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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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..
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Old 03-26-2020, 09:34 AM   #2
ChiTown ChiTown is offline
Stroking to the SB Champs!
 
Join Date: Aug 2000
Location: Flatlands of Kansas
Hunkering down, cutting costs where it's possible, using 2019 reserves to pay most bills and salaries, staying in constant contact with customers and suppliers, keeping my eyes open for other business opportunities that may arise as a result of all of this mess, and trying to be as good of a human as possible.
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Old 03-26-2020, 09:36 AM   #3
O.city O.city is online now
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Join Date: Jul 2009
Same as ChiTown, hunkering down. I've got reserves to get me thru a few months if need be. I am looking at the SBA stuff if it'll cover salary and such.
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Old 03-26-2020, 09:40 AM   #4
Trivers Trivers is offline
Always ask 'Why?"
 
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Quote:
Originally Posted by O.city View Post
Same as ChiTown, hunkering down. I've got reserves to get me thru a few months if need be. I am looking at the SBA stuff if it'll cover salary and such.
SBA will cover everything except lost sales.
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Old 03-26-2020, 09:45 AM   #5
O.city O.city is online now
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Join Date: Jul 2009
Quote:
Originally Posted by Trivers View Post
SBA will cover everything except lost sales.
How do they determine how much of a loan you will get?
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Old 03-26-2020, 09:48 AM   #6
SAUTO SAUTO is offline
Shit
 
Join Date: Jun 2008
Quote:
Originally Posted by O.city View Post
Same as ChiTown, hunkering down. I've got reserves to get me thru a few months if need be. I am looking at the SBA stuff if it'll cover salary and such.
same here.
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Old 03-26-2020, 09:51 AM   #7
notorious notorious is offline
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Join Date: May 2005
Location: Who knows?
Quote:
Originally Posted by SAUTO View Post
same here.
People aren't driving as much so you might slow a little. When things get moving again you will probably be overwhelmed.

We are booked over 2 months out right now, and all houses are empty (lucky as hell), but I haven't been receiving as many quote calls. I don't think people want strangers coming into their house, and they really don't want their house tore up when they are stuck at home.

If this is still going strong into May it will suck. I have plenty saved up, but the summer months are when I really make a lot of strides forward.
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Old 03-26-2020, 09:53 AM   #8
O.city O.city is online now
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Join Date: Jul 2009
I'm just kind of waiting to see what's gonna happen with the disaster relief stuff.
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Old 03-26-2020, 09:53 AM   #9
bobbything bobbything is offline
Distributor of Pain
 
Join Date: Nov 2004
My biggest client was deemed "essential" so, for now, I'm good. Should sh*t hit the fan I'd be okay for up to about 6 months. I can always reduce my salary if needed and work with my mortgage lender to reduce my mortgage temporarily. I applied with Kabbage for a line of credit over a week ago and still haven't gotten approved or denied. I know they're getting bombarded with requests but their system is 100% automated so I don't know what's going on and the CSR can't tell me anything.

I would look into the SBA loan as an alternative. Also have plenty of equity in our house so if we had to sell, we could easily do so.

We have options but none of them are ideal.
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Old 03-26-2020, 09:54 AM   #10
Mr. Plow Mr. Plow is online now
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Join Date: Dec 2005
We've been deemed essential so we are still working. Part of the office we moved to remote.
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Old 03-26-2020, 09:55 AM   #11
DJ's left nut DJ's left nut is offline
Sauntering Vaguely Downwards
 
Join Date: Sep 2005
Location: Columbia, Mo
Smoking. Suddenly quite heavily.

Great time to pick up that habit.
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Old 03-26-2020, 09:58 AM   #12
Trivers Trivers is offline
Always ask 'Why?"
 
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Quote:
Originally Posted by O.city View Post
How do they determine how much of a loan you will get?
According to the SBA webinar I just attended, they decide how much your financial information allows them to lend..they have formulas.

I think I remember seeing a check box for amount requested, and their website is down, so I can't double check on the form right now.
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Old 03-26-2020, 09:58 AM   #13
RunKC RunKC is online now
Andy Reid Supporter
 
Join Date: Apr 2012
Wife works for a therapy clinic. Fortunately they are doing quite well through this. They are doing a lot of teletherapy for certain types of therapy and retaining about 75% attendance, so hopefully they don’t need it.

This crisis is definitely going to change the way certain therapy is conducted. Teletherapy will be huge in the coming years.
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Old 03-26-2020, 10:02 AM   #14
ModSocks ModSocks is offline
Needs more middle fingers
 
Join Date: Mar 2005
Location: San Diego
For the most part, business as usual. Our business doesn't rely on walk in customers, but instead a handful of project cars that are built over the course of 1-2 years. We've collected all past due invoicing and brought our build customers to zero balance. We wanted to collect everything owed to us in case shit went south.

We've checked with our build customers and asked if they still want us to proceed or just hold off on their projects and it seems to be all systems go.

We also sell parts online and we're heavily involved in social media. All that stuff is still going. All my national suppliers are still supplying, though one took a 5 day hiatus. A lot of my national suppliers are working from home and then sending the order into the warehouse to ship.

All the local suppliers are business as usual as well. Napa, O'reilly's, Ford etc are all still delivering me parts daily.
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Old 03-26-2020, 10:02 AM   #15
O.city O.city is online now
In Search of a Life
 
Join Date: Jul 2009
Quote:
Originally Posted by Trivers View Post
According to the SBA webinar I just attended, they decide how much your financial information allows them to lend..they have formulas.

I think I remember seeing a check box for amount requested, and their website is down, so I can't double check on the form right now.
So should I just go ahead and apply?
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