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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 03-26-2020, 11:03 AM   #31
Prison Bitch Prison Bitch is offline
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Smoking. Suddenly quite heavily.

Great time to pick up that habit.
Don’t dare do that, stop ASAP, you need your lungs more than ever.

Take up dip. I’ll mail you some Skoal.
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Old 03-26-2020, 11:03 AM   #32
Mr. Plow Mr. Plow is online now
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Originally Posted by SAUTO View Post
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
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.
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Old 03-26-2020, 11:06 AM   #33
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Originally Posted by Mr. Plow View Post
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.
Goodness sakes.

Any business can manipulate numbers to make it appear like it went to employees.
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Old 03-26-2020, 11:06 AM   #34
Trivers Trivers is offline
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Originally Posted by SAUTO View Post
and thats different than the ones they say are coming available through this new bill?
Normally, SBA loans are done in partnership with a bank or CU; in case of the EIDL loans as part of these bills; $$ is processed, approved, and given by SBA.
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Old 03-26-2020, 11:08 AM   #35
SAUTO SAUTO is offline
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Originally Posted by Mr. Plow View Post
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, 11:08 AM   #36
Trivers Trivers is offline
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Originally Posted by SAUTO View Post
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, 11:10 AM   #37
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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, 11:10 AM   #38
SAUTO SAUTO is offline
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Normally, SBA loans are done in partnership with a bank or CU; in case of the EIDL loans as part of these bills; $$ is processed, approved, and given by SBA.
i'm pretty sure we are talking about 2 different loans.



sba loans say they will not be forgiven and directly from sba, the stimulus bill says they can be forgiven and come directly from your local bank
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Old 03-26-2020, 11:11 AM   #39
Mr. Plow Mr. Plow is online now
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Originally Posted by SAUTO View Post
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, 11:13 AM   #40
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, 11:14 AM   #41
SAUTO SAUTO is offline
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Oh wow.

I didn't know they have declared disaster areas already.
yeah i think KS and MO were declared monday, maybe even sunday
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Old 03-26-2020, 11:15 AM   #42
Trivers Trivers is offline
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[QUOTE=SAUTO;14869116]i'm pretty sure we are talking about 2 different loans.

It appears you may be right!!

The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees.



https://www.marketwatch.com/story/he...ses-2020-03-26



• A $350 billion forgivable loan program designed to ensure that small businesses do not lay off employees

• A 50% refundable payroll tax credit on worker wages will further incentivize businesses, including ones with fewer than 500 employees, to retain workers

• Looser net operating loss-reduction rules that will allow businesses to offset more

• A delay in employer-side payroll taxes for Social Security until 2021 and 2022

• Sole proprietors and other self-employed workers could be eligible for the expanded unemployment-insurance benefits the bill provides

• A portion of the $425 billion in funds appropriated for the Federal Reserve’s credit facilities will target small businesses

How does the $350 billion small-business loan program work?
The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies meet certain requirements. The loans will be available to companies with 500 or fewer employees.

“The SBA loans strike a balance between loans on favorable terms and grants by providing forgiveness to firms that use loaned funds for payroll, rent, mortgage interest, and utility payments,” said Garrett Watson, senior policy analyst at the Tax Foundation, a Washington, D.C.-based think tank.

There is a risk that some small businesses will be left behind. They include those that do not have access to a regular line of credit, work with rapidly changing staffs, or do not have a close working relationship with a lender.— Stan Veuger, American Enterprise Institute resident scholar
This ensures that the firms “have skin in the game” while also giving businesses a better chance at surviving the pandemic, he said.

Loans will be administered by banks and other lenders, which American Enterprise Institute resident scholar Stan Veuger said “will hopefully speed up the process.”

Businesses can receive loans up to $10 million, based on how much the company paid its employees between Jan. 1 and Feb. 29. The loans will carry an interest rate up to 4%. The bill provides for an expedited origination process.

If the business uses the loan funds for the approved purposes and maintains the average size of its full-time workforce based on when it received the loan, the principal of the loan will be forgiven, meaning the company will only need to pay back the interest accrued.

Last edited by Trivers; 03-26-2020 at 11:22 AM..
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Old 03-26-2020, 11:19 AM   #43
SAUTO SAUTO is offline
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Interesting....

I've have not seen that loan info, and the SBA this AM did not make reference, do you have any info on these forgivable loans? thanks
well i watched the press conference where the head of finance laid it all out. other than that i posted what they said already

thats all i really got.


i think i'd wait until the stimulus bill gets finalized and see whats available then, but i guess that could be taking a risk that the sba runs out of money if that is the fall back.
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Old 03-26-2020, 11:31 AM   #44
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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   #45
Trivers Trivers is offline
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Originally Posted by O.city View Post
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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