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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: 2,959
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04-06-2020, 11:02 AM | #376 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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Posts: 3,231
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04-06-2020, 11:21 AM | #377 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Supposedly there is a workaround in some language. No idea if it will fly but it’s out there.
If anyone else hits the gross revenue exemption here is the article. https://blogs.claconnect.com/agribus...iness-concern/ |
Posts: 57,700
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04-06-2020, 11:22 AM | #378 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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04-06-2020, 11:29 AM | #379 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
“(D) INCREASED ELIGIBILITY FOR CERTAIN SMALL BUSINESSES AND ORGANIZATIONS.— “(i) IN GENERAL.—During the covered period, in addition to small business concerns, any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C) shall be eligible to receive a covered loan if the business concern, nonprofit organization, veterans organization, or Tribal business concern employs not more than the greater of— “(I) 500 employees; or “(II) if applicable, the size standard in number of employees established by the Administration for the industry in which the business concern, nonprofit organization, veterans organization, or Tribal business concern operates. |
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Posts: 3,231
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04-07-2020, 07:43 AM | #380 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Submitted the PPP today with the credit union we primarily do business with. No confirmation of receipt.
Submitted two EIDL grants over the weekend. Receipt with submittal. No response yet. Not expecting. Don't know if they will responded within 3 days; or that they will fund within 3 days after a phone call interview. We read somewhere that the SBA is giving $1,000 per team member claimed up to 10. Have not been able to confirm that. |
Posts: 2,959
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04-07-2020, 09:41 AM | #381 | |
Shit
Join Date: Jun 2008
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Quote:
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Posts: 55,715
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04-07-2020, 09:44 AM | #382 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Bank said the gross revenue limit has been removed.
The CEO at the coop said theirs was limited out too. Their payroll number matters far more than mine does. |
Posts: 57,700
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04-07-2020, 12:18 PM | #383 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,959
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04-07-2020, 12:34 PM | #384 |
Colorado Chief Fan
Join Date: Feb 2006
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Chase finally opened up today for submitting applications.
Just got done with mine. Sure hope it comes through quick. My business is down over 60% the last two weeks with no sign of improving anytime soon. |
Posts: 5,589
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04-07-2020, 12:41 PM | #385 |
Shit
Join Date: Jun 2008
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Posts: 55,715
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04-07-2020, 12:50 PM | #386 |
Colorado Chief Fan
Join Date: Feb 2006
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Posts: 5,589
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04-07-2020, 01:14 PM | #387 |
Fish are scared of me
Join Date: Nov 2001
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You landlords that filed the EIDL, what did you put in the "cost of goods sold" line?
The property value?? |
Posts: 40,775
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04-07-2020, 01:18 PM | #388 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
it will ask you what industry...I put real estate; then leasing...if I remember correctly. |
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Posts: 2,959
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04-07-2020, 01:47 PM | #389 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,700
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04-07-2020, 04:48 PM | #390 |
Veteran
Join Date: Apr 2002
Location: Jupiter, FL.
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I shut it down yesterday and furloughed everyone including myself. I couldn’t expect ownership to keep funding payroll with no work being done and no revenue being generated. I’ve applied for both EIDL and PPP so we will see what happens. Sucks. First time I’ve been unemployed in 32 years and unemployment is a major league hot mess in FL. Website looks like something from circa 1998 geocities.
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Posts: 3,838
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