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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 03-27-2020, 07:45 AM   #91
mililo4cpa mililo4cpa is offline
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Originally Posted by SAUTO View Post
on the sba site?
https://disasterloan.sba.gov/ela/
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Old 03-27-2020, 07:46 AM   #92
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Originally Posted by mililo4cpa View Post
That’s it.
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Old 03-27-2020, 07:51 AM   #93
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Yessir. Sba.gov and they have a link to the application in a bright yellow stripe on the top of the screen.

I actually freaked out when I submitted because it was too easy and thought I might be on a fraudulent website.
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Old 03-27-2020, 08:08 AM   #94
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I don’t think that’s the disaster loans everyone wants though. If I’m reading stuff right the forgivable ones will be thru banks?

I’ve spoken with 3 bankers who have no idea. Hell I sent them articles you guys posted here and they were glad to have info

What a cluster
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Old 03-27-2020, 08:16 AM   #95
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Originally Posted by O.city View Post
I don’t think that’s the disaster loans everyone wants though. If I’m reading stuff right the forgivable ones will be thru banks?

I’ve spoken with 3 bankers who have no idea. Hell I sent them articles you guys posted here and they were glad to have info

What a cluster
It's labeled "Covid-19 Small Business Information" on the homepage of SBA.gov.

The app is generic as hell.
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Old 03-27-2020, 08:19 AM   #96
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It's labeled "Covid-19 Small Business Information" on the homepage of SBA.gov.

The app is generic as hell.
Yeah it’s for sure one option

But I’m waiting to see this other short term one that’s got the forgivable options

If they’d just pass it and be done with it for ****s sake
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Old 03-27-2020, 08:26 AM   #97
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Old 03-27-2020, 08:37 AM   #98
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Old 03-27-2020, 08:38 AM   #99
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Originally Posted by O.city View Post
Yeah it’s for sure one option

But I’m waiting to see this other short term one that’s got the forgivable options

If they’d just pass it and be done with it for ****s sake
Been researching this all morning, and it's as clear as mud at this point.

My take on the other SBA loan option (and I profess, I'm am certainly no expert on this):

1. this option sounds no different than a "normal" SBA back loan funded from your bank (other than the special provisions). What I mean by this is that you have to apply through a partner bank / financial institution for funding
2. You will not be able to utilize this option if other means of credit are available
3. Unclear to me, but sounds like this is in complementary to the EIDL, or that you could use this re-fi the EIDL loan, thus making it (effectively) forgivable as well.
4. With the EIDL, you don't have to take funding even if approved, so if it does ultimately prove out that you can use one loan or the other, I would think the SBA would guide you

Sorry I don't have specific links, but I'm reading like 20 different articles + the actual text of the Small Business Act and the bill itself (I will include those links).

https://www.sba.gov/sites/default/fi...ss%20Act_0.pdf

https://www.congress.gov/bill/116th-...29B9DF4626458E


My recommendation is to continue on with EIDL while you explore this option. But shit like this is why I never could be an attorney....to much legal mumbo jumbo for my taste. I hope somebody a little more intelligent than me could chime in (maybe I should post this in the "are you more intelligent...." thread
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Old 03-27-2020, 08:39 AM   #100
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Originally Posted by mililo4cpa View Post
Been researching this all morning, and it's as clear as mud at this point.

My take on the other SBA loan option (and I profess, I'm am certainly no expert on this):

1. this option sounds no different than a "normal" SBA back loan funded from your bank (other than the special provisions). What I mean by this is that you have to apply through a partner bank / financial institution for funding
2. You will not be able to utilize this option if other means of credit are available
3. Unclear to me, but sounds like this is in complementary to the EIDL, or that you could use this re-fi the EIDL loan, thus making it (effectively) forgivable as well.
4. With the EIDL, you don't have to take funding even if approved, so if it does ultimately prove out that you can use one loan or the other, I would think the SBA would guide you

Sorry I don't have specific links, but I'm reading like 20 different articles + the actual text of the Small Business Act and the bill itself (I will include those links).

https://www.sba.gov/sites/default/fi...ss%20Act_0.pdf

https://www.congress.gov/bill/116th-...29B9DF4626458E


My recommendation is to continue on with EIDL while you explore this option. But shit like this is why I never could be an attorney....to much legal mumbo jumbo for my taste. I hope somebody a little more intelligent than me could chime in (maybe I should post this in the "are you more intelligent...." thread
That’s how I understand it too
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Old 03-27-2020, 08:39 AM   #101
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SBA is offering disaster relief programs through their website.**SBA.gov/disaster

The program you were speaking about last night has not been rolled out yet.**It has been passed on some levels of Congress.**When it’s signed into law it will take them some time to develop and roll out.**I and my SBA lender suggest the site above and applying for disaster relief funds or you will have to sit tight and wait on them to sign the other into law.**Even if you apply for the disaster relief and then the other program is rolled out you don’t have to take the disaster relief and then you can still apply for the loans you are talking about if that comes to pass soon.**

When the program you are taking about rolls out to banks our SBA Dept will notify all of us and I will let you know ASAP.

Praying for you all!


Here is what I was told from a banker I’m close with
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Old 03-27-2020, 08:40 AM   #102
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Thanks, O. Information is very helpful.
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Old 03-27-2020, 08:45 AM   #103
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Originally Posted by Trivers View Post

What are you doing to ride the storm out?
Don't have HR issues but now starting to see tenant issues. One so far cannot pay rent. So I am making him paint to pay me. I will not evict him.

I'd rather a month moratorium on mortgage payments instead -- for all even homeowners. Instead of handouts.
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Old 03-27-2020, 08:50 AM   #104
mililo4cpa mililo4cpa is offline
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Originally Posted by O.city View Post
SBA is offering disaster relief programs through their website.**SBA.gov/disaster

The program you were speaking about last night has not been rolled out yet.**It has been passed on some levels of Congress.**When it’s signed into law it will take them some time to develop and roll out.**I and my SBA lender suggest the site above and applying for disaster relief funds or you will have to sit tight and wait on them to sign the other into law.**Even if you apply for the disaster relief and then the other program is rolled out you don’t have to take the disaster relief and then you can still apply for the loans you are talking about if that comes to pass soon.**

When the program you are taking about rolls out to banks our SBA Dept will notify all of us and I will let you know ASAP.

Praying for you all!


Here is what I was told from a banker I’m close with
Great info.....as of yesterday, my challenge was that it was really unclear how the money was going to get into the hands of small business....seems like the news today (kind of) clarifies that to a degree that the mechanism will be SBA backed loans with forgiveness options.....

But also, I was of the opinion that is was going to take several months to work out the specific details. that may be just me being overly cautious, as I never want to give my clients the impression that things are imminent (which often results in them stopping good sound business practices because of false hope), but seems to still be lots of questions of how this will work, which will certainly delay ultimate funding....

Your message above totally reflects exactly what I was thinking as well (and adds the 100% correct factor that CARES isn't law yet either...)
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Old 03-27-2020, 09:12 AM   #105
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I'd rather a month moratorium on mortgage payments instead -- for all even homeowners. Instead of handouts.
Talking some friends at the beginning of all this, that's what we came up with. No mortgage payments for 2-3 months. Tack them on to the end of the note. Gives me money in my pocket to pay everything else, plus in the end they are getting their money.

I'm sure it's not as simple to do as that sounds and I'm sure there are reasons it's not being done that way that I know nothing about.
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