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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: 2,965
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03-27-2020, 11:34 AM | #121 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
Rule of thumb: If you think something will take a week, it'll take a month. If you think it will take a month, it will take three. If you think it will take 3 months, it will take a year.....uncanny how often that holds true, particularly when it comes to business transactions.... With that said, they are going to want to get money in the hands of business sooner rather than later, but still mountains of details to work through.... |
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03-27-2020, 11:37 AM | #122 |
Supporter
Join Date: May 2005
Location: Who knows?
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03-27-2020, 11:37 AM | #123 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Also, information from various state chambers of commerce. Not certain how useful as of now, likely some good nuggets
https://www.statechambers.org/cv |
Posts: 3,231
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03-27-2020, 11:39 AM | #124 |
The Constitutional Choo choo
Join Date: Dec 2009
Location: homeof43conferencetitles
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2nd day back at work. Just the 3 of us out here working on this new house.
Bought a used Colman 3 burner stove the other day. So were cooking here on site rather than running into town and eating at a fastfood joint.. We're on the banks of the Elkhorn river. Its beautiful out here. And quiet. So quiet and peaceful. You'd never know we are in the grips of a pandemic. Gods Speed people. |
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03-27-2020, 11:47 AM | #125 |
SuperChiefs
Join Date: Sep 2006
Location: Florida
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With the nature of ous business, we're used to having lulls and thankfully have enough saved up to get us through the next 4 months. We're just hunkered down and praying that things get back to normal soon
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Posts: 20,257
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03-27-2020, 11:59 AM | #126 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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I haven't read this in entirety, but so far, this is very good read regarding the SBA Loan (which I will now refer to Payroll Protection Program or "PPP")
https://www.kelleydrye.com/News-Events/Publications/Client-Advisories/Federal-Relief-Package-Includes-$350-Billion-for-S |
Posts: 3,231
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03-27-2020, 12:20 PM | #127 |
In Search of a Life
Join Date: Jul 2009
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So should I go ahead and fill out the application now? This is confusing
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Posts: 82,625
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03-27-2020, 12:22 PM | #128 |
In Search of a Life
Join Date: Dec 2005
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I'm waiting until the bill passes to see exactly what it is and what I need to do. I'd rather try to apply for the one that at least a portion doesn't have to be repaid vs. the other. If the first falls through for me, I'll try the next.
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Posts: 31,242
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03-27-2020, 12:50 PM | #129 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
I would also continue down the road of the SBA EIDL.....you don't have to take the funding even if approved, so I would at least continue down that road first. NOTE: I'm trying to get input on whether an approval of EIDL eliminates options on the PPP.....it's a concern I have. |
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03-27-2020, 01:13 PM | #130 | |
In Search of a Life
Join Date: Jul 2009
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Quote:
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Posts: 82,625
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03-27-2020, 01:28 PM | #131 |
Veteran
Join Date: Jan 2014
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Posts: 1,536
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03-27-2020, 04:03 PM | #132 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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An SBA rep just told me something very important about the EIDL.
They are so swamped that they have changed their initial documentation requirements. They have changed the immediate filing of a requested EIDL from 6 docs to fill out and upload to ONLY TWO. This streamline version enables them to assign a application case number to each submittal. THEN an SBA processor will contact you to ask for additional documentation. BUT, he stressed, never ever give out that case number. You and the SBA will be the ONLY ones to have it. If you get a phone call, and the person asks you for the case number, YOU ARE BEING SCAMMED. |
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03-27-2020, 04:04 PM | #133 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
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Posts: 2,965
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03-27-2020, 04:11 PM | #134 |
Banned
Join Date: Jan 2013
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Posts: 53,803
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03-27-2020, 04:13 PM | #135 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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Quote:
Reminder: You don't have to take the EIDL if approved. so why would I stop the EIDL loan application to apply For PPP assuming that you can take a "wait and see approach" with PPP. But if banks come back and say "Nope, you're approved for EIDL, use that", then there will be a lot of pissed off people. And worse yet, what if people withdraw their EIDL apps, then don't qualify or receive PPP funding???? Also, It would be very shitty if the SBA forgave loans for one type of loan, but not the other other, when essentially the loans are for the same thing. But at the same time, how does one know they will or will not actually receive either the PPP or EIDL? This is why I think money doesn't start flowing for 2 months.....too many unanswered questions as of now. Last edited by mililo4cpa; 03-27-2020 at 04:14 PM.. Reason: one more thought... |
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