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03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1032400
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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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04-05-2020, 12:03 PM | #346 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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And it’s “up to” 10 k. Whatever that means
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04-05-2020, 12:12 PM | #347 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1900400
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Quote:
the loan forgiveness amount is simply the amount you paid in payroll, mortgage interest, utility payments, and rents. So, in theory, this makes sense, because the only real limiting factor is reduction in headcount, which your scenario raises headcount. However, EIDL and PPP cannot be used for the same purpose, so I'd think you'd have to earmark EIDL funds for the expanded payroll, and PPP for current payroll....again, not sure how or if that would work. I'll look into it and see if I can get a better answer for you....may take a day or two.... |
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04-05-2020, 12:15 PM | #348 | |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Quote:
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Posts: 55,715
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04-05-2020, 12:22 PM | #349 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $824734
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Posts: 57,698
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04-05-2020, 12:25 PM | #350 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Posts: 55,715
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04-05-2020, 12:38 PM | #351 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1032400
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Posts: 2,959
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04-05-2020, 01:21 PM | #352 |
Colorado Chief Fan
Join Date: Feb 2006
Casino cash: $6213147
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I called my Chase banker and Emailed her on Thursday to get going. My Chase banker Emailed me on Friday and said go to Chase online and get in the Que.
It wasnt an application, more of a put your hat in and we'll call you. It literally said not to call them or try to contact them. This morning (Sunday) I received an Email letting me know they received it and will Email or call me with the next steps. With time being crucial, I'm not very happy with Chase right now. |
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04-05-2020, 01:31 PM | #353 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Posts: 55,715
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04-05-2020, 01:31 PM | #354 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1900400
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SBA response on EIDL has generally come about 8-9 days after applying (generally)....I have not heard one instance of funding yet, even on the initial $10K grant.
Most of my clients are probably 1 - 2 weeks into the EIDL process, so hoping that we start hearing about fundings this week. It's the government, so I'm not going to hold my breath though.... |
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04-05-2020, 01:33 PM | #355 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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I made my initial application last Saturday I think. They emailed me Monday night and said if I wanted the advance I needed to fill out another application and ask for it and give my banking info. It also said it wouldn’t show up the initial application process
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04-05-2020, 01:48 PM | #356 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1900400
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Quote:
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04-05-2020, 01:52 PM | #357 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1900400
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Quote:
I have a request for everybody: I've tried my best to lay out what I know through this process as best I can and hopefully have put out some nuggets for people here.... My request is, as you all learn something on your end, please share with me (and the group here). I think there's been a lot of good stuff posted by everyone, and I take what I know to try to help other business owners with the same issues. The more I can arm myself with practice real world examples, the better I can be for everyone else. P.S. I always try to vet what I hear, so any bit of information is useful.... thank you all for your contributions here....it's greatly appreciated. You guys are doing great work and I appreciate it! |
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04-05-2020, 02:00 PM | #358 | |
Colorado Chief Fan
Join Date: Feb 2006
Casino cash: $6213147
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Quote:
Chase helped me when other banks wouldnt and since then I have been extremely loyal. I have always felt like Chase was leading the business banking environment and would certainly be out front in an event like this. I realize it just opened Friday and its still in the early stages but when I see how many loans have already been processed it causes me to get anxious about not receiving any help by being late to apply. I will be in early tomorrow and plan to be all over my rep. I also have a Personal Credit Union, think I may contact them if I dont get anywhere with Chase SOON. I enjoy reading your input in this thread and appreciate all who have contributed. Its funny when you tell someone you got a lot of this info from "Chiefs Planet". Love this place! |
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04-05-2020, 02:30 PM | #359 | |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1900400
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Quote:
And let's be honest: sometimes the muck is a little fun too.... |
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04-05-2020, 02:32 PM | #360 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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I wonder how they come up with “ up to” 10k. How do they calculate how much you’d get? What about a loan amount? They never asked.
Cash flow per month? All they really asked was gross sales and cost of goods sold... |
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