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Old 03-31-2020, 10:35 AM   #51
Graysonhogs
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We support many customers in the food industry, so it hasn't slowed down.
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Old 03-31-2020, 10:36 AM   #52
CastAndBlast
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Originally Posted by SaltwaterSlick View Post
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.
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Old 03-31-2020, 10:40 AM   #53
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.........
Your PM's full!
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Old 03-31-2020, 10:41 AM   #54
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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.
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Old 03-31-2020, 10:53 AM   #55
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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.
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Old 03-31-2020, 11:09 AM   #56
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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!!
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Old 03-31-2020, 11:53 AM   #57
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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
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Old 03-31-2020, 12:06 PM   #58
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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.
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Old 03-31-2020, 12:13 PM   #59
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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.
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Old 03-31-2020, 12:15 PM   #60
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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.
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Old 03-31-2020, 12:17 PM   #61
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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.
I agree. All this handing out money scares me for what’s to come. But I get why they are doing it.
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Old 03-31-2020, 12:27 PM   #62
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My business "Building Automation" we are all still working. We can do a lot remotely but still have to be on site also. Luckily we do a lot of hospital and MOB work so that is keeping us busy thank the Lord. Still have construction on going at several sites MOB. Most of our commercial office building work and school work is on hold though as are several new projects. Trying to keep the guys safe and still working where we can. I believe though after this dies down we will pick up a lot of work as it has exposed needs for monitoring exhaust and intake air flows for facilities with new rate change standards coming. We will be hiring as this picks up.
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Old 03-31-2020, 12:34 PM   #63
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I don't have to tell any business owner or senior manager of a company what it is like to have to do a layoff, but for those who haven't experienced what it's like on the employer side, let me tell you, it is the most gut wrenching horrible experience an employer can go through short of just locking up and shutting down. I've been through a bunch of these turn-downs. My first one was the big one in '81-'82... I was a senior manager for my company. It hit me so hard physically, I have been on blood pressure medication pretty much since that time... I almost stroked out. I got thru all the others without having to making personnel cuts until the 2014-15 turn-down... difference this time was I was the business owner... It was even worse!!! It's one thing to have to fire someone for not doing their job, I don't like it, but it doesn't bother me mentally other than trying to keep from getting upset a the employee for blowing their chance at a good job... Having to tell a loyal employee that is like family to you that you can't use 'em anymore and that their insurance and pay are dropping to zero... well, that's the hardest and worse thing I've ever had to do! I don't want to have to ever do it again and God willing we will get through this one without having to do it again!!
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Old 03-31-2020, 12:37 PM   #64
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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 are a good man sir!
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Old 03-31-2020, 12:53 PM   #65
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The tax business is still ok. My nursery businesses have taken several hits. It is frustrating when your told to shut down because you are not an essential business but then you look down the road at Lowe's, Home Depot and Wal-Mart selling plants. If it's dangerous for us to sell plants why is it not dangerous for them. Very frustrating. Wholesale nursery is doing about 40% and we've reduced our temporary staff but are trying to keep permanent staff on. If this had hit in November-January we would have weathered it but with our retail nurseries shutting down in some locations it will be tough to sell all our inventory this year. I was looking at semi-retiring in two or three years but if the nurseries go belly up I guess I'll be working well into my 70s.
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Old 03-31-2020, 01:13 PM   #66
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The tax business is still ok. My nursery businesses have taken several hits. It is frustrating when your told to shut down because you are not an essential business but then you look down the road at Lowe's, Home Depot and Wal-Mart selling plants. If it's dangerous for us to sell plants why is it not dangerous for them. Very frustrating. Wholesale nursery is doing about 40% and we've reduced our temporary staff but are trying to keep permanent staff on. If this had hit in November-January we would have weathered it but with our retail nurseries shutting down in some locations it will be tough to sell all our inventory this year. I was looking at semi-retiring in two or three years but if the nurseries go belly up I guess I'll be working well into my 70s.
Nurseries are still open here. You should be able to include that with construction, especially if you have landscaper clients.
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Old 03-31-2020, 01:19 PM   #67
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The tax business is still ok. My nursery businesses have taken several hits. It is frustrating when your told to shut down because you are not an essential business but then you look down the road at Lowe's, Home Depot and Wal-Mart selling plants. If it's dangerous for us to sell plants why is it not dangerous for them. Very frustrating. Wholesale nursery is doing about 40% and we've reduced our temporary staff but are trying to keep permanent staff on. If this had hit in November-January we would have weathered it but with our retail nurseries shutting down in some locations it will be tough to sell all our inventory this year. I was looking at semi-retiring in two or three years but if the nurseries go belly up I guess I'll be working well into my 70s.
All the nurseries are still open here. In fact we have been to several in the area more times and spent more there than we needed....just to get out of the house. And apparently we ain't the only ones with that thought because they were PACKED!
Dude why the hell are you closed! This is the perfect storm for nurseries!
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Old 03-31-2020, 01:20 PM   #68
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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
I feel like you but I applied anyways. At this point I don’t know what to do.
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Old 03-31-2020, 01:33 PM   #69
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We had 4 independent eating establishments out here on the Lake. Down to three now. Owner said closing shop and took sign of front of building. No more Abel's
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Old 03-31-2020, 01:59 PM   #70
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Originally Posted by jnd1959 View Post
The tax business is still ok. My nursery businesses have taken several hits. It is frustrating when your told to shut down because you are not an essential business but then you look down the road at Lowe's, Home Depot and Wal-Mart selling plants. If it's dangerous for us to sell plants why is it not dangerous for them. Very frustrating. Wholesale nursery is doing about 40% and we've reduced our temporary staff but are trying to keep permanent staff on. If this had hit in November-January we would have weathered it but with our retail nurseries shutting down in some locations it will be tough to sell all our inventory this year. I was looking at semi-retiring in two or three years but if the nurseries go belly up I guess I'll be working well into my 70s.
I would be open till they forcibly shut me down. But thats just me.
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Old 03-31-2020, 02:40 PM   #71
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Originally Posted by Dale Moser View Post
Nurseries are still open here. You should be able to include that with construction, especially if you have landscaper clients.
Thanks for the heads up. Glad that is the case in some parts of Texas. I'm hopeful that the cancellations we got last week and the week before will turn around and those stores will actually be open. It may be just their original reaction.
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Old 03-31-2020, 02:44 PM   #72
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All the nurseries are still open here. In fact we have been to several in the area more times and spent more there than we needed....just to get out of the house. And apparently we ain't the only ones with that thought because they were PACKED!
Dude why the hell are you closed! This is the perfect storm for nurseries!
Our wholesale place is open as we sell to landscapers. Our retail has been told be be closed and we are....sort of. Hopefully the wholesale side will come back now that the initial panic has worn off.

On another note, this is the best tax season I've ever had. An extra three months to get things done. I'm not taking that long but I'm glad we don't have to work 90 hours a week to meet the April 15th deadline. I like being able to spend more time on a return. I hope they make this permanent. For most people, the returns got easier last year. But I still have some seriously complicated returns and am glad there is extra time to review them.
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Old 03-31-2020, 03:03 PM   #73
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I own a security alarm business, so we are essential because we are life safety. Our business follows the real estate business closely, and since nobody is buying houses or moving right now they are not calling us either. I am down 60% at least right now and don't know that we will survive. I am looking into the fed funds but information is hard to come by and even harder to understand.
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Old 03-31-2020, 03:11 PM   #74
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Call you bank asap. They have no guidelines yet for the PPP loans, except generalities. My banker says they should be going by Friday. Go apply for the EIDL loan through SBA. Very simple process. You get a $10000 grant even if you are not approved for the loan.
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Old 03-31-2020, 04:25 PM   #75
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Oakstreet in Fairview closed today



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Old 03-31-2020, 06:24 PM   #76
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My CPA says she doesnt know about this program, but knows a little about the Paycheck Protection Program. Looking at them both they look they same to me. She said it will be early next week before full details are hashed out.
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Old 04-01-2020, 10:31 AM   #77
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Not true Miket. My banker intends on starting to process PPP applications by Friday. They have been on calls with the SBA every day. The EIDL is not forgivable, the PPP is. EIDL can be used for many other things than PPP. Call your bank. Let them know you want to be included in the program. Once they have their guidelines in place, they should contact you for necessary information. I'm not going to wait and then find out that the lenders have already maxed out their capacity.
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Old 04-01-2020, 11:12 AM   #78
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We got our forms last night... application to our bank is in process this morning. I'm collecting the necessary payroll data, insurance data and such now, but demand on the system (Insperity) is high right now so it's taking some time.
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Old 04-02-2020, 05:08 AM   #79
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Same here...

It hadn't even crossed my mind until I got the word from the accountant.
They moved the interest rate to .5% yesterday so this is a no-brainer guys we need to take full advantage to keep our business going until this crap moves on...
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Old 04-02-2020, 05:11 AM   #80
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Not true Miket. My banker intends on starting to process PPP applications by Friday. They have been on calls with the SBA every day. The EIDL is not forgivable, the PPP is. EIDL can be used for many other things than PPP. Call your bank. Let them know you want to be included in the program. Once they have their guidelines in place, they should contact you for necessary information. I'm not going to wait and then find out that the lenders have already maxed out their capacity.
Correct applications will being to be accepted on the 3rd Friday, so get your payroll info., rent/lease, etc. together and be ready and apply. the other grant is currently available to apply for now i will post link but it takes about 5 minutes to complete for 10K and will be direct deposited into your account in which my Chamber director said they expect turn around to be 3-5 days so that is promising!
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Old 04-02-2020, 05:13 AM   #81
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Link for grant:

https://covid19relief.sba.gov/#/
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Old 04-02-2020, 06:13 AM   #82
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Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?
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Old 04-02-2020, 06:44 AM   #83
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Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?


I got an email notice yesterday from intuit, doesn’t look postponed or deferred


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Old 04-02-2020, 07:10 AM   #84
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Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?
I just (like a minute ago) received an email from TWC saying quarterly have been extended to May 15.
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Old 04-02-2020, 07:39 AM   #85
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Originally Posted by SaltwaterSlick View Post
I don't have to tell any business owner or senior manager of a company what it is like to have to do a layoff, but for those who haven't experienced what it's like on the employer side, let me tell you, it is the most gut wrenching horrible experience an employer can go through short of just locking up and shutting down. I've been through a bunch of these turn-downs. My first one was the big one in '81-'82... I was a senior manager for my company. It hit me so hard physically, I have been on blood pressure medication pretty much since that time... I almost stroked out. I got thru all the others without having to making personnel cuts until the 2014-15 turn-down... difference this time was I was the business owner... It was even worse!!! It's one thing to have to fire someone for not doing their job, I don't like it, but it doesn't bother me mentally other than trying to keep from getting upset a the employee for blowing their chance at a good job... Having to tell a loyal employee that is like family to you that you can't use 'em anymore and that their insurance and pay are dropping to zero... well, that's the hardest and worse thing I've ever had to do! I don't want to have to ever do it again and God willing we will get through this one without having to do it again!!
Yes sir you are spot on. Its brutal and takes years off your life for sure. I start with the guys that have the habits of being sick on Fridays and Mondays and also come crying to me that they are not getting enough hours, go figure. Then I move to the guys that are chronically late to work. Then I move to the guys that constantly complain and think either myself or another employee is trying to screw them over, or being mistreated. I keep a tube of Vagasil handy for these guys and when they start to complain I tell them to rub some on their lady parts. Then the truly hard part comes when you get to the men that are like family. Been there through thick and thin for 30+ years and you have to look them in the eye and give them the bad news. Kills me to even type this.
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Old 04-02-2020, 07:44 AM   #86
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I feel for the small business guys and prayers out to y'all. I hope these government programs help save as many businesses and employees as possible! Now, those that take advantage of the system during these harsh times should be wooped. As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.
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Old 04-02-2020, 07:48 AM   #87
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As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.
Report him.
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Old 04-02-2020, 08:09 AM   #88
Charles
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I feel for the small business guys and prayers out to y'all. I hope these government programs help save as many businesses and employees as possible! Now, those that take advantage of the system during these harsh times should be wooped. As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.
What's criminal about it?

I'll agree that the money is intended for those in a bad spot and is to prevent employers from going out of business causing more unemployment. If you don't need it, you shouldn't apply for it. But from what I know of the "grant" is any business 500 employees or less can apply.
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Old 04-02-2020, 09:04 AM   #89
CastAndBlast
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Correct applications will being to be accepted on the 3rd Friday, so get your payroll info., rent/lease, etc. together and be ready and apply. the other grant is currently available to apply for now i will post link but it takes about 5 minutes to complete for 10K and will be direct deposited into your account in which my Chamber director said they expect turn around to be 3-5 days so that is promising!
I am getting conflicting information on this grant. My CPA sent me info on the Disaster loan from the SBA website that states that the 10K will not have to be paid back. However, my banker is telling me that it will.

I was also told by my banker that you could only apply for one or the other. However, I am hearing different info from my CPA.

Last edited by CastAndBlast; 04-02-2020 at 09:29 AM.
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Old 04-02-2020, 09:05 AM   #90
Anvilheadtexas
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PPP remains a bit of a moving target and there have been changes this week as already indicated on this thread. Tomorrow is the first day to officially start making loans here is some information that I have received from my source.

1. Early proposal
2. New Guidance as of weds 3/31

1. Annual Percentage Rate 4.0%
2. Annual Percentage Rate 0.5%

1. Term: 10 Years
2. Term: 2 Years

1. Deferral Period 6-12 months
2. Deferral Period: 6 months

1. Forgiveness: Proceeds used on mortgage, rent, utilities & payroll are forgivable.
2. Forgiveness: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. You will also owe money if you do not maintain your staff and payroll.

- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders

As part of my air-conditioning plumbing and electrical service contracting consulting business, I’m kind of on the front line with a large SBA lender in regards to the PPP . Regardless of your business if you have any specific questions feel free to PM me .
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Old 04-02-2020, 09:29 AM   #91
Mexico
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Quote:
Originally Posted by Anvilheadtexas View Post
PPP remains a bit of a moving target and there have been changes this week as already indicated on this thread. Tomorrow is the first day to officially start making loans here is some information that I have received from my source.

1. Early proposal
2. New Guidance as of weds 3/31

1. Annual Percentage Rate 4.0%
2. Annual Percentage Rate 0.5%

1. Term: 10 Years
2. Term: 2 Years

1. Deferral Period 6-12 months
2. Deferral Period: 6 months

1. Forgiveness: Proceeds used on mortgage, rent, utilities & payroll are forgivable.
2. Forgiveness: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. You will also owe money if you do not maintain your staff and payroll.

- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders

As part of my air-conditioning plumbing and electrical service contracting consulting business, I’m kind of on the front line with a large SBA lender in regards to the PPP . Regardless of your business if you have any specific questions feel free to PM me .
Good information, appreciate you keeping us up to date. Basically what you have said is exactly what may accountant has told me. Seems we are on the same page. I filed all my paperwork Monday night. I'll give an update when I hear something in return...
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Old 04-02-2020, 10:22 AM   #92
outlook8
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What's criminal about it?

I'll agree that the money is intended for those in a bad spot and is to prevent employers from going out of business causing more unemployment. If you don't need it, you shouldn't apply for it. But from what I know of the "grant" is any business 500 employees or less can apply.
The application specifically says 'Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.' It also follows that up with 'I understand that if the funds are used for unauthorized purposes, the federal government may pursue criminal fraud charges.'.

So, I think one could argue it is criminal to request, receive and use funds if your business is doing 'fine'.
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Old 04-02-2020, 10:23 AM   #93
outlook8
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Originally Posted by CastAndBlast View Post
I am getting conflicting information on this grant. My CPA sent me info on the Disaster loan from the SBA website that states that the 10K will not have to be paid back. However, my banker is telling me that it will.

I was also told by my banker that you could only apply for one or the other. However, I am hearing different info from my CPA.
The 10k EIDL grant will be deducted from the PPP amount if you apply for both.
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Old 04-02-2020, 10:29 AM   #94
bps3040
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Originally Posted by SaltwaterSlick View Post
I don't have to tell any business owner or senior manager of a company what it is like to have to do a layoff, but for those who haven't experienced what it's like on the employer side, let me tell you, it is the most gut wrenching horrible experience an employer can go through short of just locking up and shutting down. I've been through a bunch of these turn-downs. My first one was the big one in '81-'82... I was a senior manager for my company. It hit me so hard physically, I have been on blood pressure medication pretty much since that time... I almost stroked out. I got thru all the others without having to making personnel cuts until the 2014-15 turn-down... difference this time was I was the business owner... It was even worse!!! It's one thing to have to fire someone for not doing their job, I don't like it, but it doesn't bother me mentally other than trying to keep from getting upset a the employee for blowing their chance at a good job... Having to tell a loyal employee that is like family to you that you can't use 'em anymore and that their insurance and pay are dropping to zero... well, that's the hardest and worse thing I've ever had to do! I don't want to have to ever do it again and God willing we will get through this one without having to do it again!!
Yes, it sucks. We are still cleaning pools, but construction is dead. We will apply for the aid and go from there.
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Old 04-02-2020, 10:33 AM   #95
PoohDaddy
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Quote:
Originally Posted by Anvilheadtexas View Post
PPP remains a bit of a moving target and there have been changes this week as already indicated on this thread. Tomorrow is the first day to officially start making loans here is some information that I have received from my source.

1. Early proposal
2. New Guidance as of weds 3/31

1. Annual Percentage Rate 4.0%
2. Annual Percentage Rate 0.5%

1. Term: 10 Years
2. Term: 2 Years

1. Deferral Period 6-12 months
2. Deferral Period: 6 months

1. Forgiveness: Proceeds used on mortgage, rent, utilities & payroll are forgivable.
2. Forgiveness: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. You will also owe money if you do not maintain your staff and payroll.

- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders

As part of my air-conditioning plumbing and electrical service contracting consulting business, I’m kind of on the front line with a large SBA lender in regards to the PPP . Regardless of your business if you have any specific questions feel free to PM me .


PM sent! thanks for answering questions!
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Old 04-02-2020, 10:41 AM   #96
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1. Forgiveness: Proceeds used on mortgage, rent, utilities & payroll are forgivable.
2. Forgiveness: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan.

Thats a super sweet deal there!
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Old 04-02-2020, 10:51 AM   #97
CastAndBlast
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Originally Posted by outlook8 View Post
The 10k EIDL grant will be deducted from the PPP amount if you apply for both.
Got it! Just clarified that with my business partner. Thank you!
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Old 04-02-2020, 10:59 AM   #98
Artos
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Have my LLC but no employees or mortgage...so with this, I could pay for electrical & water only??
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Old 04-02-2020, 11:28 AM   #99
Charles
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Have my LLC but no employees or mortgage...so with this, I could pay for electrical & water only??
Does your LLC send you a W-2? If yes, you should qualify at least think you would.

Even though I'm self employed, I'm also considered an employee.
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Old 04-02-2020, 02:08 PM   #100
crumrw
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I'm a self employed designer/fabricator. I've already had tens of thousands of dollars worth of projects cancelled or put on hold. The real sh*tty part is I signed a new lease on a larger shop space a month ago...move-in day was yesterday. Now, not only is the money not coming in, I'm also hemorrhaging money on the the back end. Doing my best to spend some quality time with my girls to keep the gray hairs at bay.
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