News Hey Small Business Owners...What are you doing to ride the storm out? - Page 14

**Trivers** · 06:02 AM

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?

**SAUTO** · 03-31-2020, 06:34 PM

Quote:

Originally Posted by mililo4cpa

This is a bridge loan advance while they process the EIDL....but yeah, there is apparently a new "application" process to go through...ugh!

Same application as last time. Said the 10k will be forgiven. And you can still get it if your loan is denied.

**Trivers** · 03-31-2020, 06:46 PM

Quote:

Originally Posted by Mr. Plow

Just got these from my banker. Says that they can submit as early as Friday, April 3rd.

Excellent!!! Major REP!!!

BigCatDaddy · 03-31-2020, 07:06 PM

Seems like a good place to ask

I have a renter that owes me $2500. They also have a lien against them by our local hospital. Will the stimulus money make it to my renter or will that get intercepted by the lien holder like a tax refund would?

**Buehler445** · 03-31-2020, 11:52 PM

Quote:

Originally Posted by Mr. Plow

Just got these from my banker. Says that they can submit as early as Friday, April 3rd.

My buddy got that application from his banker. What I got from mine was a spreadsheet that went through the calculations of the loan. It had far less qualifications listed. I wonder if I can fill that out and have it work for the bank or if I’ll have to fill out the application here and provide that information too.

Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website?

**Buehler445** · 03-31-2020, 11:58 PM

This outfit says there has to be a 50% revenue decrease in the applicable quarter. That will certainly be applicable to some of you guys but it may boot me out. I gotta look at some numbers. I’m not sure I took in any revenue in Q2 2019.

mililo4cpa · 04-01-2020, 05:55 AM

Quote:

Originally Posted by Buehler445

My buddy got that application from his banker. What I got from mine was a spreadsheet that went through the calculations of the loan. It had far less qualifications listed. I wonder if I can fill that out and have it work for the bank or if I’ll have to fill out the application here and provide that information too.

Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website?

PPP application:
https://home.treasury.gov/system/fil...ontent=Special

mililo4cpa · 04-01-2020, 05:58 AM

Quote:

Originally Posted by Mr. Plow

Just got these from my banker. Says that they can submit as early as Friday, April 3rd.

you beat me to it....good information!

**IA_Chiefs_fan** · 04-01-2020, 06:12 AM

Quote:

Originally Posted by Buehler445

This outfit says there has to be a 50% revenue decrease in the applicable quarter. That will certainly be applicable to some of you guys but it may boot me out. I gotta look at some numbers. I’m not sure I took in any revenue in Q2 2019.

You're not referring to the PPP, are you? I don't see that requirement listed anywhere.

mililo4cpa · 04-01-2020, 06:55 AM

Quote:

Originally Posted by IA_Chiefs_fan

You're not referring to the PPP, are you? I don't see that requirement listed anywhere.

That is not a requirement for the PPP....the goal of PPP is to not have to lay people off, hence the loan forgiveness if you maintain your headcount and payroll spend....

mililo4cpa · 04-01-2020, 06:58 AM

Quote:

Originally Posted by Buehler445

My buddy got that application from his banker. What I got from mine was a spreadsheet that went through the calculations of the loan. It had far less qualifications listed. I wonder if I can fill that out and have it work for the bank or if I’ll have to fill out the application here and provide that information too.

Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website?

DO NOT WAIT! Get the application ready now, so that you can get it in asap....you cannot apply on-line, you have to go through a bank for the PPP

mililo4cpa · 04-01-2020, 06:59 AM

and if anyone is so inclined, here's what the SBA is giving to the banks:

https://home.treasury.gov/system/fil...ontent=Special

**IA_Chiefs_fan** · 04-01-2020, 07:03 AM

Quote:

Originally Posted by mililo4cpa

That is not a requirement for the PPP....the goal of PPP is to not have to lay people off, hence the loan forgiveness if you maintain your headcount and payroll spend....

Roger that. Thank you.

**Buehler445** · 04-01-2020, 07:24 AM

Yeah. So I’m an idiot. Apparently I need to quit reading technical shit at night.

I forgot to post the blog that I was reading. It’s here.

https://blogs.claconnect.com/agribus...ll-tax-credit/

But it’s talking about the refundable payroll taxes. That’s seems of far less importance than the PPP loan at the moment.

Thanks for the help guys.

Mr. Plow · 04-01-2020, 07:34 AM

Quote:

Originally Posted by Buehler445

Yeah. So I’m an idiot. Apparently I need to quit reading technical shit at night.

I forgot to post the blog that I was reading. It’s here.

https://blogs.claconnect.com/agribus...ll-tax-credit/

But it’s talking about the refundable payroll taxes. That’s seems of far less importance than the PPP loan at the moment.

Thanks for the help guys.

I'm going to get my filled out and sent to my banker today so that he can look it over before Friday. Once Friday rolls around or when this opens up for applications to be submitted, I'm going to make sure my banker gets mine in ASAP.

Dallas Chief · 04-01-2020, 07:37 AM

Quote:

Originally Posted by Buehler445

My buddy got that application from his banker. What I got from mine was a spreadsheet that went through the calculations of the loan. It had far less qualifications listed. I wonder if I can fill that out and have it work for the bank or if I’ll have to fill out the application here and provide that information too.

Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website?

Thanks for sharing all this info. The application doesn't have any lines to add the additional operating costs such as health care premiums and rent/leases. Not sure where we are suppose to enter those. Would it be possible for you to share a blank version of the spreadsheet your banker gave you? It seems I know more about what is going on than our business banker (Chase), although that doesn't really surprise me. Thanks bud!

03-26-2020, 09:25 AM
Trivers Always ask 'Why?" Join Date: Oct 2011 Location: Two Rivers, Wisconsin Casino cash: $2352400	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: 2,929

03-31-2020, 07:06 PM	#198
BigCatDaddy The Beast Inside Your Head Join Date: Jul 2006 Location: Parts Unknown Casino cash: $2049122	Seems like a good place to ask I have a renter that owes me $2500. They also have a lien against them by our local hospital. Will the stimulus money make it to my renter or will that get intercepted by the lien holder like a tax refund would?
Posts: 25,858

03-31-2020, 11:58 PM	#200
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $2344734	This outfit says there has to be a 50% revenue decrease in the applicable quarter. That will certainly be applicable to some of you guys but it may boot me out. I gotta look at some numbers. I’m not sure I took in any revenue in Q2 2019.
Posts: 56,769

04-01-2020, 06:59 AM	#206
mililo4cpa Veteran Join Date: Jan 2017 Location: Orlando, FL Casino cash: $3220400	and if anyone is so inclined, here's what the SBA is giving to the banks: https://home.treasury.gov/system/fil...ontent=Special
Posts: 3,230	2 0

04-01-2020, 07:24 AM	#208
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $2344734	Yeah. So I’m an idiot. Apparently I need to quit reading technical shit at night. I forgot to post the blog that I was reading. It’s here. https://blogs.claconnect.com/agribus...ll-tax-credit/ But it’s talking about the refundable payroll taxes. That’s seems of far less importance than the PPP loan at the moment. Thanks for the help guys.
Posts: 56,769