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Old 03-26-2020, 09:25 AM  
Trivers Trivers is online now
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Join Date: Oct 2011
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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..
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Old 04-05-2020, 12:03 PM   #346
SAUTO SAUTO is offline
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And it’s “up to” 10 k. Whatever that means
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Old 04-05-2020, 12:12 PM   #347
mililo4cpa mililo4cpa is offline
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Couldn’t he have taken out an Eidl then rolled it into the ppp and then hire more “new” help and raise his payroll and still have gotten his ppp forgiven for the full amount?
That's an interesting question. I don't profess to know the answer BUT:

the loan forgiveness amount is simply the amount you paid in payroll, mortgage interest, utility payments, and rents. So, in theory, this makes sense, because the only real limiting factor is reduction in headcount, which your scenario raises headcount.

However, EIDL and PPP cannot be used for the same purpose, so I'd think you'd have to earmark EIDL funds for the expanded payroll, and PPP for current payroll....again, not sure how or if that would work.

I'll look into it and see if I can get a better answer for you....may take a day or two....
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Old 04-05-2020, 12:15 PM   #348
SAUTO SAUTO is offline
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Originally Posted by mililo4cpa View Post
That's an interesting question. I don't profess to know the answer BUT:

the loan forgiveness amount is simply the amount you paid in payroll, mortgage interest, utility payments, and rents. So, in theory, this makes sense, because the only real limiting factor is reduction in headcount, which your scenario raises headcount.

However, EIDL and PPP cannot be used for the same purpose, so I'd think you'd have to earmark EIDL funds for the expanded payroll, and PPP for current payroll....again, not sure how or if that would work.

I'll look into it and see if I can get a better answer for you....may take a day or two....
but doesn’t the ppp application worksheet have a spot to roll in eidl Loan money minus the 10k ?
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Old 04-05-2020, 12:22 PM   #349
Buehler445 Buehler445 is online now
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Originally Posted by SAUTO View Post
but doesn’t the ppp application worksheet have a spot to roll in eidl Loan money minus the 10k ?
The one my bank sent did.
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Old 04-05-2020, 12:25 PM   #350
SAUTO SAUTO is offline
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The one my bank sent did.
Mine did too.

And it looks like adding capacity is a approved expense. He can’t add capacity if he didn’t add employees
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Old 04-05-2020, 12:38 PM   #351
Trivers Trivers is online now
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I submitted mine last Tuesday...
Cool! No word of anything yet?
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Old 04-05-2020, 01:21 PM   #352
chiefforlife chiefforlife is offline
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I called my Chase banker and Emailed her on Thursday to get going. My Chase banker Emailed me on Friday and said go to Chase online and get in the Que.
It wasnt an application, more of a put your hat in and we'll call you. It literally said not to call them or try to contact them.
This morning (Sunday) I received an Email letting me know they received it and will Email or call me with the next steps.

With time being crucial, I'm not very happy with Chase right now.
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Old 04-05-2020, 01:31 PM   #353
SAUTO SAUTO is offline
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Originally Posted by Trivers View Post
Cool! No word of anything yet?
No word
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Old 04-05-2020, 01:31 PM   #354
mililo4cpa mililo4cpa is offline
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Cool! No word of anything yet?
SBA response on EIDL has generally come about 8-9 days after applying (generally)....I have not heard one instance of funding yet, even on the initial $10K grant.

Most of my clients are probably 1 - 2 weeks into the EIDL process, so hoping that we start hearing about fundings this week. It's the government, so I'm not going to hold my breath though....
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Old 04-05-2020, 01:33 PM   #355
SAUTO SAUTO is offline
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I made my initial application last Saturday I think. They emailed me Monday night and said if I wanted the advance I needed to fill out another application and ask for it and give my banking info. It also said it wouldn’t show up the initial application process
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Old 04-05-2020, 01:48 PM   #356
mililo4cpa mililo4cpa is offline
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Originally Posted by chiefforlife View Post
I called my Chase banker and Emailed her on Thursday to get going. My Chase banker Emailed me on Friday and said go to Chase online and get in the Que.
It wasnt an application, more of a put your hat in and we'll call you. It literally said not to call them or try to contact them.
This morning (Sunday) I received an Email letting me know they received it and will Email or call me with the next steps.

With time being crucial, I'm not very happy with Chase right now.
Stay on top of your rep....the banks are hedging a little bit because there is some underlying uncertainly with the finer details. But you have to hold them accountable. They will get there so long as people keep voicing their concerns. The banks are putting their interest in front of the small business owner....understandable to a degree, but they need to step up!
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Old 04-05-2020, 01:52 PM   #357
mililo4cpa mililo4cpa is offline
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I made my initial application last Saturday I think. They emailed me Monday night and said if I wanted the advance I needed to fill out another application and ask for it and give my banking info. It also said it wouldn’t show up the initial application process
Thanks for the information!

I have a request for everybody: I've tried my best to lay out what I know through this process as best I can and hopefully have put out some nuggets for people here....

My request is, as you all learn something on your end, please share with me (and the group here). I think there's been a lot of good stuff posted by everyone, and I take what I know to try to help other business owners with the same issues. The more I can arm myself with practice real world examples, the better I can be for everyone else. P.S. I always try to vet what I hear, so any bit of information is useful....

thank you all for your contributions here....it's greatly appreciated. You guys are doing great work and I appreciate it!
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Old 04-05-2020, 02:00 PM   #358
chiefforlife chiefforlife is offline
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Originally Posted by mililo4cpa View Post
Stay on top of your rep....the banks are hedging a little bit because there is some underlying uncertainly with the finer details. But you have to hold them accountable. They will get there so long as people keep voicing their concerns. The banks are putting their interest in front of the small business owner....understandable to a degree, but they need to step up!
I couldnt agree more.

Chase helped me when other banks wouldnt and since then I have been extremely loyal. I have always felt like Chase was leading the business banking environment and would certainly be out front in an event like this.

I realize it just opened Friday and its still in the early stages but when I see how many loans have already been processed it causes me to get anxious about not receiving any help by being late to apply.

I will be in early tomorrow and plan to be all over my rep.

I also have a Personal Credit Union, think I may contact them if I dont get anywhere with Chase SOON.

I enjoy reading your input in this thread and appreciate all who have contributed.

Its funny when you tell someone you got a lot of this info from "Chiefs Planet". Love this place!
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Old 04-05-2020, 02:30 PM   #359
mililo4cpa mililo4cpa is offline
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I couldnt agree more.

Chase helped me when other banks wouldnt and since then I have been extremely loyal. I have always felt like Chase was leading the business banking environment and would certainly be out front in an event like this.

I realize it just opened Friday and its still in the early stages but when I see how many loans have already been processed it causes me to get anxious about not receiving any help by being late to apply.

I will be in early tomorrow and plan to be all over my rep.

I also have a Personal Credit Union, think I may contact them if I dont get anywhere with Chase SOON.

I enjoy reading your input in this thread and appreciate all who have contributed.

Its funny when you tell someone you got a lot of this info from "Chiefs Planet". Love this place!
So true! But really, business is business, and (believe it or not), we have some really smart people here. If you can wade through the muck, there are definitely nuggets of gold in there somewhere.

And let's be honest: sometimes the muck is a little fun too....
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Old 04-05-2020, 02:32 PM   #360
SAUTO SAUTO is offline
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I wonder how they come up with “ up to” 10k. How do they calculate how much you’d get? What about a loan amount? They never asked.

Cash flow per month? All they really asked was gross sales and cost of goods sold...
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