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Old 03-26-2020, 11:10 AM   #2
Mr. Plow Mr. Plow is offline
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Goodness sakes.

Any business can manipulate numbers to make it appear like it went to employees.
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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Old 03-26-2020, 11:08 AM   #3
SAUTO SAUTO is offline
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That's the one I'm watching for. Not sure on the specifics, but I believe they said you could take out 200% - 250% of your total monthly payroll as a loan. Then if you used it for employee salaries, benefits, or to keep your business open that it would turn into a grant rather than loan.

That may be way off on what it actually is, but it's what I remembered hearing.
actually they said you can get 2 months payroll and all overhead covered. and if you didnt let anyone go or called them all back its going to be forgiven
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Old 03-26-2020, 11:11 AM   #4
Mr. Plow Mr. Plow is offline
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actually they said you can get 2 months payroll and all overhead covered. and if you didnt let anyone go or called them all back its going to be forgiven
Thanks. I knew I was close, but wasn't sure how close.
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Old 03-26-2020, 11:08 AM   #5
Trivers Trivers is offline
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kansas and missouri are both in it.


but during the presser yesterday they specifically said to go to your local bank and they should be able to service and pay out most loans in the same day by the end of next week or the beginning of the week after
In Wisconsin, we are being directed straight to SBA. I hate banks anyway.
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Old 03-26-2020, 11:13 AM   #6
SAUTO SAUTO is offline
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In Wisconsin, we are being directed straight to SBA. I hate banks anyway.
at this point EVERYONE is being directed to the SBA ( But their site says their loans cannot be forgiven)

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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Old 03-26-2020, 10:53 AM   #7
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https://disasterloan.sba.gov/ela/information/eidlloans
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Old 03-26-2020, 10:59 AM   #8
BIG_DADDY BIG_DADDY is offline
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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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Old 03-26-2020, 11:31 AM   #9
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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, 11:44 AM   #10
Trivers Trivers 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.

Details on the forgivable loans:

https://www.bclplaw.com/en-US/though...rgiveness.html
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Old 03-26-2020, 01:26 PM   #11
O.city O.city is offline
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Any ideas on when this is going to come available?
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Old 03-26-2020, 01:39 PM   #12
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   #13
O.city O.city is offline
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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   #14
DJ's left nut DJ's left nut is offline
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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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Old 03-26-2020, 01:47 PM   #15
O.city O.city is offline
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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.
Yeah, it is what it is. It looks like alot of it will be forgiven if used for certain things so hopefully that will help.
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