News Hey Small Business Owners...What are you doing to ride the storm out? - Page 2

How are you handling HR issues?

Are you applying for SBA loans?
There are several types of loans. And new info is appearing daily.

Capital up to $10MM.
Up to 30 years to repay. Some actually are forgivable.
3.75 to 4%

https://disasterloan.sba.gov/ela/

https://www.inc.com/kevin-j-ryan/sma...incthismorning

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.

What are you doing to ride the storm out?
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Originally Posted by notorious:
People aren't driving as much so you might slow a little. When things get moving again you will probably be overwhelmed.

We are booked over 2 months out right now, and all houses are empty (lucky as hell), but I haven't been receiving as many quote calls. I don't think people want strangers coming into their house, and they really don't want their house tore up when they are stuck at home.

If this is still going strong into May it will suck. I have plenty saved up, but the summer months are when I really make a lot of strides forward.

i'm lucky ive got a couple weeks sitting here. the phone hasnt hardly rang in a week. 2 other shops in town have just closed for now...
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Originally Posted by O.city:
So should I just go ahead and apply?

SBA has stated repeatedly "the sooner the better."

Asking for $25K each to keep under the collateral threshold. We have 4 applications to submit. GREAT! :-)
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Originally Posted by Trivers:
SBA has stated repeatedly "the sooner the better."

Asking for $25K each to keep under the collateral threshold. We have 4 applications to submit. GREAT! :-)

I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?
[Reply]

Originally Posted by SAUTO:
is it better to apply directly through the SBA or your local bank after this bill passes?

She said that local banks aren't doing this yet, but no one seems to really know anything.
[Reply]

Originally Posted by O.city:
I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?

my banker said the same thing yesterday when he called to check up on me
[Reply]

Originally Posted by SAUTO:
is it better to apply directly through the SBA or your local bank after this bill passes?

The money is coming directly from the SBA for the EIDL loan. No banks.
[Reply]

Originally Posted by O.city:
I contacted my banker to ask about info on it. She says they're still waiting.

So is this the 25k that is forgiven?

the SBA states they expect the loans to be serviced.

However, several talking heads have stated they expect the loans to be forgiven. The problem is then the student loan forgiveness issue is raised.
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Originally Posted by Trivers:
the SBA states they expect the loans to be serviced.

However, several talking heads have stated they expect the loans to be forgiven. The problem is then the student loan forgiveness issue is raised.

Damn, I might go get a loan and build a steel building.

Either way it's low interest, and if it's forgiven that's gravy.
[Reply]

Originally Posted by Trivers:
The money is coming directly from the SBA for the EIDL loan. No banks.

and thats different than the ones they say are coming available through this new bill?
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Originally Posted by notorious:
You have to fall within a declared disaster area for EIDL. They might declare the entire US as a disaster area.

kansas and missouri are both in it.

but during the presser yesterday they specifically said to go to your local bank and they should be able to service and pay out most loans in the same day by the end of next week or the beginning of the week after
[Reply]

Originally Posted by SAUTO:
kansas and missouri are both in it.

but during the presser yesterday they specifically said to go to your local bank and they should be able to service and pay out most loans in the same day by the end of next week or the beginning of the week after

Oh wow.

I didn't know they have declared disaster areas already.
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