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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 04-06-2020, 11:02 AM   #376
mililo4cpa mililo4cpa is offline
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There is a letter up on the website that states they are now only going to issue up to 10B to businesses of 50 or less and non profits. They claim they have the capacity to loan 385B but they are under an asset cap which stems from the past leadership and there actions. They are going to donate all the proceeds from the loans they do fund to charity. You can find the letter on the WF website under small business.
I still qualify but I have a feeling they will go with mostly non profits!
Doesn’t sound good but I will keep my fingers crossed. I will continue to work the bank that I have my personal accounts with and see what happens there. As of Friday they still were not taking apps yet.
https://www.benzinga.com/government/...siness-lending
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Old 04-06-2020, 11:21 AM   #377
Buehler445 Buehler445 is offline
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Supposedly there is a workaround in some language. No idea if it will fly but it’s out there.

If anyone else hits the gross revenue exemption here is the article.

https://blogs.claconnect.com/agribus...iness-concern/
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Old 04-06-2020, 11:22 AM   #378
mililo4cpa mililo4cpa is offline
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https://twitter.com/WellsFargo/statu...582081536?s=20
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Old 04-06-2020, 11:29 AM   #379
mililo4cpa mililo4cpa is offline
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Originally Posted by Buehler445 View Post
Supposedly there is a workaround in some language. No idea if it will fly but it’s out there.

If anyone else hits the gross revenue exemption here is the article.

https://blogs.claconnect.com/agribus...iness-concern/
Here is the actual paragraph in CARES act referred by the article...trying to decipher:

“(D) INCREASED ELIGIBILITY FOR CERTAIN SMALL BUSINESSES AND ORGANIZATIONS.—

“(i) IN GENERAL.—During the covered period, in addition to small business concerns, any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C) shall be eligible to receive a covered loan if the business concern, nonprofit organization, veterans organization, or Tribal business concern employs not more than the greater of—

“(I) 500 employees; or

“(II) if applicable, the size standard in number of employees established by the Administration for the industry in which the business concern, nonprofit organization, veterans organization, or Tribal business concern operates.
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Old 04-07-2020, 07:43 AM   #380
Trivers Trivers is offline
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Submitted the PPP today with the credit union we primarily do business with. No confirmation of receipt.

Submitted two EIDL grants over the weekend. Receipt with submittal. No response yet. Not expecting. Don't know if they will responded within 3 days; or that they will fund within 3 days after a phone call interview.

We read somewhere that the SBA is giving $1,000 per team member claimed up to 10. Have not been able to confirm that.
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Old 04-07-2020, 09:41 AM   #381
SAUTO SAUTO is offline
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Originally Posted by Trivers View Post
Submitted the PPP today with the credit union we primarily do business with. No confirmation of receipt.

Submitted two EIDL grants over the weekend. Receipt with submittal. No response yet. Not expecting. Don't know if they will responded within 3 days; or that they will fund within 3 days after a phone call interview.

We read somewhere that the SBA is giving $1,000 per team member claimed up to 10. Have not been able to confirm that.
That 1k doesn’t make any sense...
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Old 04-07-2020, 09:44 AM   #382
Buehler445 Buehler445 is offline
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Bank said the gross revenue limit has been removed.

The CEO at the coop said theirs was limited out too. Their payroll number matters far more than mine does.
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Old 04-07-2020, 12:18 PM   #383
Trivers Trivers is offline
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Originally Posted by Buehler445 View Post
Bank said the gross revenue limit has been removed.

The CEO at the coop said theirs was limited out too. Their payroll number matters far more than mine does.
YAY!!! Good luck!
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Old 04-07-2020, 12:34 PM   #384
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Chase finally opened up today for submitting applications.

Just got done with mine. Sure hope it comes through quick. My business is down over 60% the last two weeks with no sign of improving anytime soon.
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Old 04-07-2020, 12:41 PM   #385
SAUTO SAUTO is offline
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Chase finally opened up today for submitting applications.

Just got done with mine. Sure hope it comes through quick. My business is down over 60% the last two weeks with no sign of improving anytime soon.
Yeah we’re at least there.
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Old 04-07-2020, 12:50 PM   #386
chiefforlife chiefforlife is offline
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Yeah we’re at least there.
Doesnt help to be essential if no one is bringing there vehicles in. I was Thankful at first and we were actually doing OK but once the stay at home order started, whoa, it turned off quick.
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Old 04-07-2020, 01:14 PM   #387
Hog's Gone Fishin Hog's Gone Fishin is offline
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You landlords that filed the EIDL, what did you put in the "cost of goods sold" line?

The property value??
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Old 04-07-2020, 01:18 PM   #388
Trivers Trivers is offline
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Originally Posted by Hog's Gone Fishin View Post
You landlords that filed the EIDL, what did you put in the "cost of goods sold" line?

The property value??
None; I struggled with that. COGS for real estate leasing???? I put zero.

it will ask you what industry...I put real estate; then leasing...if I remember correctly.
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Old 04-07-2020, 01:47 PM   #389
Buehler445 Buehler445 is offline
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Originally Posted by Hog's Gone Fishin View Post
You landlords that filed the EIDL, what did you put in the "cost of goods sold" line?

The property value??
Nah. Rental isn’t going to have COGS unless you inventory something.
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Old 04-07-2020, 04:48 PM   #390
Dallas Chief Dallas Chief is offline
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Yeah we’re at least there.
I shut it down yesterday and furloughed everyone including myself. I couldn’t expect ownership to keep funding payroll with no work being done and no revenue being generated. I’ve applied for both EIDL and PPP so we will see what happens. Sucks. First time I’ve been unemployed in 32 years and unemployment is a major league hot mess in FL. Website looks like something from circa 1998 geocities.
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