|
03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
|
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
|
04-03-2020, 08:20 AM | #286 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
and them tell them this is directly from the treasury.gov site: https://home.treasury.gov/system/fil...Fact-Sheet.pdf "Where can I apply? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders." |
|
Posts: 3,231
|
04-03-2020, 08:21 AM | #287 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
|
|
Posts: 3,231
|
04-03-2020, 08:21 AM | #288 |
Shit
Join Date: Jun 2008
|
my bank is saying they have to confirm the borrower hasnt gotten and wont get any other sba loan to give these out.
|
Posts: 55,715
|
04-03-2020, 08:33 AM | #289 |
In Search of a Life
Join Date: Jul 2009
|
|
Posts: 82,344
|
04-03-2020, 08:39 AM | #290 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
|
Quote:
Quote:
But make goddamned the **** sure that's right. I'm thinking, at least philosophically the EIDL should be higher than 2.5X monthly payroll. FWIW Ag is not eligible for EIDL. I read something that they put more funding into CCC program, so they're thinking they'll do something like MFP, but they're saying it won't be like MFP so I don't know why anyone is saying that. Whatever, don't bother applying for EIDL. |
||
Posts: 57,710
|
04-03-2020, 08:44 AM | #291 |
In Search of a Life
Join Date: Dec 2005
|
New form my banker sent me to fill out. Basically the same as the one I posted before with minor changes.
|
Posts: 31,180
|
1 0 |
04-03-2020, 08:46 AM | #292 |
MVP
Join Date: May 2001
Location: midtown KC
|
Margaritas at noon. That's what I'm doing.
|
Posts: 17,806
|
04-03-2020, 08:59 AM | #293 |
Shit
Join Date: Jun 2008
|
|
Posts: 55,715
|
04-03-2020, 09:05 AM | #294 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
https://home.treasury.gov/system/fil...30-2020-v3.pdf I think banks are real nervous due to high level of uncertainty. My original prognosis is that it will take 2 months to fund due to this uncertainty, and while I certainly could be wrong on this, as of today the banks are saying things that are (to me) obvious delay tactics.... |
|
Posts: 3,231
|
04-03-2020, 09:06 AM | #295 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
Again, this is a question asked on the application: https://home.treasury.gov/system/fil...30-2020-v3.pdf |
|
Posts: 3,231
|
04-03-2020, 09:08 AM | #296 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
|
Posts: 3,231
|
04-03-2020, 09:54 AM | #297 |
George Brett shit his pants
Join Date: Apr 2006
Location: At the Bellagio
|
Even if you can get the mortgage deferred, they are still going to charge you all of the interest. Your taxes and insurance still gotta be paid.
|
Posts: 48,403
|
04-03-2020, 10:00 AM | #298 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
|
Quote:
I’m guessing my banker is right because he told me to **** off with this EIDL shit do that online. I’m guessing it is any pre-existing SBA loan. But again make goddamn sure. Quote:
The other thing is he hasn’t been approved as a provider or whatever yet. I’m guesssing the logjam stretches things out more than they are projecting. |
||
Posts: 57,710
|
04-03-2020, 10:06 AM | #299 |
Veteran
Join Date: Oct 2013
|
BOA is 100% only allowing people to apply through them that meet both requirements.
1) business checking/savings account AND 2) previous lending account (loan, BOA credit card, etc) |
Posts: 1,232
|
04-03-2020, 10:26 AM | #300 |
Rookie
Join Date: Mar 2020
|
I'm still waiting for Wells Fargo to start accepting apps. Can you apply at more than one bank?
|
Posts: 26
|
|
|