Page 1 of 25 1 2 3 4 5 6 ... LastLast
Results 1 to 25 of 619
  1. #1
    Join Date
    Aug 2007
    Posts
    6,116

    Small Biz Support 2020

    I know a bunch of us owners are a wee bit worried right now but help is coming for some but: not for all. I don't exactly the details until the Big Bill is passed, but when it is passed this thread could be a good resource for exact details. And there are other options for help out there, let us know what you know.

    Meanwhile if you are in SLC, here are details for an interest free loan from the city. My business is across the street from the SLC boundary, as close as you can without being in SLC. Fack me! Hope it helps someone else though.

    Click image for larger version. 

Name:	ET984aNU8BEhpJX.jpg 
Views:	323 
Size:	302.6 KB 
ID:	322233

    They are now accepting Round 2 apps: Application deadline for the 2nd round is Thursday, April 2nd at 11:59pm. Get it before it's gone.

    Any non-biz owners with advice and opinions are welcome of course.

  2. #2
    Join Date
    Aug 2007
    Posts
    6,116
    This bill is passed, i didn't read too deep but it says the government gives a refundable tax credit of your employee has to leave for childcare or if they test positive for COVID
    Click image for larger version. 

Name:	families-first-coronavirus-response-act---small-businesses-2-.jpg 
Views:	173 
Size:	547.3 KB 
ID:	322240

  3. #3
    Join Date
    Oct 2015
    Posts
    2,151
    I’ve got a handful of clients who have made it through the sba emergency loan program this week. Sounds like a cumbersome bitch though. No approvals yet.

    Sounds like the new SBA payroll loans will be administered through financial institutions with 100% sba guarantees. As I get info I’ll gladly post it here.

  4. #4
    Join Date
    Aug 2007
    Posts
    6,116
    Quote Originally Posted by alias_rice View Post
    I’ve got a handful of clients who have made it through the sba emergency loan program this week. Sounds like a cumbersome bitch though. No approvals yet.

    Sounds like the new SBA payroll loans will be administered through financial institutions with 100% sba guarantees. As I get info I’ll gladly post it here.
    Awesome thanks! Please do post here. So to get a SBA loan, owners go through an independent broker like you, and not deal directly with SBA? I've never needed a loan before. I'm thinking of getting one mostly because if it's low interest and no penalty for early payback, why not? It would be nice to have way before I will need it, as I don't know how long this storm is going to last. I would guess my clients budgets for what they hire for me are severely reduced or non-existent for a long time, so that may be a bit past Easter?

    Edit: found my answer below

  5. #5
    Join Date
    Aug 2007
    Posts
    6,116
    And I'm trying to find specifics on the package passed last night....not passed by the house yet...I suppose articles are being written and research being done by journalists right now on it. Sounds promising but waiting for the 'gotcha' details.

    "generous zero-interest loans for firms with fewer than 500 employees — loans that could be forgiven if the firms follow certain conditions, such as not firing their workers."

    And to answer my naive question above: "loans made available through lenders certified by the Small Business Administration, such as banks and credit unions."

    "The loans convert to grants if used for covering employee salaries, rent, paid leave, utility payments, health insurance premiums or other necessities or worker protections. The legislation includes guardrails aimed at preventing business owners from pocketing the money being lent. Loans given to firms with tipped employees, such as bars and restaurants, could be forgiven if they are used to provide additional wages to their employees. Nonprofits can also apply for these funds.

    Because these are loans, some of this spending may be paid back"

    Shit my accountant will tell me about:


    "The Republican tax law of 2017 limited to 30 percent the amount firms could deduct off their interest. In a move to improve business liquidity, the coronavirus package increases that number to 50 percent. It also gives firms greater ability to deduct losses against taxable income, which proponents say will primarily help unprofitable firms weather the downturn."

    Payroll tax delayed:
    "The package also delays the payroll taxes typically paid by employers on wages, a cut intended to help firms survive a liquidity crunch. The 6.2 percent tax on wages businesses normally pay would instead have to be paid over the following two years, with the first half due Dec. 31, 2021, and the second half due at the end of 2022."

    Other taxes delayed, not sure what though
    "It also offers numerous delays on corporate and business taxes"

  6. #6
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,600
    I was hoping their would be a malox or tums provision

    My gut hurts
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  7. #7
    Join Date
    Aug 2007
    Posts
    6,116
    Quote Originally Posted by Core Shot View Post
    I was hoping their would be a malox or tums provision

    My gut hurts
    Sorry man. I can't say I foresaw someone liking grilled exotic meats in China would bring our companies to its knees. Everything changed so quickly.

  8. #8
    Join Date
    Oct 2015
    Posts
    2,151
    Still not a ton of info on how these new payroll loans will work, but here are the basics.

    The stimulus bill provides an authorization level of $349 billion for the SBA 7(a) program through December 31, 2020. The bill has passed the House, and will shortly go to the President’s desk for signature. Here is what we know so far about the Payroll Protection program:

    Loan Attributes

    · These loans will be guaranteed 100% by the US Government.
    · The covered loan period will be your anticipated operating expenses beginning on February 15, 2020 and ending on June 30, 2020.
    · They will be 10-year term loans from the date of application for forgiveness.
    · The maximum interest rate will be 4%.
    · There will be no borrower fees for participating in the program.
    · There are no credit elsewhere tests for funds provided under this program.
    · There will not be any personal guarantees necessary or collateral requirements for these loans.
    · Any loan amount that is not forgiven by June 30, 2020 will amortize over 10 years.
    · Loan payments will be deferred between 6 months to 1 year.
    · There will be no prepayment penalties.

    Who is Eligible?

    1. If your business or Non-Profit has fewer than 500 employees (full time, part time or any other basis), you are eligible for this program.

    2. Lenders will have to determine if the business was in operations on February 15, 2020 and had employees for whom it paid salaries and payroll taxes, or paid an independent contractor.

    3. Borrowers must make a good faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19.

    Specific allowable uses of the loan include:

    1. Payroll support

    2. Mortgage, rent, and utility payments

    3. EXCLUSIONS:
    · Any individual whose salary exceeds $100,000 during the covered period is excluded for the portion of salary above $100,000
    · Compensation for any employee outside of the United States

    
    Loan Forgiveness

    · There will be a portion of the loan that can be forgiven. That amount is likely to be determined by the number of employees that are retained through the downturn.
    · Your wage expense will be compared to the prior year – to ensure that you have maintained employees

    Loan Payments

    · We expect the SBA to cover 6 months of payments for all current 7(a) borrowers in regular servicing. The details about how they will pay and report has yet to be determined, but the bill does allocate funding for this purpose.

  9. #9
    Join Date
    Oct 2015
    Posts
    2,151
    Looks like these deals are pretty damn borrower friendly.

    - no closing costs
    - .5% interest
    - 6 months deferred payments
    - if 75% of proceeds are used for payroll, the loan will be forgiven
    - maximum loan amount is 2.5 months of average payroll expense (payroll, taxes, benefits, etc.)
    - no personal guarantee, no collateral and no credit check

    If you have a business there’s really no reason not to do it. The demand is going to be huge though so I’d apply with your institution early. I work for a medium size credit union and we already have 90+ requests since yesterday. No way we will be able to offer these to businesses that we don’t already have a relationship with.

    If anyone wants me to email them everything we know at this point send me your email and I’ll forward everything I have on.

  10. #10
    Join Date
    Sep 2006
    Posts
    4,751
    Sending a PM, thanks

  11. #11
    Join Date
    Feb 2005
    Posts
    13,073
    How do you find a lender who is hooked up with the program?

  12. #12
    Join Date
    Oct 2003
    Posts
    1,021
    Quote Originally Posted by MakersTeleMark View Post
    How do you find a lender who is hooked up with the program?
    I called 2 different banks that I do business with and now I am on their list to be informed when they are ready to start the application process...not sure yet how fast that will happen....I am a self employed sole
    proprietor and was happy to find out that I am eligible for the loans. And.. Bank of America now has a credit card payment deferral program.. I don't know if it's worth a damn or not... Maybe some other banks will also try that?
    what's so funny about peace, love, and understanding?

  13. #13
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,600
    So I borrow money for payroll for workers that can’t legally work and all is forgiven? Weirdness.

    I Like the 7a help. Wish I still had one.

    Is there any 504 loan help?
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  14. #14
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,288
    Quote Originally Posted by alias_rice View Post
    If you have a business there’s really no reason not to do it. The demand is going to be huge though so I’d apply with your institution early.
    What if the business is in the cannabis space?
    Check Out Ullr's Mobile Avalanche Safety Tools for iOS and Android
    www.ullrlabs.com

  15. #15
    Join Date
    Nov 2005
    Posts
    3,466
    Quote Originally Posted by TBS View Post
    What if the business is in the cannabis space?
    Essential businesses shouldn't need help.

  16. #16
    Join Date
    Oct 2015
    Posts
    2,151
    Quote Originally Posted by Core Shot View Post
    So I borrow money for payroll for workers that can’t legally work and all is forgiven? Weirdness.

    I Like the 7a help. Wish I still had one.

    Is there any 504 loan help?
    They are making 504 debenture payments for the next 6 months as well. People will still need to talk with their bank though on the 1st mortgage portion. We are giving 3-6 month deferments on all of ours though if requested. Most banks seem to be doing the same.

    Also cannabis business’ should qualify if they’re in legal states.

  17. #17
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    5,072
    This whole thing seems pretty crazy. We just filled it out. Two pages of basic info and done. Rubber stamp and go? Banks making 3 points.

    And how many assholes are working and trying to collect unemployment? Everyone is overwhelmed and the checks and balances will be virtually nonexistent?

  18. #18
    Join Date
    Oct 2004
    Location
    50 miles E of Paradise
    Posts
    9,288
    Quote Originally Posted by jono View Post
    Essential businesses shouldn't need help.
    Cannabis co's here are furloughing retail and production staff due to the 6' rule.

    Alias_Rice - check yer PMs
    Check Out Ullr's Mobile Avalanche Safety Tools for iOS and Android
    www.ullrlabs.com

  19. #19
    Join Date
    May 2009
    Location
    inpdx
    Posts
    12,943
    Looked at these two yesterday


    https://www.sba.gov/funding-programs...on-program-ppp

    Avail via your bank starting 4/3
    if used for 8wks of rent, utilities, salaries, that amount is forgivable [not exactly correct]

    [edit to add general terms from the website]
    The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
    This loan has a maturity of 2 years and an interest rate of .5%.
    If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you.



    https://www.sba.gov/page/disaster-lo...ction-header-0

    Economic Injury loan is worth applying for. First $10k is forgivable. The loan app is super simple (underwriting on any subsequent larger loan is done later — they’re trying to move cash into the economy w/ the advance $10k)
    Last edited by ::: :::; 04-01-2020 at 12:27 PM. Reason: updated info

  20. #20
    Join Date
    Oct 2003
    Posts
    1,021
    Whoever does this ..



    ..can you take a photo of the blank application pages and post it?..EDIT...never mind.. I see that link has a sample page application
    what's so funny about peace, love, and understanding?

  21. #21
    Join Date
    Jan 2014
    Posts
    19
    Amazing to me how many bankers have no clue about the payroll protection loan/grant. I had to contact multiple banks in my area to finally find one that new what the hell they were talking about. My normal business bank was completely clueless. Thankfully my personal bank had their shit together and will start accepting applications Friday.

    On the disaster loan, which I applied for as well and checked the box for the 10K grant, anyone know how long that funding will take?

    The money need for small business is now, not 4-6 weeks from now. Good luck to everyone that owns a small biz on here!

  22. #22
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,600
    Quote Originally Posted by alias_rice View Post
    They are making 504 debenture payments for the next 6 months as well. People will still need to talk with their bank though on the 1st mortgage portion. We are giving 3-6 month deferments on all of ours though if requested. Most banks seem to be doing the same.

    Also cannabis business’ should qualify if they’re in legal states.
    Seriously?

    Six months no payment on my 504 portion?

    Is it free or tacked onto the back end. Local bank loan offers interest only for six months with a ballon payment at the end of loan for missed principal. Maybe they offer full six months deferral now.

    I don’t want to borrow more.
    But I sure can’t sleep thinking about how to make the next payment.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  23. #23
    Join Date
    May 2009
    Location
    inpdx
    Posts
    12,943

    Small Biz Support 2020

    Quote Originally Posted by akdoc13 View Post
    Amazing to me how many bankers have no clue about the payroll protection loan/grant. I had to contact multiple banks in my area to finally find one that new what the hell they were talking about. My normal business bank was completely clueless. Thankfully my personal bank had their shit together and will start accepting applications Friday.

    On the disaster loan, which I applied for as well and checked the box for the 10K grant, anyone know how long that funding will take?

    The money need for small business is now, not 4-6 weeks from now. Good luck to everyone that owns a small biz on here!
    My understanding on timing for receiving first amount is within 3days of approval

  24. #24
    Join Date
    Apr 2004
    Location
    Three-O-Three
    Posts
    14,193
    Quote Originally Posted by ::: ::: View Post
    Looked at these two yesterday


    https://www.sba.gov/funding-programs...on-program-ppp

    Avail via your bank starting 4/3
    if used for 8wks of rent, utilities, salaries, that amount is forgivable


    https://www.sba.gov/page/disaster-lo...ction-header-0

    Economic Injury loan is worth applying for. First $10k is forgivable. The loan app is super simple (underwriting on any subsequent larger loan is done later — they’re trying to move cash into the economy w/ the advance $10k)
    My understanding with the EIDL loan is that you fill out the application for an actual loan, and not just the $10k grant. So if you're approved, you'll get the $10k grant but then will be "required" to take out a loan for a larger amount?

    It sounds a bit different from the PPP, which is essentially just a loan/grant to help SBs make payroll and pay for specific expenses and should be mostly forgiven if you meet the criteria.

  25. #25
    Join Date
    May 2009
    Location
    inpdx
    Posts
    12,943
    Quote Originally Posted by smmokan View Post
    My understanding with the EIDL loan is that you fill out the application for an actual loan, and not just the $10k grant. So if you're approved, you'll get the $10k grant but then will be "required" to take out a loan for a larger amount?

    It sounds a bit different from the PPP, which is essentially just a loan/grant to help SBs make payroll and pay for specific expenses and should be mostly forgiven if you meet the criteria.
    that sounds correct to me
    (i edited my post above a little cuz my brief summary was not accurate)

    but the Economic Injury loan doesn't have to exceed $10k necessarily, so could be all forgiven.
    Also, the initial application doesn't commit you to a loan yet -- you have to accept an offer, so still worth applying and then assessing

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •