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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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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..
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Old 04-04-2020, 07:44 PM   #331
RJ RJ is offline
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Counting on PPP loan to allow us to keep everyone paid and come out ok in about 6 weeks. Thankfully we were in pretty good shape when it started.

Edit: A complication is that we use Paychex for payroll services and a few months ago we switched to using Paychex HR services. Unfortunately that turned us into two different Paychex accounts and I'm still waiting on infor for the old one.

Overall, I'm still feeling confident.
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Old 04-04-2020, 07:51 PM   #332
blake5676 blake5676 is offline
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It appears Bank of America reversed their policy and is allowing any business accounts to now apply after getting a lot of backlash yesterday. I'm going to start getting my application in now.

Had a quick question and was going to see if anyone was in similar situation or could link to any guidance. I'm an S-corp...I pay myself and employees a set salary and then I take a distribution at end of year with profit after expenses/overhead. Is K-1 money allowed to be used in your "monthly payroll x 2.5" calculation? I haven't seen anything specifically in my research...read a lot about salary, commisions, vacation/sick benefits, retirement contrib, etc. But I haven't seen anything specific about distributions. I know overall is capped at 100k, but I only pay myself a regularly small salary and take an amount equal to or larger as distribution every year.
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Old 04-04-2020, 08:05 PM   #333
blake5676 blake5676 is offline
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I believe I've answered my own question in that any distribution is NOT able to be calculated. But if someone knows different, feel free to chime in.
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Old 04-04-2020, 09:44 PM   #334
Buehler445 Buehler445 is offline
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Originally Posted by Papachief View Post
Mililo,
Do you think the big banks will not be interested if the loans are under 100k since they get 5%?
I run 3 golf courses in Southern California for 3 different cities. Two of my contracts are pass through expenses. The employees work for me however I get reimbursed by the city for the cost of their payroll. I only applied for the 3rd course which is a completely different contract that is based on revenue share and I pay everyone with no reimbursement.
Just curious if it’s better or worse to have a smaller amount requested?
They get 5%, but if they get the government money in 90 days, that's a 20% annualized return. They'll be all over that like stink on shit. I'm betting the layers are getting ALL the t's crossed and i's dotted to make sure asses are sufficiently covered.
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Old 04-05-2020, 04:49 AM   #335
DRU DRU is offline
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Originally Posted by blake5676 View Post
It appears Bank of America reversed their policy and is allowing any business accounts to now apply after getting a lot of backlash yesterday. I'm going to start getting my application in now.

Had a quick question and was going to see if anyone was in similar situation or could link to any guidance. I'm an S-corp...I pay myself and employees a set salary and then I take a distribution at end of year with profit after expenses/overhead. Is K-1 money allowed to be used in your "monthly payroll x 2.5" calculation? I haven't seen anything specifically in my research...read a lot about salary, commisions, vacation/sick benefits, retirement contrib, etc. But I haven't seen anything specific about distributions. I know overall is capped at 100k, but I only pay myself a regularly small salary and take an amount equal to or larger as distribution every year.
No, K1 distributions are profits. Not payroll. This is the "paycheck protection program". Not "Profit Protection Program."

Here's one of many sources on this: https://youtu.be/Ge3alRZMClI?t=821

All of the SE taxes you've been saving over the years keeping your salary low and taking distributions should have helped you stuff cash reserves away to help prepare for things like this on your own.

I'm in the same boat. On one hand, it'd be nice if it was included. On the other, it makes perfect sense why it's not.
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Old 04-05-2020, 05:32 AM   #336
chefs fan in omaha chefs fan in omaha is offline
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Has anyone who has applied for a PPP loan had it funded yet?
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Old 04-05-2020, 07:10 AM   #337
IA_Chiefs_fan IA_Chiefs_fan is offline
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Originally Posted by chefs fan in omaha View Post
Has anyone who has applied for a PPP loan had it funded yet?
Approved but not funded. I'll update once it is.
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Old 04-05-2020, 09:13 AM   #338
mililo4cpa mililo4cpa is offline
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Mililo, I talked to a buddy who's a banker about my issue with the other office. He is gonna talk to his SBA guy, he said he coudl go ahead and apply it and see what they say.
that's great news....I think one lesson to take out of this is to keep being the aggressor....many people, including the bankers, don't seem to know, and I think the more you ask and press, the more likely you'll get things that you need....
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Old 04-05-2020, 09:16 AM   #339
mililo4cpa mililo4cpa is offline
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Approved but not funded. I'll update once it is.
From what I've heard, there are additional problems with feeding the apps from the banks to the SBA through whatever system they are using.

So, my question that I've been asking is "how do I know that it truly is first come / first serve" if none of the applications are going through? And just because you have the application in, doesn't mean it's been processed.

I'm not really sure there will be any way to stop these loan applications at $349B....not like this.
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Old 04-05-2020, 09:36 AM   #340
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Old 04-05-2020, 10:16 AM   #341
mililo4cpa mililo4cpa is offline
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Comments are glorious...
It's their turn! BoA got blasted on Friday (rightfully so)....the other bigs are getting it this weekend....
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Old 04-05-2020, 10:44 AM   #342
Trivers Trivers is offline
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Hey, anybody applying for the COVID-19 ECONOMIC INJURY DISASTER LOAN (EIDL) GRANT??

$10,000 each.

We are doing 5 applications. We outsource a great deal; so going for the fullEIDL made the most sense for four after if/when we receive any grants. One, with the most people, we are doing after the PPP $$ is received. We submitted two today. And the other two by Tuesday. One site stated they were funding in 3 days. Another stated 5 to 7 days.
Last edited by Trivers; 04-05-2020 at 11:00 AM..
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Old 04-05-2020, 11:40 AM   #343
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Trivers View Post
Hey, anybody applying for the COVID-19 ECONOMIC INJURY DISASTER LOAN (EIDL) GRANT??

$10,000 each.

We are doing 5 applications. We outsource a great deal; so going for the fullEIDL made the most sense for four after if/when we receive any grants. One, with the most people, we are doing after the PPP $$ is received. We submitted two today. And the other two by Tuesday. One site stated they were funding in 3 days. Another stated 5 to 7 days.
I submitted mine this morning.
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Old 04-05-2020, 11:47 AM   #344
SAUTO SAUTO is offline
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I submitted mine last Tuesday...
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Old 04-05-2020, 11:50 AM   #345
SAUTO SAUTO is offline
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I would think you’d do it before the ppp and roll whatever more you get into the ppp and get it forgiven also possibly
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