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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 04-07-2020, 05:06 PM   #391
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Buehler445 View Post
Nah. Rental isn’t going to have COGS unless you inventory something.
It would not let me submit the form with entering a figure.
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Old 04-07-2020, 05:08 PM   #392
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Trivers View Post
None; I struggled with that. COGS for real estate leasing???? I put zero.

it will ask you what industry...I put real estate; then leasing...if I remember correctly.
****. I didn't think about entering "0" . I'm a GD dumbass.
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Old 04-08-2020, 03:31 PM   #393
chiefforlife chiefforlife is offline
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So, I applied for the EIDL today and there wasnt anywhere to ask for an amount?

There was a box to check if you are interested in the quick 10K but thats it.

Does anyone know if they use a formula to determine how much you qualify for or maybe they ask you later how much you want?
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Old 04-08-2020, 03:49 PM   #394
Trivers Trivers is offline
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Originally Posted by chiefforlife View Post
So, I applied for the EIDL today and there wasnt anywhere to ask for an amount?

There was a box to check if you are interested in the quick 10K but thats it.

Does anyone know if they use a formula to determine how much you qualify for or maybe they ask you later how much you want?
They do have formula they use once they receive the next round of data they will request. The 10K is seperate from those calculation.

No one has stated what "up to 10K" means. Some talk on the street is that you get $1K for every employee stated in your initial app. Hope that is wrong.
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Old 04-08-2020, 05:51 PM   #395
mililo4cpa mililo4cpa is offline
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Had a client today that state he received confirmation from SBA on loan approval, and the bank has final signature documents. I personally have not seen this, nor has my field guy, so I'm skeptical that this is the final step to funding (we're trying to get a copy of this doc to see what it says), but if this is true, this is VERY impressive work by the SBA. Again, skeptical that this isn't simply more underwriting documentation from his bank, but again, would be very impressed if what he says is true....
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Old 04-08-2020, 06:50 PM   #396
chiefforlife chiefforlife is offline
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Originally Posted by mililo4cpa View Post
Had a client today that state he received confirmation from SBA on loan approval, and the bank has final signature documents. I personally have not seen this, nor has my field guy, so I'm skeptical that this is the final step to funding (we're trying to get a copy of this doc to see what it says), but if this is true, this is VERY impressive work by the SBA. Again, skeptical that this isn't simply more underwriting documentation from his bank, but again, would be very impressed if what he says is true....
Wow, that would be impressive. Was that for the PPP or the EIDL?
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Old 04-08-2020, 06:52 PM   #397
mililo4cpa mililo4cpa is offline
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Originally Posted by chiefforlife View Post
Wow, that would be impressive. Was that for the PPP or the EIDL?
PPP
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Old 04-08-2020, 09:14 PM   #398
Buehler445 Buehler445 is offline
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Dad and my buddy at the coop said theirs were both approved today. I worked all night so kind of slept all day so I didn’t call my bank.
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Old 04-08-2020, 09:54 PM   #399
IA_Chiefs_fan IA_Chiefs_fan is offline
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My bank told me that they anticipate being able to fund my loan tomorrow or Friday.
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Old 04-09-2020, 10:47 AM   #400
DJ's left nut DJ's left nut is online now
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My bank told me that they anticipate being able to fund my loan tomorrow or Friday.
Ours told us this morning that they think they'll have us funded by mid-week next week. 'round $800K.

From application to funding would be about 10 days if that comes to fruition.
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Old 04-09-2020, 10:48 AM   #401
Trivers Trivers is offline
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Ours told us this morning that they think they'll have us funded by mid-week next week. 'round $800K.

From application to funding would be about 10 days if that comes to fruition.
congrats!!!
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Old 04-09-2020, 10:56 AM   #402
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congrats!!!
Devil will be in the details, but its a start.

It's the back-half of SBA stuff that makes it onerous. As a general rule, the SBA lets banks do their own thing on these loans and if everything gets paid off, none of it really matters.

But the reason it's often slow-going is that the banks are REALLY paranoid. If they give out an SBA backed loan and the loan defaults, if they haven't taken every needed step, the SBA won't reimburse the banks. So suddenly that 75/85% backing vanishes and the banks just out the money.

Now to put it in present context - getting the money from the SBA still isn't likely to be the problem. Even before the PPP was approved, banks were being told by the treasury department to do what they have to do short term to keep clients lights on. They were opening the taps already even before the forgiveness models were being thrown around. But what may ultimately be the problem is getting it forgiven. And there's just so many things we still aren't sure of.

So...we shall see.
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Old 04-09-2020, 11:53 AM   #403
mililo4cpa mililo4cpa is offline
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My bank told me that they anticipate being able to fund my loan tomorrow or Friday.
that's fantastic!

Update on my client: they are now being told the 13th, but still, that is a very good results....10 days from application to funding.....that's good work!
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Old 04-09-2020, 05:22 PM   #404
mililo4cpa mililo4cpa is offline
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that's fantastic!

Update on my client: they are now being told the 13th, but still, that is a very good results....10 days from application to funding.....that's good work!
UDATE: Client received his funds today! $800K+ check in hand! That is amazing!
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Old 04-09-2020, 05:34 PM   #405
Trivers Trivers is offline
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UDATE: Client received his funds today! $800K+ check in hand! That is amazing!
Question:

This thread has been mostly focused on how to get PPP and EIDL funds.

Now the question is: What is the process once you are approved? Is it a traditional closing with loan docs?

Thanks
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