Hey Small Business Owners...What are you doing to ride the storm out?

[Trivers]

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?

[chiefforlife]

Originally Posted by Mr. Plow

Glad to hear you got it and your business gets to keep chugging along. I absolutely hate hearing about these small businesses that are closing up because they didn't get their funding.

Sucks that Chase let you down, but you might have a good future with this small bank that will actually care about your business. I've got a similar issue on our building note with our old, bigger bank that forced us to move to the bank we're at now.

Extremely happy about where we're at now.

Thanks Mr. Plow, I appreciate it buddy.

Chase used to be good, I knew my Banker on a first name basis for years. After he left it has been a revolving door for the last 5-6 years. I have never even met the new lady that I was dealing with.
The first thing I asked the guy at the new bank was how long he had been there, 27 years. Since we are locked down and the bank lobby is not open, he sent a guy to my shop with the paperwork to open a new account within 30 minutes of our initial conversation.
Also, he personally called me to tell me that my PPP had been approved (not an Email). I have been very impressed with the level of service so far. Grateful I made the decision not to wait on Chase.

This place, Chiefsplanet, can be pretty ****ed up at times (lol) but this thread strangely was helpful by so many people that Id like to say Thanks to all that have posted. I received a bunch of good info here and I hope my situation can help others as well.

GO CHIEFS!!!

[SAUTO]

Originally Posted by chiefforlife

Thanks Mr. Plow, I appreciate it buddy.

Chase used to be good, I knew my Banker on a first name basis for years. After he left it has been a revolving door for the last 5-6 years. I have never even met the new lady that I was dealing with.
The first thing I asked the guy at the new bank was how long he had been there, 27 years. Since we are locked down and the bank lobby is not open, he sent a guy to my shop with the paperwork to open a new account within 30 minutes of our initial conversation.
Also, he personally called me to tell me that my PPP had been approved (not an Email). I have been very impressed with the level of service so far. Grateful I made the decision not to wait on Chase.

This place, Chiefsplanet, can be pretty ****ed up at times (lol) but this thread strangely was helpful by so many people that Id like to say Thanks to all that have posted. I received a bunch of good info here and I hope my situation can help others as well.

GO CHIEFS!!!

my local bank is the same way. old banker left and the new guys suck ass

[Mr. Plow]

Originally Posted by DaFace

No issues at all from my perspective (though I'd probably suggest a new thread for it for visibility).

The one minor caveat is that we have some ****ing idiots around here, so if you're the type to get into pissing matches with people on here, think twice about putting your business out there for someone to retaliate against.

Ah, I completely forgot about the ole Skip rule. Yea, probably not as good of an idea as I initially thought.

[Mr. Plow]

Originally Posted by chiefforlife

Thanks Mr. Plow, I appreciate it buddy.

Chase used to be good, I knew my Banker on a first name basis for years. After he left it has been a revolving door for the last 5-6 years. I have never even met the new lady that I was dealing with.
The first thing I asked the guy at the new bank was how long he had been there, 27 years. Since we are locked down and the bank lobby is not open, he sent a guy to my shop with the paperwork to open a new account within 30 minutes of our initial conversation.
Also, he personally called me to tell me that my PPP had been approved (not an Email). I have been very impressed with the level of service so far. Grateful I made the decision not to wait on Chase.

This place, Chiefsplanet, can be pretty ****ed up at times (lol) but this thread strangely was helpful by so many people that Id like to say Thanks to all that have posted. I received a bunch of good info here and I hope my situation can help others as well.

GO CHIEFS!!!

My parents originally bought this business back in 96. My dad sold it to me in Jan. of 2019. The note on my building was under my dad's name & I was a secondary on it. When I was making the purchase, we wanted to put the note under my name, with my dad as secondary. Same people are responsible, just in a different order. Our old bank, which we'd been with for 20+ years said they wouldn't do it. No reason why. Just flat out no.

So, we asked the banker who did the original mortgage on the building at the old bank who had moved to this smaller bank to do it. He was at our office that afternoon with the paperwork to get it done. Pulled all of our business accounts from old bank the next week and I took all of my personal from them as well.

[DaFace]

Originally Posted by Mr. Plow

Ah, I completely forgot about the ole Skip rule. Yea, probably not as good of an idea as I initially thought.

I think it could still work, but it may be more of things like:

Hi, I'm DaFace. I do market research for a living, so if you need a customer survey, product testing with focus groups, or help developing a strategic plan, shoot me a PM.

...rather than posting websites and specific company names.

[Trivers]

We just had $1000 pop into our commercial real estate mgt checking account.

Reads SBA. in the notes

We only claimed one employee.

So it appears the EIDL grant was granted.

No phone call, no email, no paper notice. Nothing.

[Papachief]

Got confirmation today and signed loan docs from Wells Fargo no less. Feel like I won the lottery with them. Just like the others with big banks WF has Ben unbelievably terrible to work with. Been with them for 21 years and as soon as I’m finished with the loan process and the forgiveness I’m switching to a small bank.

[dlphg9]

Went and signed my loan papers today. It has the funding date as April 28th lol, so it was approved like a day or 2 after I applied.

[mililo4cpa]

Been very busy at work, so hadn't had time to post much in past week or so....Hope all is going well with everyone. Nice to see things starting to loosen up a little bit, but we're not out of the woods by any stretch...Hang in there guys!

[Hog's Gone Fishin]

I applied for the EIDL a month ago and haven't heard anything. $1,000 showed up in my bank acct yesterday.

[Buehler445]

Congress ruled that PPP forgiveness won’t be taxable.

https://blogs.claconnect.com/agribus...p-forgiveness/

[dlphg9]

Originally Posted by Buehler445

Congress ruled that PPP forgiveness won’t be taxable.

https://blogs.claconnect.com/agribus...p-forgiveness/

That's extremely kind of them

[Trivers]

Originally Posted by Buehler445

Congress ruled that PPP forgiveness won’t be taxable.

https://blogs.claconnect.com/agribus...p-forgiveness/

Sorry, but the IRS is saying otherwise;

Yes, the PPP loan/grant is not taxable, BUT....you can't claim the EXPENSES paid by the PPP.

&*^$#^^^&!!*)+*

We are still paying taxes.

Politicians didn't expect this stunt from the Treasury Dept and state they will close that loophole.

"This notice provides guidance regarding the deductibility for Federal income tax
purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or
business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck
Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C.
636(a)(36)). Specifically, this notice clarifies that no deduction is allowed under the
Internal Revenue Code (Code) for an expense that is otherwise deductible if the
payment of the expense results in forgiveness of a covered loan pursuant to section
1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public
Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with
the forgiveness is excluded from gross income for purposes of the Code pursuant to
section 1106(i) of the CARES Act."

[displacedinMN]

Originally Posted by Buehler445

Congress ruled that PPP forgiveness won’t be taxable.

https://blogs.claconnect.com/agribus...p-forgiveness/

Question for Buehler-Say the markets tank this year and I have to lower cash rent next year. It is all pandemic related. Will I be able to claim anything? Will there be anything there? Am I SOL?

Maybe it is time to talk to my accountant for Next Years issue.

[Buehler445]

Originally Posted by displacedinMN

Question for Buehler-Say the markets tank this year and I have to lower cash rent next year. It is all pandemic related. Will I be able to claim anything? Will there be anything there? Am I SOL?

Maybe it is time to talk to my accountant for Next Years issue.

My understanding is the only covid related stuff is related to employees.

I think you’re just SOL. I’d wait and see what provisions come out from the money they allocated to Ag. Maybe they’re already out - I’ve been pretty swamped and haven’t paid attention. Your best hope is that you don’t have to lower rent.