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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: 2,965
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03-28-2020, 07:33 PM | #166 | |
In Search of a Life
Join Date: Jul 2009
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Quote:
Here’s a good starting place |
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Posts: 82,625
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03-29-2020, 06:42 AM | #167 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Here it is directly from chamber: https://www.uschamber.com/sites/defa...al_revised.pdf |
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Posts: 2,965
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03-29-2020, 08:06 AM | #168 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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Posts: 3,231
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03-29-2020, 08:25 AM | #169 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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From a SBA rep:
Disaster customer service - https://www.sba.gov/funding-programs...ter-assistance Disaster loan application – https://disasterloan.sba.gov/ela/ To determine your NAICS code – https://www.naics.com/naics-identification-help/ To determine your NAICS code small business eligibility – https://www.sba.gov/size |
Posts: 2,965
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03-29-2020, 08:51 AM | #170 |
11-5, baby
Join Date: Sep 2005
Location: Livin the dream
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Doing well at this point.
Still signing up clients, new staff member starting Monday. Setting up a VOIP system and using the savings on software and advertising. Slowdown in medical treatment is gonna **** me later, tho. |
Posts: 22,416
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03-30-2020, 06:57 AM | #171 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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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! |
Posts: 3,231
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03-30-2020, 07:25 AM | #172 |
Supporter
Join Date: Jun 2002
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Posts: 2,075
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03-30-2020, 10:46 AM | #173 |
Veteran
Join Date: Oct 2013
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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. |
Posts: 1,235
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03-30-2020, 11:20 AM | #174 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
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.... |
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Posts: 3,231
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03-30-2020, 11:26 AM | #175 |
In Search of a Life
Join Date: Dec 2005
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Thanks to everyone for posting. Great information in here.
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Posts: 31,242
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03-30-2020, 12:00 PM | #176 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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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 |
Posts: 3,231
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03-30-2020, 01:04 PM | #177 |
He's Mahomie!
Join Date: Aug 2001
Location: Jax, FL
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I want to know what you guys are gonna do with your stimulus checks. Just keep them and/or hire back your staff?
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Posts: 17,387
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03-30-2020, 01:56 PM | #178 | |
Veteran
Join Date: Oct 2013
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Quote:
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? |
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03-30-2020, 02:06 PM | #179 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
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. |
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Posts: 2,965
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03-30-2020, 02:09 PM | #180 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,965
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