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.
Originally Posted by Papachief:
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.
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. [Reply]
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. [Reply]
Originally Posted by Trivers:
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.
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. [Reply]
Originally Posted by SAUTO:
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. [Reply]
Originally Posted by SAUTO:
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. [Reply]