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03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1052400
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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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04-07-2020, 05:06 PM | #391 |
Fish are scared of me
Join Date: Nov 2001
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04-07-2020, 05:08 PM | #392 |
Fish are scared of me
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Posts: 40,765
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04-08-2020, 03:31 PM | #393 |
Colorado Chief Fan
Join Date: Feb 2006
Casino cash: $6213147
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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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04-08-2020, 03:49 PM | #394 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1052400
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Quote:
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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04-08-2020, 05:51 PM | #395 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1920400
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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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04-08-2020, 06:50 PM | #396 | |
Colorado Chief Fan
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Casino cash: $6213147
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Quote:
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04-08-2020, 06:52 PM | #397 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
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04-08-2020, 09:14 PM | #398 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $844734
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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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04-08-2020, 09:54 PM | #399 |
Supporter
Join Date: Jun 2002
Casino cash: $1029714
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My bank told me that they anticipate being able to fund my loan tomorrow or Friday.
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04-09-2020, 10:47 AM | #400 | |
Sauntering Vaguely Downwards
Join Date: Sep 2005
Location: Columbia, Mo
Casino cash: $1569099
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Quote:
From application to funding would be about 10 days if that comes to fruition.
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"If there's a god, he's laughing at us.....and our football team..." "When you look at something through rose colored glasses, all the red flags just look like flags." |
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04-09-2020, 10:48 AM | #401 |
Always ask 'Why?"
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Location: Two Rivers, Wisconsin
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04-09-2020, 10:56 AM | #402 |
Sauntering Vaguely Downwards
Join Date: Sep 2005
Location: Columbia, Mo
Casino cash: $1569099
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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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04-09-2020, 11:53 AM | #403 |
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04-09-2020, 05:22 PM | #404 |
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04-09-2020, 05:34 PM | #405 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1052400
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Quote:
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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