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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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Join Date: Oct 2011
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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; Yesterday at 06:02 AM..
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Old Yesterday, 06:31 PM   #271
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Buehler445 View Post
Definitely is in my case. My whole payroll is less than corn herbicide by itself.
But you still get loan forgiveness via the PPP, plus rent, utilities, and mortgage interest and can still roll the EIDL in.

So, hypothetically, if you cover payroll with your PPP, and still get the $10K forgiveness on the EIDL bridge, why wouldn't you do that?
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Old Yesterday, 06:37 PM   #272
Buehler445 Buehler445 is offline
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Quote:
Originally Posted by mililo4cpa View Post
But you still get loan forgiveness via the PPP, plus rent, utilities, and mortgage interest and can still roll the EIDL in.

So, hypothetically, if you cover payroll with your PPP, and still get the $10K forgiveness on the EIDL bridge, why wouldn't you do that?
Iím going to apply for both for sure. But I learned long ago with government promises I wonít count it until the check clears.
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Old Yesterday, 06:44 PM   #273
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Buehler445 View Post
Iím going to apply for both for sure. But I learned long ago with government promises I wonít count it until the check clears.
no argument from me....but I actually expect there to be more forgiveness than anticipated. So if you can get funded, then do it. My reasoning is a little long-winded, and just my opinion, but get the cash in hand now if you can
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Old Yesterday, 07:35 PM   #274
Mr. Plow Mr. Plow is offline
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Quote:
Originally Posted by BWillie View Post
Landlords...what are you telling your tenants?

Some I pay the utilities, others I do not. Nonetheless, one of my tenants is insinuating that he should not have to pay his rent. If he doesn't pay his rent, I still have to pay the house payment, the utilities, the cable, the heat, the taxes, insurance etc. Why would I continue to pay utilities if you don't even pay me rent?

He is also indicating some apartment complex waived their rent for 4-months. How would they even survive? I'm not some big conglomerate corporation.

Also, when is this Govt payment going to be direct deposited? Do we have a firm date?
This is why I'm glad I'm not a landlord right now. You're in a lose/lose situation if it's someone that lost their job.

Have them pay rent as normal? They may not have enough money to keep living, but you can pay your normal bills.

Give them the month off? They have enough money to survive, but you may not be able to pay your normal bills.
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Old Yesterday, 08:57 PM   #275
Dallas Chief Dallas Chief is offline
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Join Date: Apr 2002
Location: Jupiter, FL.
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Chase is telling us they wont have anything for us tomorrow...

"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped."

https://recovery.chase.com/contingency-plan
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Old Yesterday, 09:14 PM   #276
IA_Chiefs_fan IA_Chiefs_fan is offline
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My local bank will start submitting applications tomorrow. However, they haven't heard back from the SBA on their request for additional user licenses. So they can only have one employee submitting apps at a time. Many of the other area banks aren't doing the PPP or don't really have their ducks in a row yet. My bank has been sending me updates multiple times per day as this evolves. I've sent all of my info and completed app to the bank in advance. Thank you very much for being a voice of reason when I was sleep deprived and stressed, mililo4cpa. If everything works out with the PPP, and it should, then my business will most certainly be just fine even if shit got real, real bad for six months.
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