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03-26-2020, 11:10 AM | #2 |
In Search of a Life
Join Date: Dec 2005
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I don't disagree. But, in our situation I would see most if not all going to those criteria. Since our office is opening & running as normal, we aren't in danger of letting people go, etc. Our biggest issue is our customers that have been closed being able to pay their bill so that we can pay our employees.
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03-26-2020, 11:08 AM | #3 | |
Shit
Join Date: Jun 2008
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03-26-2020, 11:11 AM | #4 |
In Search of a Life
Join Date: Dec 2005
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Posts: 31,176
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03-26-2020, 11:08 AM | #5 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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In Wisconsin, we are being directed straight to SBA. I hate banks anyway.
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Posts: 2,958
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03-26-2020, 11:13 AM | #6 | |
Shit
Join Date: Jun 2008
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BUT the bill hasnt even passed yet so the banks have no idea whats even going to happen there. i think i'll wait to see what happens when the bill gets passed |
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03-26-2020, 10:53 AM | #7 |
Supporter
Join Date: May 2005
Location: Who knows?
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03-26-2020, 10:59 AM | #8 |
THE RED MENACE
Join Date: Aug 2000
Location: Texas
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Still paying employees. We will see how this shakes out with the money.Hoping we can get back to work sooner rather than later. We can do a lot from home.
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Posts: 32,438
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03-26-2020, 11:31 AM | #9 |
In Search of a Life
Join Date: Jul 2009
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Yeah, Trivers that's what everyone is waiting for.
That's what i'm gonna try and get. Then I'm gonna lay everyone off and pocket the cash. No not really. |
Posts: 82,261
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03-26-2020, 11:44 AM | #10 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Quote:
Details on the forgivable loans: https://www.bclplaw.com/en-US/though...rgiveness.html |
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03-26-2020, 01:26 PM | #11 | |
In Search of a Life
Join Date: Jul 2009
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Posts: 82,261
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03-26-2020, 01:39 PM | #12 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Just talked to two bankers....they are waiting on guidelines from SBA....who is waiting on House to agree/change Senate bill...they had no clue how soon SBA guidelines will be ready.
Still trying to figure out how much one can borrow under this Paycheck Protection Act...I read that 2.5 times your average payroll amount of the prior 12 months??? |
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03-26-2020, 01:41 PM | #13 | |
In Search of a Life
Join Date: Jul 2009
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Posts: 82,261
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03-26-2020, 01:43 PM | #14 |
Sauntering Vaguely Downwards
Join Date: Sep 2005
Location: Columbia, Mo
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Sounds like it will be administered through the local banks.
So...maybe make an appointment quickly. There's so much shit in there to parse through and dissect that it's still going to be difficult to figure out how it works in practice. But hey, if worst case scenario I end up w/ a 10 year note with no personal guarantee that is 100% backed by the SBA at a rate not to exceed 4% for a million bucks....ugh...that'll suck dicks. But I can proooooobably make that work. That's another $10K/month I'll have to find in the budget. So...y'know...no profit for 5 years. But it's workable. The only thing that has me spooked is backing. If I gotta pay it back, I gotta pay it back. Shit happens. But I at least need to GET it first and if banks tighten up and I can't get the engines re-started, that's the nightmare scenario. From what I've read I think we'll try to reduce any buyout payments by as much as we can, reduce all salaries by 25%, move on from college and part-time staff and let the chips fall where they may. I think that gets us quite a bit of cover here but it's hard to know exactly how much. But if I can combine that cover with the security of knowing there will at least be the "well now you have to pay this back over 10 years" fallback, so be it. |
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03-26-2020, 01:47 PM | #15 | |
In Search of a Life
Join Date: Jul 2009
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