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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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04-02-2020, 06:37 PM | #271 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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I’m going to apply for both for sure. But I learned long ago with government promises I won’t count it until the check clears.
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Posts: 57,699
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04-02-2020, 06:44 PM | #272 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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no argument from me....but I actually expect there to be more forgiveness than anticipated. So if you can get funded, then do it. My reasoning is a little long-winded, and just my opinion, but get the cash in hand now if you can
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Posts: 3,231
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04-02-2020, 07:35 PM | #273 | |
In Search of a Life
Join Date: Dec 2005
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Quote:
Have them pay rent as normal? They may not have enough money to keep living, but you can pay your normal bills. Give them the month off? They have enough money to survive, but you may not be able to pay your normal bills. |
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Posts: 31,177
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04-02-2020, 08:57 PM | #274 |
Veteran
Join Date: Apr 2002
Location: Jupiter, FL.
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Chase is telling us they wont have anything for us tomorrow...
"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped." https://recovery.chase.com/contingency-plan |
Posts: 3,838
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04-02-2020, 09:14 PM | #275 |
Supporter
Join Date: Jun 2002
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My local bank will start submitting applications tomorrow. However, they haven't heard back from the SBA on their request for additional user licenses. So they can only have one employee submitting apps at a time. Many of the other area banks aren't doing the PPP or don't really have their ducks in a row yet. My bank has been sending me updates multiple times per day as this evolves. I've sent all of my info and completed app to the bank in advance. Thank you very much for being a voice of reason when I was sleep deprived and stressed, mililo4cpa. If everything works out with the PPP, and it should, then my business will most certainly be just fine even if shit got real, real bad for six months.
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Posts: 2,072
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04-03-2020, 05:44 AM | #276 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
So far, only bank I've heard so far....will report if others are out there |
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Posts: 3,231
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04-03-2020, 06:15 AM | #277 | |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,773
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04-03-2020, 07:13 AM | #278 | |
best in the biz
Join Date: Aug 2000
Location: Under Pressure
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Quote:
Please realize they dread making that call, too. |
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Posts: 72,527
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04-03-2020, 07:25 AM | #279 |
TACO SALAD
Join Date: Apr 2008
Location: yes
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Apparently, Bank of America's portal is up?
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Posts: 6,246
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04-03-2020, 07:43 AM | #280 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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I just had one of my consultants, who is helping a client put in their application to BoA tell me that BoA is telling our client that unless they already have an existing credit relationship (i.e. line of credit or other borrowings), that the SBA is not allowing them to accept PPP loan requests. NOTE: This client has all of their existing checking and savings accounts with BoA
This is not a requirement for PPP eligibility, so I think BoA is giving them a load of shit. I told my consultant to, with our clients, call their relationship manager and physically tell them where in the CARES act or SBA 7(a) does that state it is a requirement. It's bullshit because there are millions of small businesses that deal with non-SBA lenders, who will need to go to SBA lenders to get the PPP. I understand that there will need to be accounts established, and some credit underwriting performed for new customers, but that shouldn't proclude anyone from getting access to the funds. |
Posts: 3,231
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04-03-2020, 07:48 AM | #281 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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04-03-2020, 08:02 AM | #282 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Also, SBA raised the fixed rate from .05% to 1%, but also stream-lined the application process....
https://bankingjournal.aba.com/2020/...program-loans/ |
Posts: 3,231
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04-03-2020, 08:03 AM | #283 |
Supporter
Join Date: Jun 2002
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I'm told that there's another new app. https://home.treasury.gov/system/fil...30-2020-v3.pdf
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Posts: 2,072
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04-03-2020, 08:03 AM | #284 |
Veteran
Join Date: Oct 2013
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Spoiler!
This is the email information I just received from BOA. I have two business checking accounts with them but no lending as I've never needed a loan from them and their credit card rewards suck, so I use Chase Ink for business. Reading this makes it sound as though I'll be pretty low priority for them to process my application. |
Posts: 1,230
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04-03-2020, 08:16 AM | #285 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Posts: 3,231
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