Old 03-26-2020, 03:16 PM   #71
LiveSteam LiveSteam is offline
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I went back to work...
Brick and stone dont lay themselves.
It was a nice break though.
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Old 03-26-2020, 03:16 PM   #72
Buehler445 Buehler445 is online now
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Quote:
Originally Posted by DJ's left nut View Post
Looks like it's just really ramping up funding and de-regulating 7(a) loans through the SBA.

Those have always been administered by the banks themselves but ultimately backed by the government. From what I can see, the SBA will essentially 'purchase' the forgiveable obligations from qualified lenders in the event that they certify that the funds were used by the borrower on allowed expenses.

I just don't see how this can be a direct loan program - who in the federal government has the infrastructure for that? The Treasury department damn sure isn't geared up to accept millions of credit applications.

That just cannot be right.
Only way I could see is if they use existing USDA/HUD/whatever infrastructure. If so watch out.
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Old 03-26-2020, 03:24 PM   #73
SAUTO SAUTO is offline
Shit
 
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My bank told me the same time yesterday, notorious.

They know very little about what will be available until the bill gets passed. I asked while I changed his oil today.
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Old 03-26-2020, 03:51 PM   #74
Trivers Trivers is offline
Always ask 'Why?"
 
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Thanks again to SAUTO for pointing the Paycheck Protection loan...

I've lined up two banks to compete on this SBA 7)A loan.

2.5 X average monthly payroll is for us not a large number, but if it has a path to be forgiven, then is worth the trouble.
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Old 03-26-2020, 04:25 PM   #75
Bowser Bowser is offline
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Hang in there, everyone.
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