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 Buehler445:
Jesus **** no. We got a sprinkle in the afternoon and ****all else. I was really bummed this morning. Started a pivot. At least that wheat won’t die.
I think it depends on how your business is structured. Definitely get in there and talk to a bank. Like today.
Will do. I have a feeling this money will be gone in just a couple of days. [Reply]
Originally Posted by dlphg9:
Couple quick questions
Since im an IC, do I just put my name under the Business Legal Name portion?
Under the Applicant Ownership portion where it wants you to list all people that own at least 20% of the equity of applicant, do I need to put my information in those boxes since its just me and I've already put my info in?
Im putting in another app with a small local bank because I was an idiot and applied with paypal and I know they will take their sweet ass time and I'll miss out.
Yes.
No.
You should make sure the other application hasn’t been submitted. If so and you submit another application you could be signing off on false info where they asked if you could be getting money from ppp already... [Reply]
Originally Posted by dlphg9:
Couple quick questions
Since im an IC, do I just put my name under the Business Legal Name portion?
Under the Applicant Ownership portion where it wants you to list all people that own at least 20% of the equity of applicant, do I need to put my information in those boxes since its just me and I've already put my info in?
Im putting in another app with a small local bank because I was an idiot and applied with paypal and I know they will take their sweet ass time and I'll miss out.
all of my clients have been businesses, so not certain on the protocol for ICs...Bank should be able to help you with that....Sorry I couldn't be more help with that...
Yes...don't go through PayPal....go through small banks....they process applications one by one, not in tranches like the big banks [Reply]
Originally Posted by Mr. Plow:
Just from anecdotal evidence, I'd say get with a small bank. Seems like larger banks had more issues the first time around than the small banks.
100% this....
smaller banks will process applications one by one.....big banks send them over to the SBA in large tranches....
Definitely go small....you'll get better treatment.
With that said: My concern is that, with all the businesses that applied, but didn't get funded...are they already in the hands of the SBA waiting for the new funding, and if so, is that money already used up....my fear is that anyone who hasn't already applied may not get the shot to do so now.
Obviously, you still have to fight tooth and nail to do so, but everyone should be planning as if it may not occur [Reply]
Originally Posted by IA_Chiefs_fan:
So let's say I get 100k from the PPP and all of it is forgivable. I spend 101k in eight weeks on payroll.
I get 10k from the EIDL and all of it is forgivable.
A that point only 90k of the PPP becomes forgivable so I have to pay back 10k of the PPP. Am I understanding this correctly?
I believe the EIDL advance is totally separate from the PPP loan forgiveness calculation. Not certain how they are going to differentiate how you used the advance from the PPP (since they are technically not supposed to be used for the same thing). [Reply]
Originally Posted by mililo4cpa:
I believe the EIDL advance is totally separate from the PPP loan forgiveness calculation. Not certain how they are going to differentiate how you used the advance from the PPP (since they are technically not supposed to be used for the same thing).
We intend to use the EIDL 10k for critical inventory that will turn fast. The PPP is mostly for payroll and a little for utilities and mortgage interest.
From my research, I sure thought that any amount of the EIDL that's forgiven (10k for me) would reduce the amount of the PPP that is eligible to be forgiven. But it's been a week or more since I was researching and it's all one big blur now. [Reply]
Originally Posted by IA_Chiefs_fan:
We intend to use the EIDL 10k for critical inventory that will turn fast. The PPP is mostly for payroll and a little for utilities and mortgage interest.
From my research, I sure thought that any amount of the EIDL that's forgiven (10k for me) would reduce the amount of the PPP that is eligible to be forgiven. But it's been a week or more since I was researching and it's all one big blur now.
The two aren't tied together per se (not withstanding rolling an EIDL into a PPP Loan)....
For this purpose (where they have not been rolled together, the $10K EIDL grant has nothing to do with how the loan forgiveness is calculated on the PPP [Reply]
Originally Posted by notorious:
Is there anything that says you have to have a drop in revenue to receive forgiveness?
I know of several businesses out here that are still going 100% that got the loans for payroll. I'm pissed I'm not one of them.
For PPP, and without going into all the specific requirements, as long as they pay their payroll and maintain their headcount (and I'm assuming they did since they are working full-bore), they will get the loan forgiveness...
Decline in revenue is not a requirement.
Separate debate on whether it was shitty that they did that knowing there are more needy businesses out there.... [Reply]
Originally Posted by mililo4cpa:
For PPP, and without going into all the specific requirements, as long as they pay their payroll and maintain their headcount (and I'm assuming they did since they are working full-bore), they will get the loan forgiveness...
Decline in revenue is not a requirement.
Separate debate on whether it was shitty that they did that knowing there are more needy businesses out there....
It is shitty, and I can't believe it's allowed. [Reply]