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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 03-26-2020, 11:46 AM   #46
notorious notorious is offline
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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.
You are supposed to insert an evil laugh at the end of this post.
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Old 03-26-2020, 11:49 AM   #47
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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.
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Old 03-26-2020, 11:50 AM   #48
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Mortgage must be in place before Feb 15 if you want a loan to cover it.

My scheme is in shambles already.
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Old 03-26-2020, 11:51 AM   #49
O.city O.city is online now
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Actually I wouldn't. I'd gladly scale way back on work.

You guys think I wanna be digging around in peoples mouths right now? **** that. Give me capitol to pay everyone and keep the business up for a few months and I'll lock myself away at home.
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Old 03-26-2020, 11:53 AM   #50
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Actually I wouldn't. I'd gladly scale way back on work.

You guys think I wanna be digging around in peoples mouths right now? **** that. Give me capitol to pay everyone and keep the business up for a few months and I'll lock myself away at home.
Yep.
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Old 03-26-2020, 12:03 PM   #51
Yosef_Malkovitch Yosef_Malkovitch is offline
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I am a lawyer, and I do divorces. My income from that has dropped by 82% since March 6th. Much of the income that I have had since then has been from pre-existing clients making payments on their accounts.

My phone is usually ringing off the hook but it's been so quiet the last 3 weeks that I actually checked with my Google guy to see if he had done something to the advertising. It turns out that nobody is even clicking on the ads right now. People are just too worried about getting by to bother with any extra expenses.

I did some research, and divorce rates typically increase after a crisis like this (as do marriages--evidently people get more emotional in both directions). When the dust settles, I do expect to get a lot of calls from people who have been forced to stay home together.

However, if everyone is out of work for a long time, I don't know how they will be able to afford a divorce even if they want it. This could end up impacting my practice for a long time.
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Old 03-26-2020, 12:26 PM   #52
ChiliConCarnage ChiliConCarnage is offline
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I did some research, and divorce rates typically increase after a crisis like this (as do marriages--evidently people get more emotional in both directions). When the dust settles, I do expect to get a lot of calls from people who have been forced to stay home together.
Is that true when the crisis might still kill your spouse? Leaving you not to have to deal with divorce and a bonus possible fat life insurance check?

Screw divorce, Id be praying for the Rona to take her.
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Old 03-26-2020, 12:43 PM   #53
Buehler445 Buehler445 is offline
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Smoking. Suddenly quite heavily.

Great time to pick up that habit.
Never took you for a smoker.

As an asthmatic and a guy that’s seen family members die essentially from smoking I’d urge you to quit. Do something else. Anything else.
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Old 03-26-2020, 12:51 PM   #54
Shiver Me Timbers Shiver Me Timbers is offline
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Never took you for a smoker.

As an asthmatic and a guy that’s seen family members die essentially from smoking I’d urge you to quit. Do something else. Anything else.
Agree 1000 %
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Old 03-26-2020, 12:58 PM   #55
DJ's left nut DJ's left nut is online now
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Never took you for a smoker.

As an asthmatic and a guy that’s seen family members die essentially from smoking I’d urge you to quit. Do something else. Anything else.
Eh - 3/day during the weekdays.

So...kinda.

But yeah, the last two weeks have been just about on the hour. I've spent the last two days trying to anchor myself to the chair to just not go outside. The fact that my actual day to day workload has petered out to damn near nothing combined with the stress of all this is just a real bad combo.

Should probably go get sunflower seeds or something and then just use little 10 minute intervals to chew on 'em.
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Old 03-26-2020, 01:26 PM   #56
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Any ideas on when this is going to come available?
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Old 03-26-2020, 01:28 PM   #57
Johnny Vegas Johnny Vegas is offline
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I’ve paid rent through May already. Just staying on top of bills for now. I cut directv after ten years. Refinanced credit cards are now paid off and paying a lower interest rate to pay off the loan in 2 years
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Old 03-26-2020, 01:39 PM   #58
Trivers Trivers is offline
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Any ideas on when this is going to come available?
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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Old 03-26-2020, 01:41 PM   #59
O.city O.city is online now
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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???
Thats what I'm trying to figure out.
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Old 03-26-2020, 01:43 PM   #60
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Any ideas on when this is going to come available?
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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