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Thread: Small Biz Support 2020
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04-10-2020, 08:40 AM #151skier
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Good link. Thanks.
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04-10-2020, 10:03 AM #152
Has anyone who applied for EIDL heard anything back?
I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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04-10-2020, 10:09 AM #153
Thanks for the link. We're working with our accountant to make sure we don't miss the 'devil in the details' of this. The article is good but quite broad. We've got a lot of detail questions, some of which the article hits on (use accountant for tax benefit, etc.).
As for your employees, if they're back on your payroll, it's likely better. The ones that would be pissed are the low-pay trainees. Assuming they would normally get about 2/3 of regular pay while on unemployment, they'd get roughly $10/hour equivalent. With this, they get $25. Yes, big benefit to be on UI. For your $30/hr guys, $20 vs. $35. Still better than their normal $30 but not by as much. It's goofy, for sure. Maybe you leave them (shop people or whatever they are) on unemployment and only use your loan proceeds for your salaried and/or office staff while they still work. I don't know the answer to that but, as in our case, spending a bit of money with your accountant (maybe a direct cost related to the funding so forgivable?) would be smart. You don't want to get sideways on this and lose the opportunity for forgiveness.
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04-10-2020, 10:25 AM #154
Yeah. But then I remember something like employee count.
If I run half staff. Because not enough work. I have no problem paying bonuses to anyone that is willing to work.
But I get screwed on loan forgiveness since only half the amount of people are on payroll for the eight weeks that would suck.
This whole thing sucks. I need more antacid. Or maybe just more acid and strip naked and wander in the woods.. . .
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04-10-2020, 11:49 AM #155
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04-10-2020, 12:06 PM #156
Again, talk to your accountant. If you laid off half your staff prior to a certain date, then your remaining half staff is your full staff for purposes of the loan. On that certain date, your employee count is the baseline. If you have that many or more employees at the end of the eight week period, it's forgivable, as I understand it. It's still pretty confusing with regard to that so that's why we have our accountant involved.
Our business is commercial roofing and most of our people are supposed to be coming out of layoff status as of about a month ago. We had work lined up but a couple of the projects were shut down as 'non-essential' so we're only working with about half our crew. That is our baseline. The crew size we have and our office staff is our employee count. We're going to be mostly out of work all of May when we should be ramping up. The half that's currently on unemployment will remain on unemployment but get the benefit of the EIDL, I think. The half that's currently working will be paid by us to sit at home when there's no work in May. That should be forgiven. Also, our lease payments for building and property are forgivable along with some other expenses; utilities and the like. All in all, it's worth it but maintain good records and bring your accountant in for guidance. Don't frazzle yourself over trying to understand the details of this, that's why you pay professionals. It will save you in the long run.
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04-10-2020, 12:52 PM #157Registered User
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04-10-2020, 02:02 PM #158
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04-10-2020, 02:11 PM #159
Our application was completed mid-day Tuesday. We were accepted yesterday at 5:00. Our local bank was on top of this and are still completely buried but got us through fairly quickly. We should be funded not later than next Wednesday, after signing the loan docs.
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04-10-2020, 03:46 PM #160
^^^ P3 or EIDL?
8 days into the EIDL for me, nothing.I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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04-10-2020, 03:58 PM #161
PPP
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04-10-2020, 04:00 PM #162
I'm 10 days waiting on something about the EIL application, nothing yet except the initial confirmation. Did the PPP application with my credit union this afternoon and submitting docs now. Fuck, I need something to shake out soon!
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04-10-2020, 04:06 PM #163
Small Biz Support 2020
Same, app for PPP was submitted Tuesday around 1, haven’t heard back yet. Basically pacing by the phone/computer waiting to hear, along with scrambling to find any stream of revenue we can make possible. Put our entire inventory online, we’re able to ship to about 20 states, trying different advertising options, curbside pickup, local delivery... anything. Our bank manager said she “was happy we got ours in when we did, the pot of money is gonna run dry quick”.
We’ve been stretching our funds to keep employees paid full time, but not sure we can do that even one more week. Hope this shit gets approved real soon
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04-10-2020, 04:06 PM #164
Haven’t done eidl
Was trying to get an answer if I should do eidl in addition to p3.
But today I saw the $10k forgiveness part of eidl will be subtracted from p3. So no sense doing eidl for ten thousand expecting it to be forgiven. Eidl is if you need and want to borrow more.
I don’t want to borrow more. I’m in a pretty deep hole already and need to stop digging.. . .
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04-10-2020, 04:09 PM #165
As a sole proprietor I’d like to get some PPP money. Wondering where I can apply in WA? Kind of a cash guy / no loans, don’t have biz checking account per say- but use my Chase acct for dealings. Went to Chase for app but says requires Business Checking. Thoughts? Thx
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04-10-2020, 04:24 PM #166
My bud is expecting to close and fund on 600m next week. They have 1.3 billion in ppp requests. Holy faak!
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04-10-2020, 04:37 PM #167
We went through Washington Trust Bank. I don't know if they'd take new customers on this but they seem to have their act together. We run our payroll, checking, and LOC through them. Plus, our guy is a Senior VP who I've worked with for 25 years. Good guy that takes good care of me. You might give them a try.
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04-10-2020, 05:12 PM #168
If you have a personal account at a local bank you can work through, try that. I ended up not applying for the PPP, but the credit union I've been a member with (for my personal stuff) was more than happy to help me out even though my business accounts are elsewhere.
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04-10-2020, 09:16 PM #169
We submitted the applications the day it opened. So far we haven’t heard anything. Both me and my wife were in the fastfred camp even while submitting it. I just don’t see a roll out of something of this magnitude going well, especially with the cast of characters presenting it.
I’ve always felt that it was my duty as an employer to take care of my employees. I don’t just talk that shit, I’ve paid for every employees health insurance 100% since the first year I was in business. I’m probably a fool, if you know me I’m not a rich guy, but I like taking care of people.
My guys have been with me for a while, we plan on continuing paying them even while we’re doing it out of our pocket. We’ve been limping along, our loyal customers are still coming in and I appreciate it greatly.
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04-10-2020, 10:14 PM #170
We started funding ours today. Fkna
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04-11-2020, 07:18 AM #171Registered User
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is my check in the mail?
filled out the eidl paper work a long time ago like everyone else and haven't heard shit, I just assumed i'd wake up and there would be 10k in my account
waiting for a call from the bank it's like waiting for a hot chick to call you back, ain't gonna happen becuase she knows I'm a loser
Since most "small" business are 20 or less employees, I'm having a hard time with the less than 500 employee shit
it should all be tiered out, but that'd make it complicated, less than 25, 26-99, 100-500. With the smaller guys getting first dibs?????
all the money actually got dumped onto the 500 plus employee companies anyways
what do you guys think?
the phone has been ringing and people are very optimistic for the most part
I'm optimistic for sure but it's hard to be at times
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04-11-2020, 07:22 AM #172
Cool.
What are your thoughts on this perspective?
https://www.cbsnews.com/news/paychec...wing-loan-sba/
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04-11-2020, 08:32 AM #173
Were they forced to take $200k, or could they have applied for less knowing that they already laid off so many of their employees? It just sounds like they didn't think things through, and didn't read the fine print before applying and taking the money. If they didn't need/want the full amount given their current situation, then they shouldn't have applied for and taken it.
My understanding is that the loan program isn't close to running out of funds yet, and even if it does- there's supposedly another $250BB waiting in the wings to help the next set of applications.
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04-11-2020, 08:44 AM #174skier
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Raising my glass to you Bob.
I submitted and got confirmation from chase Thursday so we'll see. I also pay my guys and their families health insurance and will continue to as long as possible. As far as their payroll its them before me every week. Fortunately were still open and grinding along - I lost my number 3 tech to NJ transit last fall and its worked out in that I've had jobs waiting outside since then rather than techs waiting for work inside.... We're busy, March was a huge month and looking at my book I've got work lined up through next week. We'll see how long this lasts. I'd say at least 50% of the shops around me have closed. Onward. One Gin and tonic , oops , I mean day at a time.. Hang in there brother, this too shall pass.
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04-11-2020, 09:00 AM #175
Small Biz Support 2020
I don’t feel bad at all for the person in the article. They just thought/hoped they were getting a free meal ticket of 200k. Fuck you. You got the money too quick..?! Super ungrateful for our tax dollar bailout. What’s stopping them from returning the whole amount, paying off the loan, and fending for themselves?
There are plenty of circumstances where the loan should be forgiven for all the good guys and for the good of community. But if you’re gonna money grab and be a snake about it, and in turn that short change a valid small biz- then all bets off. Wouldn’t it be great if a company did a high proportion of stock buy backs on the last tax bill they wouldn’t be eligible this time. IMO they should have padded assets to weather a storm. But instead they get a two-fer bailout in 2 years. Largest ever. /Last edited by CascadeLuke; 04-11-2020 at 09:52 AM.
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