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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: 2,961
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04-09-2020, 05:46 PM | #406 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
1. PPP App turned in 2. Bank came back, sign some underwriting docs 3. Bank submits to SBA 4. SBA came back with a revised document through the bank that client signed 5. Client signed, returned to bank, who then sent back to SBA 6. SBA confirmed approval via an email to bank, bank to client 7. There was some type of final loan doc the SBA had client sign. I don't know if that was through docu-sign or hard copy 8. Once that final loan doc was sign, SBA approves loan, bank funded....client said they received a check, which surprised me. |
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Posts: 3,231
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04-09-2020, 06:02 PM | #407 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Rep for the detail! |
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Posts: 2,961
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04-09-2020, 09:01 PM | #408 |
Veteran
Join Date: Apr 2002
Location: Jupiter, FL.
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How did they get a PPP app turned in 10 days ago? I thought banks didn't start taking applications until 4/3, last Friday?
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Posts: 3,838
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04-09-2020, 09:04 PM | #409 |
Supporter
Join Date: Jun 2002
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Posts: 2,072
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04-09-2020, 10:41 PM | #410 |
Yum! Buc Marshmellows!
Join Date: Apr 2006
Location: None of your business
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Tomorrow, gonna make ten more Sculpey clay starfish for my hanging Mason jars around my lanai's eat-in area by my pool to use up time. The real ones, that are dried disintegrate here in the humidity. They're organic matter. So gonna make fake ones, then bake hard. Fake n' Bake.
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Posts: 163,938
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04-10-2020, 05:26 AM | #411 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Yes. You existed before 1/31. Apply ASAP for the PPP. |
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Posts: 2,961
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04-10-2020, 07:41 AM | #412 | |
In Search of a Life
Join Date: Dec 2005
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Quote:
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Posts: 31,180
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04-10-2020, 08:14 AM | #413 |
MVP
Join Date: Oct 2010
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So im considered an independent contractor and I will probably be applying for the PPP loan today. Anyone else an IC and going to apply?
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Posts: 18,124
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04-10-2020, 08:41 AM | #414 |
Shit
Join Date: Jun 2008
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Still no word on either of mine... nice
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Posts: 55,715
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04-10-2020, 08:41 AM | #415 | |
Sauntering Vaguely Downwards
Join Date: Sep 2005
Location: Columbia, Mo
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Quote:
We also asked the bank to set up a new account for us to deposit those funds into. Our hope is that it will keep things cleaner for later accounting when we look to have the loan forgiven. If we can spend out of that account for anything presently earmarked as 'forgiveable' and ONLY for those things earmarked, we may have an easier time of it on the back end. Or so is our theory. |
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Posts: 62,480
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04-10-2020, 08:47 AM | #416 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
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Posts: 2,961
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04-10-2020, 08:51 AM | #417 | |
Starter
Join Date: Jun 2019
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Quote:
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Posts: 574
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04-10-2020, 08:53 AM | #418 |
Shit
Join Date: Jun 2008
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Posts: 55,715
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04-10-2020, 08:54 AM | #419 |
Starter
Join Date: Jun 2019
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Posts: 574
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04-10-2020, 08:57 AM | #420 |
Shit
Join Date: Jun 2008
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Posts: 55,715
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