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03-26-2020, 09:25 AM | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1022400
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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.. |
Posts: 2,959
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05-01-2020, 02:32 AM | #631 | |
Colorado Chief Fan
Join Date: Feb 2006
Casino cash: $6213147
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Quote:
Thanks Mr. Plow, I appreciate it buddy. Chase used to be good, I knew my Banker on a first name basis for years. After he left it has been a revolving door for the last 5-6 years. I have never even met the new lady that I was dealing with. The first thing I asked the guy at the new bank was how long he had been there, 27 years. Since we are locked down and the bank lobby is not open, he sent a guy to my shop with the paperwork to open a new account within 30 minutes of our initial conversation. Also, he personally called me to tell me that my PPP had been approved (not an Email). I have been very impressed with the level of service so far. Grateful I made the decision not to wait on Chase. This place, Chiefsplanet, can be pretty ****ed up at times (lol) but this thread strangely was helpful by so many people that Id like to say Thanks to all that have posted. I received a bunch of good info here and I hope my situation can help others as well. GO CHIEFS!!! |
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Posts: 5,589
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05-01-2020, 08:11 AM | #632 | |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Quote:
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Posts: 55,715
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05-01-2020, 08:31 AM | #633 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $587391
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Quote:
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Posts: 31,179
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05-01-2020, 08:39 AM | #634 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $587391
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Quote:
So, we asked the banker who did the original mortgage on the building at the old bank who had moved to this smaller bank to do it. He was at our office that afternoon with the paperwork to get it done. Pulled all of our business accounts from old bank the next week and I took all of my personal from them as well. |
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Posts: 31,179
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05-01-2020, 09:42 AM | #635 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $526899
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Quote:
Hi, I'm DaFace. I do market research for a living, so if you need a customer survey, product testing with focus groups, or help developing a strategic plan, shoot me a PM. ...rather than posting websites and specific company names. |
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Posts: 52,332
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05-01-2020, 09:47 AM | #636 |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1022400
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We just had $1000 pop into our commercial real estate mgt checking account.
Reads SBA. in the notes We only claimed one employee. So it appears the EIDL grant was granted. No phone call, no email, no paper notice. Nothing. |
Posts: 2,959
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05-01-2020, 07:58 PM | #637 |
Rookie
Join Date: Mar 2020
Casino cash: $5470400
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Got confirmation today and signed loan docs from Wells Fargo no less. Feel like I won the lottery with them. Just like the others with big banks WF has Ben unbelievably terrible to work with. Been with them for 21 years and as soon as I’m finished with the loan process and the forgiveness I’m switching to a small bank.
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Posts: 26
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05-01-2020, 10:31 PM | #638 |
MVP
Join Date: Oct 2010
Casino cash: $729653
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Went and signed my loan papers today. It has the funding date as April 28th lol, so it was approved like a day or 2 after I applied.
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Posts: 18,109
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05-02-2020, 07:25 AM | #639 |
Veteran
Join Date: Jan 2017
Location: Orlando, FL
Casino cash: $1890400
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Been very busy at work, so hadn't had time to post much in past week or so....Hope all is going well with everyone. Nice to see things starting to loosen up a little bit, but we're not out of the woods by any stretch...Hang in there guys!
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Posts: 3,231
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05-02-2020, 08:34 AM | #640 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $230477
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I applied for the EIDL a month ago and haven't heard anything. $1,000 showed up in my bank acct yesterday.
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Posts: 40,775
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05-02-2020, 06:46 PM | #641 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $814734
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Congress ruled that PPP forgiveness won’t be taxable.
https://blogs.claconnect.com/agribus...p-forgiveness/ |
Posts: 57,700
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05-02-2020, 06:51 PM | #642 | |
MVP
Join Date: Oct 2010
Casino cash: $729653
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Posts: 18,109
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05-03-2020, 06:19 AM | #643 | |
Always ask 'Why?"
Join Date: Oct 2011
Location: Two Rivers, Wisconsin
Casino cash: $1022400
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Quote:
Yes, the PPP loan/grant is not taxable, BUT....you can't claim the EXPENSES paid by the PPP. &*^$#^^^&!!*)+* We are still paying taxes. Politicians didn't expect this stunt from the Treasury Dept and state they will close that loophole. "This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)). Specifically, this notice clarifies that no deduction is allowed under the Internal Revenue Code (Code) for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to section 1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with the forgiveness is excluded from gross income for purposes of the Code pursuant to section 1106(i) of the CARES Act." |
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05-03-2020, 06:58 AM | #644 | |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
Casino cash: $1442630
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Quote:
Maybe it is time to talk to my accountant for Next Years issue.
__________________
#investigatecarlcheffers |
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Posts: 37,868
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05-03-2020, 07:07 AM | #645 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $814734
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I think you’re just SOL. I’d wait and see what provisions come out from the money they allocated to Ag. Maybe they’re already out - I’ve been pretty swamped and haven’t paid attention. Your best hope is that you don’t have to lower rent. |
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