|
03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
|
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: 2,929
|
04-10-2020, 05:46 PM | #436 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Was having this exact conversation today with my boss.....I haven't heard of anything on the EIDL....not a single client, business owner, friend, colleague, distance cousin....not one person has reported anything on EIDL....
just my $0.02, but the SBA is on the hook for EIDL...so focus on PPP! |
Posts: 3,230
|
04-10-2020, 05:47 PM | #437 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
That's actually not step one! you're better than a lot of folks right now....no promise, but it seems like once the SBA notice goes through, the funding is happening quickly....
|
Posts: 3,230
|
04-10-2020, 05:52 PM | #438 | |
Fish are scared of me
Join Date: Nov 2001
|
Quote:
|
|
Posts: 40,365
|
04-10-2020, 06:24 PM | #439 | |
To the Game
Join Date: Oct 2003
|
Quote:
|
|
Posts: 2,123
|
04-10-2020, 06:42 PM | #440 |
Distributor of Pain
Join Date: Nov 2004
|
I got approved yesterday (PPP). It literally took about an hour to get approved. No clue as to when the money will hit though. Had a friend apply a week ago, got approved that day, and said the money was supposed to hit yesterday. But still nothing.
|
Posts: 3,427
|
04-10-2020, 07:40 PM | #441 |
Supporter
Join Date: Jun 2002
|
I signed final docs on the PPP today and the funds will be deposited Monday!
|
Posts: 2,033
|
3 0 |
04-10-2020, 10:32 PM | #442 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
|
Here's a blog post from Paul Niefer. He's an ag accountant, but his stuff on the SBA loans should transfer. Of course, they're still trying to work this out as he talks about in his blog, but it's what we need to start looking at.
LINK How Much of Your PPP Will be Forgiven? April 9, 2020 Paul Neiffer Now that you have received a Paycheck Protection Program loan, you will need to understand the calculations on how much of the loan might be forgiven. As we write this blog post there is already another Bill in the Senate to increase the funding amount by close to $200 billion and make some changes to the program. But for now, we will focus on how the law allows for part or all of the loan to be forgiven. The covered period to determine how much will be forgiven starts the day after the loan is funded and runs for 8 weeks. During that period, you are allowed to accumulate all of your payroll costs (employee compensation, group health costs, retirement payments and state and local employer portion taxes), rents, interest on mortgages and utilities. Rents, interest and utility payments all had to be in place on February 15, 2020. The law does mention mortgages on personal property. That needs to be defined. In order to have all of the loan forgiven, at least 75% must be spent on payroll costs. The new bill may eliminate this requirement. The other 25% can be spent on rents, interest and utilities. However, simply spending 75% on labor costs may not result in full forgiveness. There are two tests that you must meet. First, your full-time equivalent employee (FTEE) count must be either equal to or greater than a test period. The test period is either February 15, 2019 through June 30, 2019, or January 1, 2020 to February 29, 2020. All of these tests are based on monthly averages. If your FTEE’s during the covered period is greater than the test period, then no reduction in loan forgiveness. For many farmers this may be fairly easy to meet. However, the next adjustment calculation may be more burdensome. You are required to determine if total pay to each employee during the 8 week covered period is less than 75% of the total pay during the first quarter of 2020 (the wording in the CARES Act discusses a more than 25% reduction in total pay for each employee). The first quarter has 13 weeks and 75% of 13 is 9.75 weeks. Therefore, to not have any reduction in loan forgiveness you are required to stuff 9.75 weeks of pay for each employee into an 8 week period. Let’s look at an example: Sue obtains a PPP loan of $40,000 based on wages paid to her five hired hands. During the first quarter she paid the 5 workers a total of $50,000. 75% of $50,000 is $37,500. During the 8 week covered period, she paid the workers $29,000. $8,500 of her $40,000 loan will not be forgiven even though she spent all $40,000 on payroll costs during the period (the other $11,000 was spent on health insurance and state payroll taxes). This calculation appears to be required for each employee and any employee whose annualized pay exceeded $100,000 for any pay period in 2019 is not counted. Here is an example: One of Sue’s workers incurred a large amount of overtime in 2019 for one pay period. She pays her workers weekly and his gross payroll for that particular week was $2,000 which results in $104,000 of annualized pay. Sue does not need to include him in the loan forgiveness calculation. The bottom line is that PPP loans may be easy to get, but they may be tougher to get full forgiveness. We shall see if Congress makes changes to this or if that was their intent. |
Posts: 56,822
|
1 0 |
04-10-2020, 10:40 PM | #443 | |
Sexiest Athlete
Join Date: Apr 2001
|
Quote:
|
|
Posts: 12,398
|
04-11-2020, 10:59 AM | #444 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
|
Quote:
|
|
Posts: 3,230
|
04-11-2020, 11:49 AM | #445 |
11-5, baby
Join Date: Sep 2005
Location: Livin the dream
|
Finalized our PPP application Friday.
Should get paid by Wednesday or so. |
Posts: 22,416
|
2 0 |
04-13-2020, 09:37 AM | #446 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
|
any word or news on EIDLs?
It appears you ain't getting 10K unless you have 10 or more employees. “The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan,” the agency wrote to one loan applicant in a message shared with The New York Times. “Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant.” In remarks on the Senate floor on Thursday, Sen. Ben Cardin (D-Md.) also said the loan program was “only able to provide $15,000” to small businesses that applied, even though the average amount requested was $200,000. Small businesses have applied for $372 billion worth of Economic Injury Disaster Loans, according to Cardin. “But here’s the problem: We have only authorized $7.3 billion for that program,” he said. Cardin has called for providing the program with enough money to make another $300 billion worth of loans. Last edited by Trivers; 04-13-2020 at 09:48 AM.. |
Posts: 2,929
|
04-13-2020, 09:54 AM | #447 |
Supporter
Join Date: May 2005
Location: Who knows?
|
This is ****ed. |
Posts: 83,443
|
04-13-2020, 10:29 AM | #448 |
Shit
Join Date: Jun 2008
|
|
Posts: 55,715
|
04-13-2020, 11:56 AM | #449 |
Colorado Chief Fan
Join Date: Feb 2006
|
I applied for both the PPP and EIDL.
Havent heard shit on either one. Meanwhile my customer base has dried up to almost nothing. |
Posts: 5,589
|
04-13-2020, 12:03 PM | #450 |
Award Winning Tailgater
Join Date: Aug 2000
|
|
Posts: 3,913
|
|
|