Hey Small Business Owners...What are you doing to ride the storm out?

[IA_Chiefs_fan]

Originally Posted by mililo4cpa

OK....back on the trail of PPP and EIDL this morning....should be hearing things from the bankers today....

Would encourage all of you to reach out to the banks today!

I'm on it. Thank you.

[blake5676]

I reached out to small business rep at my Bank of America down the street. Had a 1pm appointment that he cancelled bc he said they had a system wide conference call in regards to the stimulus. Told me he'd be back in touch with me tomorrow.

It wasn't terribly encouraging because I knew about 10 times more about the proposed details of the disaster loans and PPP than he did, but I guess we'll wait and see. I'd honestly rather do it through the bank where I do my personal business, but I figure verification of expenses would be easier if I applied through the bank that holds my business account.

[mililo4cpa]

Originally Posted by blake5676

I reached out to small business rep at my Bank of America down the street. Had a 1pm appointment that he cancelled bc he said they had a system wide conference call in regards to the stimulus. Told me he'd be back in touch with me tomorrow.

It wasn't terribly encouraging because I knew about 10 times more about the proposed details of the disaster loans and PPP than he did, but I guess we'll wait and see. I'd honestly rather do it through the bank where I do my personal business, but I figure verification of expenses would be easier if I applied through the bank that holds my business account.

Honestly, I've not heard much today that wasn't already in process on Friday...I agree that even the bankers are a little perplexed today, and may take several days before the real answers start coming out. I'm starting to think funding will come much sooner than anticipated (my original estimate was 2 months), but I don't think it will be in the next week, and I wouldn't make recommendations to that effect.

In the meantime, my consultants were greeted this morning with the mass confusion of small business owners, so we're trying to keep them as informed as possible based on what we know....

[RINGLEADER]

Originally Posted by blake5676

I reached out to small business rep at my Bank of America down the street. Had a 1pm appointment that he cancelled bc he said they had a system wide conference call in regards to the stimulus. Told me he'd be back in touch with me tomorrow.

It wasn't terribly encouraging because I knew about 10 times more about the proposed details of the disaster loans and PPP than he did, but I guess we'll wait and see. I'd honestly rather do it through the bank where I do my personal business, but I figure verification of expenses would be easier if I applied through the bank that holds my business account.

Called three banks and this was my experience at all of them. None of them really had a clue what to do although they all knew something was coming.

[Trivers]

Originally Posted by RINGLEADER

Called three banks and this was my experience at all of them. None of them really had a clue what to do although they all knew something was coming.

Same experience.

Two I currently bank with. Last one was the largest SBA loan lender in the state.

[mililo4cpa]

Originally Posted by Trivers

Same experience.

Two I currently bank with. Last one was the largest SBA loan lender in the state.

I imagine the banks are getting inundated with calls on this thing, and quite honestly, I (again) don't think all the fine details have been worked out. I've personally spent time reading the bill, and it's not an easy read by any stretch, and I'm sure as hell not an attorney or in congress to where this type of stuff is second nature.

I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet?

My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off....

[O.city]

Originally Posted by mililo4cpa

I imagine the banks are getting inundated with calls on this thing, and quite honestly, I (again) don't think all the fine details have been worked out. I've personally spent time reading the bill, and it's not an easy read by any stretch, and I'm sure as hell not an attorney or in congress to where this type of stuff is second nature.

I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet?

My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off....

Whats sad is that people need this money NOW. Bills and shit are due.

[Mr. Plow]

Thanks to everyone for posting. Great information in here.

[mililo4cpa]

Just saw this....posting various links

For PPP applications (looks like apps should be in process this week)
https://www.foxbusiness.com/economy/...navirus-update

https://www.bloomberg.com/news/artic...ning-this-week


For individual checks ($1,200 payments - looks like 3 weeks out):
https://www.cnbc.com/2020/03/26/coro...chin-says.html

[MahiMike]

I want to know what you guys are gonna do with your stimulus checks. Just keep them and/or hire back your staff?

[blake5676]

Originally Posted by MahiMike

I want to know what you guys are gonna do with your stimulus checks. Just keep them and/or hire back your staff?

Personally, I haven't let anyone go. But I have a very small staff and I'm also a hoarder and don't live month to month with the company bank balance. I have some cushion as well as a decent amount to still bill in the next few weeks.

It's gonna be much more noticeable to me in the summer when I see the lack of money coming in from being so damn slow for the past 2-3 weeks and continuing. I won't go broke if the PPP doesn't work out for me, but it'd sure help cover some of the losses.

There's another strange thing I've wondered, and I could be totally reading things wrong and haven't done the due diligence researching. I didn't lay off employees because I do have some cushion and their situations are certainly more in limbo than mine....but I wonder if it wouldn't actually help in the long run if I did. From the little I've read, they'd be making a decent amount more on unemployment right now (accounting for the extra $600 from fed) than what their weekly paychecks are from me. Seems like a pretty backwards way of incentivizing employers and employees from each taking advantage of the system, no?

[Trivers]

Originally Posted by blake5676

Personally, I haven't let anyone go. But I have a very small staff and I'm also a hoarder and don't live month to month with the company bank balance. I have some cushion as well as a decent amount to still bill in the next few weeks.

It's gonna be much more noticeable to me in the summer when I see the lack of money coming in from being so damn slow for the past 2-3 weeks and continuing. I won't go broke if the PPP doesn't work out for me, but it'd sure help cover some of the losses.

There's another strange thing I've wondered, and I could be totally reading things wrong and haven't done the due diligence researching. I didn't lay off employees because I do have some cushion and their situations are certainly more in limbo than mine....but I wonder if it wouldn't actually help in the long run if I did. From the little I've read, they'd be making a decent amount more on unemployment right now (accounting for the extra $600 from fed) than what their weekly paychecks are from me. Seems like a pretty backwards way of incentivizing employers and employees from each taking advantage of the system, no?

Good to read that you are set for the immediate future!
If you lay them off, what guarantee that you have that they will come back to you? $600/week is for 4 months only.
We have not laid off anyone and stated to them that we are family and we will work through it. A lot of companies can't afford to do that and I respect that. We are in a position where we can.

[mililo4cpa]

Originally Posted by Trivers

Good to read that you are set for the immediate future!
If you lay them off, what guarantee that you have that they will come back to you? $600/week is for 4 months only.
We have not laid off anyone and stated to them that we are family and we will work through it. A lot of companies can't afford to do that and I respect that. We are in a position where we can.

This is what the PPP is for....

[blake5676]

Originally Posted by Trivers

Good to read that you are set for the immediate future!
If you lay them off, what guarantee that you have that they will come back to you? $600/week is for 4 months only.
We have not laid off anyone and stated to them that we are family and we will work through it. A lot of companies can't afford to do that and I respect that. We are in a position where we can.

Yeah, again, I'm not planning to lay anyone off. And financially I don't need to and can float things for awhile (although it's technically MY money in the company account).

What I was saying is, THEY (employees) might be better off if u did cut them bc their take home would increase. I think state unemployment is like $350 in MO. Tack on another $600/week from the Fed and they would be making more on unemployment than on my payroll. Just seems a little backwards is all I was saying, but I very well could be misunderstanding how those numbers work.