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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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04-04-2020, 07:44 PM | #331 |
Supporter
Join Date: Oct 2000
Location: In a shotgun shack
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Counting on PPP loan to allow us to keep everyone paid and come out ok in about 6 weeks. Thankfully we were in pretty good shape when it started.
Edit: A complication is that we use Paychex for payroll services and a few months ago we switched to using Paychex HR services. Unfortunately that turned us into two different Paychex accounts and I'm still waiting on infor for the old one. Overall, I'm still feeling confident. |
Posts: 14,932
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04-04-2020, 07:51 PM | #332 |
Veteran
Join Date: Oct 2013
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It appears Bank of America reversed their policy and is allowing any business accounts to now apply after getting a lot of backlash yesterday. I'm going to start getting my application in now.
Had a quick question and was going to see if anyone was in similar situation or could link to any guidance. I'm an S-corp...I pay myself and employees a set salary and then I take a distribution at end of year with profit after expenses/overhead. Is K-1 money allowed to be used in your "monthly payroll x 2.5" calculation? I haven't seen anything specifically in my research...read a lot about salary, commisions, vacation/sick benefits, retirement contrib, etc. But I haven't seen anything specific about distributions. I know overall is capped at 100k, but I only pay myself a regularly small salary and take an amount equal to or larger as distribution every year. |
Posts: 1,232
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04-04-2020, 08:05 PM | #333 |
Veteran
Join Date: Oct 2013
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I believe I've answered my own question in that any distribution is NOT able to be calculated. But if someone knows different, feel free to chime in.
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Posts: 1,232
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04-04-2020, 09:44 PM | #334 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
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Posts: 57,710
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04-05-2020, 04:49 AM | #335 | |
To the Game
Join Date: Oct 2003
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Quote:
Here's one of many sources on this: https://youtu.be/Ge3alRZMClI?t=821 All of the SE taxes you've been saving over the years keeping your salary low and taking distributions should have helped you stuff cash reserves away to help prepare for things like this on your own. I'm in the same boat. On one hand, it'd be nice if it was included. On the other, it makes perfect sense why it's not. |
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04-05-2020, 05:32 AM | #336 |
Starter
Join Date: Nov 2008
Location: Duh
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Has anyone who has applied for a PPP loan had it funded yet?
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Posts: 286
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04-05-2020, 07:10 AM | #337 |
Supporter
Join Date: Jun 2002
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Posts: 2,072
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04-05-2020, 09:13 AM | #338 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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that's great news....I think one lesson to take out of this is to keep being the aggressor....many people, including the bankers, don't seem to know, and I think the more you ask and press, the more likely you'll get things that you need....
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Posts: 3,231
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04-05-2020, 09:16 AM | #339 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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From what I've heard, there are additional problems with feeding the apps from the banks to the SBA through whatever system they are using.
So, my question that I've been asking is "how do I know that it truly is first come / first serve" if none of the applications are going through? And just because you have the application in, doesn't mean it's been processed. I'm not really sure there will be any way to stop these loan applications at $349B....not like this. |
Posts: 3,231
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04-05-2020, 09:36 AM | #340 |
Veteran
Join Date: Apr 2002
Location: Jupiter, FL.
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Comments are glorious...
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Posts: 3,838
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04-05-2020, 10:16 AM | #341 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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04-05-2020, 10:44 AM | #342 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Hey, anybody applying for the COVID-19 ECONOMIC INJURY DISASTER LOAN (EIDL) GRANT??
$10,000 each. We are doing 5 applications. We outsource a great deal; so going for the fullEIDL made the most sense for four after if/when we receive any grants. One, with the most people, we are doing after the PPP $$ is received. We submitted two today. And the other two by Tuesday. One site stated they were funding in 3 days. Another stated 5 to 7 days. Last edited by Trivers; 04-05-2020 at 11:00 AM.. |
Posts: 2,961
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04-05-2020, 11:40 AM | #343 | |
Fish are scared of me
Join Date: Nov 2001
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Quote:
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04-05-2020, 11:47 AM | #344 |
Shit
Join Date: Jun 2008
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I submitted mine last Tuesday...
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04-05-2020, 11:50 AM | #345 |
Shit
Join Date: Jun 2008
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I would think you’d do it before the ppp and roll whatever more you get into the ppp and get it forgiven also possibly
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Posts: 55,715
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