Small business owners

[CastAndBlast]

I was actually shocked my accountant told me to apply for the stimulus loan. I'm pretty liquid so knew I could float us through this next month fairly easily, but she basically said i'm passing on free money. If I don't lay anyone off, and continue to pay my employees the loan is forgiven. At the worst there could be a 4 percent interest fee. And I get to hang on to my funds to get us rolling once this is over. Seems like a win-win to me.

Same here...

It hadn't even crossed my mind until I got the word from the accountant.

[trophy8]

So who’s actually paying for this “free money” for all the business stimulus checks? Tax payers?

Asking. Not trying to argue. I don’t see how we can pay all that and then “forgive” the loans. Sounds strange to me.

[SaltwaterSlick]

I was actually shocked my accountant told me to apply for the stimulus loan. I'm pretty liquid so knew I could float us through this next month fairly easily, but she basically said i'm passing on free money. If I don't lay anyone off, and continue to pay my employees the loan is forgiven. At the worst there could be a 4 percent interest fee. And I get to hang on to my funds to get us rolling once this is over. Seems like a win-win to me.

Same here...

It hadn't even crossed my mind until I got the word from the accountant.

Ours told s the EXACT same thing! We have begun the process. Some of the forms aren't actually available quite yet, but should be by the end of the week. It won't hold up the process, but our bank is already moving forward. If it was just me, I'm old enough and in a condition where I could just retire and be OK, but I just cannot do that to my employees and their families. I could lay everyone off and they could get their pay, but then they'd spend most of it on that dang Cobra Insurance cost. We pay 100% of our employee's insurance for them and their families... That would devastate some of them as there are some with special pre-existing conditions that would bankrupt them... As long as I have means, I just cannot do that to any of my employees! They've been very loyal to my company and me and I'll be there for them as long as I can hold out. If it means accepting help from the same gubment that shut me down in the first place, so be it. It is extraordinary times we are living in.

[RaginCagin]

My restaurant is down 45% right now. In my location we rely heavily on the casino personnel, court house and lawyers and the schools all which are located very close to me. With all of them shut down and only allowed to have carry out or curb side it has really slowed us. Luckily I do have some savings at this time but really hate to dig into them but guess im fortunate to at least have it.

[trophy8]

Ours told s the EXACT same thing! We have begun the process. Some of the forms aren't actually available quite yet, but should be by the end of the week. It won't hold up the process, but our bank is already moving forward. If it was just me, I'm old enough and in a condition where I could just retire and be OK, but I just cannot do that to my employees and their families. I could lay everyone off and they could get their pay, but then they'd spend most of it on that dang Cobra Insurance cost. We pay 100% of our employee's insurance for them and their families... That would devastate some of them as there are some with special pre-existing conditions that would bankrupt them... As long as I have means, I just cannot do that to any of my employees! They've been very loyal to my company and me and I'll be there for them as long as I can hold out. If it means accepting help from the same gubment that shut me down in the first place, so be it. It is extraordinary times we are living in.

You’re a good man

[Graysonhogs]

We support many customers in the food industry, so it hasn't slowed down.

[CastAndBlast]

Ours told s the EXACT same thing! We have begun the process. Some of the forms aren't actually available quite yet, but should be by the end of the week. It won't hold up the process, but our bank is already moving forward. If it was just me, I'm old enough and in a condition where I could just retire and be OK, but I just cannot do that to my employees and their families. I could lay everyone off and they could get their pay, but then they'd spend most of it on that dang Cobra Insurance cost. We pay 100% of our employee's insurance for them and their families... That would devastate some of them as there are some with special pre-existing conditions that would bankrupt them... As long as I have means, I just cannot do that to any of my employees! They've been very loyal to my company and me and I'll be there for them as long as I can hold out. If it means accepting help from the same gubment that shut me down in the first place, so be it. It is extraordinary times we are living in.

Absolutely Charlie!

We were ready to start cutting employee hours and start laying off about 20% of our staff. In "trimming the fat", we could keep the doors open for a while. With the possibility of the CARES Act, we have been able to keep everyone on payroll for now.

[Man]

.........

Your PM's full!

[aggieman12]

Commercial General Contractor in Austin area. We are still busy. Job sites are in Williamson County where construction is still open. Travis County is shut down so everyone all of a sudden wants to come work on our jobs.

That said, most developers are hitting pause on new projects. We will have a slow down toward the end of the year if nothing changes.

[Dale Moser]

I cut overtime starting the week before last, and I have one employee who needed to go anyway. He'll probly get let go (won't break his heart), and only the delivery guys are getting OT. Everyone is fine with that so far. I'm gonna sell some non essential equipment and concentrate on getting inventory down. I may make 1 or 2 employees part time so they can get assistance plus work a little. Could be some pay cuts, depending how long they drag this thing out.


I'm a lot more worried about the long term affects of what the panic is doing to the economy.

[Leemo]

Seafood Business, Pappas Distribution shut us off for now, but God has blessed us with markets still on the East Coast, shipping blue crab 3 days a week still, extremely blessed!!

[miket]

Where are the details for this SBA program? I still havent seen the details. I honestly dont want the govt in any part of my business Im not forced to. But if its as easy as it sounds I will check into it

[TeamAmerica]

Where are the details for this SBA program? I still havent seen the details. I honestly dont want the govt in any part of my business Im not forced to. But if its as easy as it sounds I will check into it

https://covid19relief.sba.gov/#/

https://www.sba.gov/funding-programs/loans

$359 Billion Lending Program Modeled on existing SBA 7(a) program with 100% guarantee instead of 75%
Eligibility – Small Business defined by SBA Standards as 500 or fewer employees
Aggregate all businesses under common control (50% Voting Power)
Hotels, Bars and Restaurants count 500 employees by location
Sole Proprietors, Self Employed and Independent Contractors Eligible

Regulatory Streamlining
SBA Standard “No Credit Elsewhere” Test Waived
No Personal Guarantee or Collateral Required
SBA lender Banks and other institutions approved by Treasury Dept.

Loan Terms
Maximum amount-Generally, 2.5x monthly payroll, not to exceed $10 Million
4% Interest and 10 year maximum term
Compensation limited to $100,000 per person cap (prorated)
Certification that loan will be used for qualifying expenses.
Payroll, Mortgage, Rent, and/or Utilities
Loan Forgiveness for qualifying expenses incurred Feb. 15th through June 30th
Loan Forgiveness excluded from taxable income
Loan forgiveness pro-rated if payroll reduced by 25% or if headcount decreases.

[Mexico]

Ours told s the EXACT same thing! We have begun the process. Some of the forms aren't actually available quite yet, but should be by the end of the week. It won't hold up the process, but our bank is already moving forward. If it was just me, I'm old enough and in a condition where I could just retire and be OK, but I just cannot do that to my employees and their families. I could lay everyone off and they could get their pay, but then they'd spend most of it on that dang Cobra Insurance cost. We pay 100% of our employee's insurance for them and their families... That would devastate some of them as there are some with special pre-existing conditions that would bankrupt them... As long as I have means, I just cannot do that to any of my employees! They've been very loyal to my company and me and I'll be there for them as long as I can hold out. If it means accepting help from the same gubment that shut me down in the first place, so be it. It is extraordinary times we are living in.

Good stuff Charlie. I feel the exact same way. Told my guys I have no intentions of letting anyone go. Times might get thin but I've got their back.

It's horribly hard in this day and age to find good reliable help, and I really don't want to loose the ones I've worked so hard to find.

[Mexico]

So who’s actually paying for this “free money” for all the business stimulus checks? Tax payers?

Asking. Not trying to argue. I don’t see how we can pay all that and then “forgive” the loans. Sounds strange to me.

Yes sir tax payers. If it doesn't happen though there will be an economic crash. I'm not a fan of taxes by any means, but in this case I see it as a necessary evil.