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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: 2,956
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04-05-2020, 02:53 PM | #361 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
So here's what I think: years ago I was on the Mississippi Gulf Coast when the BP Oil Spill occurred. While the physical damage to the business was nothing, the economic impact was quite large. The economic claims went through FEMA at the time, and it was a function of gross and net revenues before, during, and after the event. The business had to demonstrate the level of impact to FEMA to make the claim. So, I'm going to guess SBA EIDL will be similar. However, to date, there has been no guidance on this where even the FEMA claim under Deepwater Horizon had definition to the applicant. EDIT: The EIDL is up to $2M, and the initial $10K is supposed to bridge that amount, and has effectively become a grant....I believe that it would be "up to" because the SBA determines that the economic impact is under $10K....should have read your post a little better....apologies. |
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Posts: 3,230
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04-05-2020, 06:35 PM | #362 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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US BANK:
Hi, Thank you for your interest in the Paycheck Protection Program through U.S. Bank. According to your inquiry form, you are not currently a U.S. Bank customer. At this time, we have emailed the application information to current U.S. Bank customers, beginning with single-owner businesses. That includes sole proprietorships, S-Corps, LLCs, and non-profits, but excludes independent contractors with only 1099 income at the moment. We expect to expand to all types of eligible businesses, independent contractors, multi-owner businesses and multi-owner non-profits in the coming days. What does this mean for you? We are building the process to accept applications from non-U.S. Bank customers who have businesses in states where we have branches. Non-customers will require additional, manual verification steps that will add time to the process. We expect to have more information about that process and requirements early next week. Is there anything you can do now? We have everything we need from you at this time. If you would like to learn more about U.S. Bank, please visit usbank.com. Please note that opening an account with us will not affect the PPP process. We will update you again on Tuesday, if not before. For the most up-to-date information, please refer to usbank.com/ppp. |
Posts: 2,956
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04-05-2020, 06:40 PM | #363 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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04-05-2020, 07:03 PM | #364 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,956
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04-05-2020, 07:04 PM | #365 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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EIDL grant states "Up to $10,000".
Anybody know the criteria for obtaining the full amount? Thanks |
Posts: 2,956
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04-05-2020, 07:36 PM | #366 | |
Rookie
Join Date: Mar 2020
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Quote:
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Posts: 26
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04-06-2020, 05:43 AM | #367 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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I’d call her, but the reality, whether right or wrong, is that the big banks are only helping their own. That’s not the guidance they were given, it it’s what they are doing...
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Posts: 3,230
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04-06-2020, 05:46 AM | #368 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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Posts: 3,230
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04-06-2020, 06:20 AM | #369 | |
Rookie
Join Date: Mar 2020
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Quote:
I still qualify but I have a feeling they will go with mostly non profits! Doesn’t sound good but I will keep my fingers crossed. I will continue to work the bank that I have my personal accounts with and see what happens there. As of Friday they still were not taking apps yet. |
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Posts: 26
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04-06-2020, 07:23 AM | #370 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
I guess it would depend on how much you want to push them, or if you'd rather go find another approved lender. If you want to push, use the below docs I've posted before: https://www.sba.gov/sites/default/fi...%20FINAL_0.pdf https://home.treasury.gov/system/fil...Fact-Sheet.pdf I'm re-attaching the SBA Final Rule and Treasury Fact Sheets: 1. any eligible participant (I'm assuming you are eligible) can go to any lender. You are eligible and you want to apply....WF is an eligible lender, they need to allow you to apply 2. First come / first serve program....make notes and records of who you talked to, the time that you talked. Ask if they are recording this call and to note the time stamp. Ask for a call transcript, because later on, if you didn't get your app in, you probably want documentation that you attempted to apply 3. It's a limited resource, so you would like to proceed immediately as to not miss out. 4. It's SBA backed and the diligence requirements / certifications are set. No guidances makes any record of having these additional requirements. Again, you are eligible and want to apply. Cannot promise this gets you anything more than a "I'm sorry"....which then would lead down another path, but it may be worth trying. but you have to talk with somebody..... It sucks for sure.....but WF (and the other bigs) are trying to protect their own butts on this... Last edited by mililo4cpa; 04-06-2020 at 07:27 AM.. Reason: links to the docs! |
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Posts: 3,230
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04-06-2020, 07:44 AM | #371 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Well shit. Apparently there are gross revenue limits based on the type of business. Farmers is 750K and that knocked me out. Never mind that my margins are ass but whatever. Better check with your bankers. It’s based off the industry code on your tax return.
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Posts: 57,676
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04-06-2020, 09:52 AM | #372 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Even for the EIDL? |
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Posts: 2,956
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04-06-2020, 10:13 AM | #373 | |
MVP
Join Date: Jan 2007
Location: Missouri
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Quote:
I haven't received a response to my paragraphs of "**** your handout, we need change" response, so maybe he'll double down and let out some more details. |
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Posts: 8,634
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04-06-2020, 10:26 AM | #374 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,676
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04-06-2020, 10:31 AM | #375 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
I guess there is still LDP and all my shit is in PLC but I don’t remember what the limits are and the 2020 plc money will come in oct 2011. Oh well. My stuff isn’t urgent. Outside of this noise I wouldn’t get any revenue until July anyway but my margins were total ass before the end of the world, so things aren’t great. Especially with our weather pattern right now. |
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Posts: 57,676
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