Small business owners thread

CubinNY
Hall of Fame
Posts: 23262
Joined: Fri Jul 09, 2004 5:52 pm
Location: Pike Road, Al
x 364
x 743

Small business owners thread

Postby CubinNY » Fri Apr 03, 2020 2:10 pm

Hi everyone, I'm not sure how many people on here are small business owners, but I wanted to start a thread where we can talk about what we are doing during the health emergency.

On Monday I applied for a SBA Loan for economic disaster. The other program, CARES doesn't not seem to be online yet event though Sec. Munchin said it would be. My bank said they have done everything to be a lender but haven't heard anything from the govt. yet.

My intention is to get a loan to cover payroll for 3 months and apply for the CARES program as well

I'm currently on hold with the SBA for the loan I applied for on Monday. I'm #900, my wait time is 1 hour. I'll let everyone know what I find out.

I'm scared. My entire life is tied up in my business.
1 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Fri Apr 03, 2020 2:32 pm

CubinNY wrote:Hi everyone, I'm not sure how many people on here are small business owners, but I wanted to start a thread where we can talk about what we are doing during the health emergency.

On Monday I applied for a SBA Loan for economic disaster. The other program, CARES doesn't not seem to be online yet event though Sec. Munchin said it would be. My bank said they have done everything to be a lender but haven't heard anything from the govt. yet.

My intention is to get a loan to cover payroll for 3 months and apply for the CARES program as well

I'm currently on hold with the SBA for the loan I applied for on Monday. I'm #900, my wait time is 1 hour. I'll let everyone know what I find out.

I'm scared. My entire life is tied up in my business.

I applied for the disaster loan on Tuesday. I haven't heard anything back from them at all yet. I checked the box for the $10k immediate relief funds that were supposed to be dispersed within three days - nothing yet. I've talked to several lenders about the PPP program, but it's not live anywhere yet.

Fortunately, I don't have payroll employees other than myself (I subcontract out to a number of companies for implementation work), but I'm still massively exposed if this downturn extends more than a few months.
0 x
Spoiler: show

Image

User avatar
CyHawk_Cub
5-Time All-Star
Posts: 9111
Joined: Fri Jul 06, 2007 9:24 pm
x 383
x 3466

Re: Small business owners thread

Postby CyHawk_Cub » Fri Apr 03, 2020 8:35 pm

0 x

User avatar
The Logan
Superstar
Posts: 15630
Joined: Thu Dec 06, 2007 3:03 am
Location: Southport Corridor
x 6688
x 2237

Re: Small business owners thread

Postby The Logan » Fri Apr 03, 2020 9:41 pm

Not sure if it belongs here, but it's kind of related and I just kinda feel like talking about it.

The only reason my girlfriend still has a job is that her bosses applied for every small business loan/grant they could find for this crisis and they're required to keep all their employees staffed in order to be eligible. I'm happy she still has a job, but she's being forced to essentially just do busy work that does nothing to make the business she works for any money (she's a luxury bed saleswoman, who TF is a buying a bed right now?). I also just think it's messed up that these loans and grants came out after a lot of businesses had to lay people off or close up shop before they became available.

Meanwhile, I'm trying to get my taxes in order as a freelancer for the last two year so I can get the stimulus and then file for unemployment which, according to everyone I know who has had to do that, is a horsefeathering nightmare in and of itself due to the inundation the unemployment offices are receiving from the laid-off workforce. I wish I had filed as a business back in 2018 so I'd be eligible for some of these other loans/grants out there.
0 x
Image

User avatar
minnesotacubsfan
Superstar
Posts: 18442
Joined: Sat Jul 19, 2003 2:27 pm
Location: I CANT BREATHE
x 2121
x 926

Re: Small business owners thread

Postby minnesotacubsfan » Fri Apr 03, 2020 11:19 pm

I got somewhat lucky, the school district I work wth designated me as an "essential" business with the state. Time will tell.

The other thing I've had some success with is convincing owners that now is the time to build, the reason: people will be hungry. its a bit sharkish, but horsefeathers it.
0 x
Image

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Sat Apr 04, 2020 1:20 am

Just finished filing for my PPP.
1 x
Spoiler: show

Image

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Sun Apr 05, 2020 2:59 am

Tim wrote:Just finished filing for my PPP.

okay - I thought I finished.

Got a message back requesting no less than 30 pieces of supporting information - monthly bank statements, 940's, 941's, w2's, w3's, annual tax statement, drivers license photos, etc.

Plus the form itself changed and so I have to fill it in again.

This is a horsefeathering mess of a rollout.
0 x
Spoiler: show

Image

CubinNY
Hall of Fame
Posts: 23262
Joined: Fri Jul 09, 2004 5:52 pm
Location: Pike Road, Al
x 364
x 743

Re: Small business owners thread

Postby CubinNY » Mon Apr 06, 2020 4:51 pm

My bank still is not able to process the PPP loans. The SBA says my other loan is being processed and I should wait to get an email. I have two weeks until I either get the money or layoff my entire staff.
0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Mon Apr 06, 2020 5:05 pm

CubinNY wrote:My bank still is not able to process the PPP loans. The SBA says my other loan is being processed and I should wait to get an email. I have two weeks until I either get the money or layoff my entire staff.

I still haven't received an email about the disaster loan (or the $10K that was supposed to go out in like three days). My lender says they're still trying to get further definition from the SBA on how to calculate the payroll. They're also trying to figure out if they're going to be liable if they give out a loan to a fraudulent applicant. Basically, how much due diligence do they need to do vs how fast to process an avalanche of requests.

It's a [expletive].
0 x
Spoiler: show

Image

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Thu Apr 09, 2020 4:28 pm

Has anyone gotten cash yet? Or even gotten any kind of a response?
0 x
Spoiler: show

Image

User avatar
SeldomSeen
All-Star
Posts: 1000
Joined: Sat May 15, 2004 3:29 am
x 213
x 58
Contact:

Re: Small business owners thread

Postby SeldomSeen » Thu Apr 09, 2020 4:52 pm

Tim wrote:Has anyone gotten cash yet? Or even gotten any kind of a response?

No response of any kind yet. I think I applied after you, though.
0 x

User avatar
OleMissCub
Hall of Fame
Posts: 37872
Joined: Sun Jun 01, 2003 6:32 am
x 1355
x 1703

Re: Small business owners thread

Postby OleMissCub » Thu Apr 09, 2020 4:57 pm

Tim wrote:Has anyone gotten cash yet? Or even gotten any kind of a response?


I applied for the 10k grant on March 30th. Haven’t heard a peep since then.

If you are referring to the PPP loan, I’m able to file tomorrow for it. I’ve have had some friends who’ve already been given their PPP funds from local banks. So that’s nice to hear.
0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Thu Apr 09, 2020 5:09 pm

OleMissCub wrote:
Tim wrote:Has anyone gotten cash yet? Or even gotten any kind of a response?


I applied for the 10k grant on March 30th. Haven’t heard a peep since then.

If you are referring to the PPP loan, I’m able to file tomorrow for it. I’ve have had some friends who’ve already been given their PPP funds from local banks. So that’s nice to hear.

I was talking about both, really. Glad to hear someone is getting cash of some kind.
0 x
Spoiler: show

Image

CubinNY
Hall of Fame
Posts: 23262
Joined: Fri Jul 09, 2004 5:52 pm
Location: Pike Road, Al
x 364
x 743

Re: Small business owners thread

Postby CubinNY » Thu Apr 09, 2020 6:59 pm

I filed for the PPP program on Tuesday. I've not heard a word from the SBA regarding my other loan.
0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Thu Apr 09, 2020 7:07 pm

CubinNY wrote:I filed for the PPP program on Tuesday. I've not heard a word from the SBA regarding my other loan.

I assume you checked the box for the $10k that would be distributed in "days" of submission?
0 x
Spoiler: show

Image

User avatar
SeldomSeen
All-Star
Posts: 1000
Joined: Sat May 15, 2004 3:29 am
x 213
x 58
Contact:

Re: Small business owners thread

Postby SeldomSeen » Fri Apr 10, 2020 2:27 am

This is a bit disheartening.


https://www.nytimes.com/2020/04/09/busi ... virus.html

If every applicant received the maximum $10,000 grant, the funding would cover around one million businesses. But more than three million applied for disaster loans last week alone, Joseph Amato, the director of the S.B.A.’s Nevada office, told attendees at a webinar on Monday. His comments were reported earlier by The Washington Post.

In response to the demand, the S.B.A. appears to have also added an additional restriction on the grants: Dozens of business owners said they had been told that the grant, if they got it, would be limited to $1,000 per employee — meaning the smallest businesses could not receive the full amount.
0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Fri Apr 10, 2020 2:30 am

SeldomSeen wrote:This is a bit disheartening.


https://www.nytimes.com/2020/04/09/busi ... virus.html

If every applicant received the maximum $10,000 grant, the funding would cover around one million businesses. But more than three million applied for disaster loans last week alone, Joseph Amato, the director of the S.B.A.’s Nevada office, told attendees at a webinar on Monday. His comments were reported earlier by The Washington Post.

In response to the demand, the S.B.A. appears to have also added an additional restriction on the grants: Dozens of business owners said they had been told that the grant, if they got it, would be limited to $1,000 per employee — meaning the smallest businesses could not receive the full amount.

bloody hell
0 x
Spoiler: show

Image

User avatar
OleMissCub
Hall of Fame
Posts: 37872
Joined: Sun Jun 01, 2003 6:32 am
x 1355
x 1703

Re: Small business owners thread

Postby OleMissCub » Fri Apr 10, 2020 6:18 am

That might be why the latest PPP applications ask you to include the 10k advance in calculating how much your loan is going to be.

The formula on the application: Monthly Payroll x 2.5 + EIDL advance = loan amount

Since I'm capped at 100k it's $8,333 x 2.5 + $10,000 = $30,833
0 x

CubinNY
Hall of Fame
Posts: 23262
Joined: Fri Jul 09, 2004 5:52 pm
Location: Pike Road, Al
x 364
x 743

Re: Small business owners thread

Postby CubinNY » Fri Apr 10, 2020 1:24 pm

I don't care if I have to pay the money back, I just need the money or I'm going under.

And fast.
0 x

User avatar
SeldomSeen
All-Star
Posts: 1000
Joined: Sat May 15, 2004 3:29 am
x 213
x 58
Contact:

Re: Small business owners thread

Postby SeldomSeen » Sat Apr 11, 2020 4:44 pm

Looks like the $1000 per employee is a firm cap

Now, there are some caveats. The U.S. Small Business Administration's Massachusetts District Office announced in a bulletin on April 6 that, nationwide, the SBA has decided to implement a $1,000 cap per employee on the advance, up to a maximum of $10,000. So, a business with three employees, for example, would be eligible to receive only $3,000 up front, as opposed to the originally stated $10,000.
0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Sat Apr 11, 2020 7:26 pm

My neighbor's company is an automotive injection molding company. They just got $600k and are reopening on Monday.

So there's some progress.
0 x
Spoiler: show

Image

User avatar
CyHawk_Cub
5-Time All-Star
Posts: 9111
Joined: Fri Jul 06, 2007 9:24 pm
x 383
x 3466

Re: Small business owners thread

Postby CyHawk_Cub » Mon Apr 13, 2020 9:24 pm

0 x

User avatar
Tim
Hall of Fame
Posts: 45671
Joined: Fri Feb 28, 2003 5:02 pm
Location: Naperville, IL
x 82
x 2741
Contact:

Re: Small business owners thread

Postby Tim » Tue Apr 14, 2020 3:25 am

I've still gotten no word on anything from anyone.
0 x
Spoiler: show

Image

CubinNY
Hall of Fame
Posts: 23262
Joined: Fri Jul 09, 2004 5:52 pm
Location: Pike Road, Al
x 364
x 743

Re: Small business owners thread

Postby CubinNY » Tue Apr 14, 2020 3:44 pm

I received notification of the $10,000 advance but not the money.
0 x

User avatar
SeldomSeen
All-Star
Posts: 1000
Joined: Sat May 15, 2004 3:29 am
x 213
x 58
Contact:

Re: Small business owners thread

Postby SeldomSeen » Tue Apr 14, 2020 3:48 pm

CubinNY wrote:I received notification of the $10,000 advance but not the money.


I did as well. It just says:

"The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted."

I assume that this means the application has been processed. We'll see about the 3 day response, I guess.
0 x


Return to “Social”

Who is online

Users browsing this forum: Banedon, Google [Bot] and 4 guests