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  1. #151
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    Dec 2002
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    The Garden State
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    4,735
    Good link. Thanks.


    Sent from my iPhone using TGR Forums

  2. #152
    Join Date
    Dec 2004
    Location
    Where the sheets have no stains
    Posts
    22,066
    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"

  3. #153
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    Quote Originally Posted by Core Shot View Post
    Not really. I have fought two unemployment claims by assholes that quit. I lost both times.

    But with PPP if I put them on payroll. They become ineligible for unemployment. But they will be pissed for sure.

    https://apple.news/AMmaWcKH_RUq7o_HqgKRr0Q

    Weird url. It’s a Forbes magazine about what to do after getting funded.
    Sequester funds. Keep good records.
    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.

  4. #154
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,053
    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.
    . . .

  5. #155
    Join Date
    Apr 2004
    Location
    Three-O-Three
    Posts
    15,418
    Quote Originally Posted by Bunion 2020 View Post
    Has anyone who applied for EIDL heard anything back?
    Nothing here.

  6. #156
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    Quote Originally Posted by Core Shot View Post
    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.
    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.

  7. #157
    Join Date
    May 2012
    Location
    PNW
    Posts
    764
    Quote Originally Posted by smmokan View Post
    Nothing here.
    Day 8 since applying for the EIDL directly through the SBA portal and nada.

    Applied for the PPP loan last Friday night and was approved (according to my community banker) Wednesday. No loan docs or official approval yet.
    Last edited by Bronco; 04-10-2020 at 02:49 PM.

  8. #158
    Join Date
    May 2009
    Location
    inpdx
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    20,197
    Quote Originally Posted by smmokan View Post
    Nothing here.
    same...so much for 3 days

  9. #159
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
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    6,741
    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.

  10. #160
    Join Date
    Dec 2004
    Location
    Where the sheets have no stains
    Posts
    22,066
    ^^^ 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"

  11. #161
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    PPP

  12. #162
    Join Date
    Apr 2010
    Location
    8,750'
    Posts
    394
    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!

    Sent from my Pixel 3a using Tapatalk

  13. #163
    Join Date
    Mar 2011
    Location
    North,NorthEast
    Posts
    3,557

    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

  14. #164
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,053
    Quote Originally Posted by Bunion 2020 View Post
    ^^^ P3 or EIDL?

    8 days into the EIDL for me, nothing.
    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.
    . . .

  15. #165
    Join Date
    Dec 2016
    Posts
    2,571
    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

  16. #166
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    8,295
    My bud is expecting to close and fund on 600m next week. They have 1.3 billion in ppp requests. Holy faak!

  17. #167
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    Quote Originally Posted by CascadeLuke View Post
    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
    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.

  18. #168
    Join Date
    Apr 2004
    Location
    Three-O-Three
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    15,418
    Quote Originally Posted by CascadeLuke View Post
    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
    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.

  19. #169
    Join Date
    Nov 2002
    Location
    Behind the Zion Curtain
    Posts
    4,875
    Quote Originally Posted by alias_rice View Post
    Bob, you seem to have been doing right by your employees throughout this. Hopefully your getting a payroll loan, since the program seems made for companies like yours.
    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.

  20. #170
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,885
    We started funding ours today. Fkna


    Sent from my iPhone using TGR Forums

  21. #171
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    4,718
    Quote Originally Posted by Fritz View Post
    We started funding ours today. Fkna

    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

  22. #172
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    8,295
    Quote Originally Posted by Fritz View Post
    We started funding ours today. Fkna


    Sent from my iPhone using TGR Forums
    Cool.

    What are your thoughts on this perspective?

    https://www.cbsnews.com/news/paychec...wing-loan-sba/

  23. #173
    Join Date
    Apr 2004
    Location
    Three-O-Three
    Posts
    15,418
    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.

  24. #174
    Join Date
    Dec 2002
    Location
    The Garden State
    Posts
    4,735
    Quote Originally Posted by BobMc View Post
    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.
    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.

  25. #175
    Join Date
    Dec 2016
    Posts
    2,571

    Small Biz Support 2020

    Quote Originally Posted by jackstraw View Post
    Cool.

    What are your thoughts on this perspective?

    https://www.cbsnews.com/news/paychec...wing-loan-sba/
    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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