folks, if you own a small business, you should
storage
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All-In [47812]
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folks, if you own a small business, you should
Apr 3, 2020, 10:07 AM
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be applying for these small business loans. They're the real deal.
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Heisman Winner [105717]
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Do some of them convert to grants? How does that work?***
Apr 3, 2020, 10:08 AM
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All-In [47812]
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yep. at a high level, as long as the business
Apr 3, 2020, 10:54 AM
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doesnt lay people off or rehires them if they have already done so, the bulk of the loan is forgivable and converts to grant
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Heisman Winner [105717]
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Sounds like socialism, PASS
Apr 3, 2020, 11:01 AM
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#Sarcasm
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Heisman Winner [119809]
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My 2 sons and their businesses are doing it.
Apr 3, 2020, 10:10 AM
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They have been sitting in on webinars to get the details
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CU Medallion [56181]
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Friend of mine was just talking to me about this.
Apr 3, 2020, 10:12 AM
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He works for a small business and was saying the company's attorney said the loans have no strings attached and they'll be forgiven with no penalty, so it's basically a hand-out. My friend is notoriously wrong about everything, so I'm interested to hear from someone who actually knows what they're talking about.
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All-In [47812]
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your friend is mostly right. very few strings
Apr 3, 2020, 10:55 AM
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the application is very short.
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Hall of Famer [22973]
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The application is short, but still needs paperwork backup***
Apr 3, 2020, 1:54 PM
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Orange Blooded [4617]
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A lot of banks are going to screw their clients by not
Apr 3, 2020, 10:25 AM
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taking applications today. My business accounts are with Synovus, and they're not ready yet. Meanwhile, smaller community banks are submitting apps now - I'm betting the money runs out today...
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All-In [47812]
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BOA is up and running***
Apr 3, 2020, 10:53 AM
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Hall of Famer [22973]
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All-In [47808]
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Just called BBT. Thanks.***
Apr 3, 2020, 10:57 AM
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110%er [9056]
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Re: folks, if you own a small business, you should
Apr 3, 2020, 10:59 AM
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they need grants, not loans, some owners are just throwing in the towel especially if they are close to retirement
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Legend [16264]
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It's a loan that converts to a grant if you utilize funds
Apr 3, 2020, 11:09 AM
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primarily for payroll (including self-employed, contractor work) and other business categories.
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Legend [16264]
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All-TigerNet [11644]
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Shhhh...
Apr 3, 2020, 11:31 AM
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Don't spread the word until our loan gets funded.
If we don't get it, we're fawked. Probably have to lay off half the staff (20 ppl) and pay cuts for the rest.
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All-In [40949]
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I don't want any loans
Apr 3, 2020, 11:33 AM
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It is so easy to go into debt and so slow and long to pay it back.
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All-In [47812]
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they're essentially grants if you don't lay anyone off***
Apr 3, 2020, 11:34 AM
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110%er [9056]
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Re: they're essentially grants if you don't lay anyone off***
Apr 3, 2020, 11:56 AM
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they should make them grants from the start and give folks confidence to take the money and keep the employees
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All-TigerNet [11644]
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There are stipulations for duration of employment.
Apr 3, 2020, 12:43 PM
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Loans cover (at most) 2-1/2 months of payroll and expenses. You need to keep staff intact for 6 or 12 months. I don't recall the exact amount, but if you take the loan to make ends meet for 2.5 months and after that your business still sucks, you have no choice but to lay people off.
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Lot o points [156066]
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You’re leaving the forgivable part on the table then.***
Apr 3, 2020, 12:56 PM
[ in reply to I don't want any loans ] |
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Oculus Spirit [75796]
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Just what defines a small business.
Apr 3, 2020, 11:39 AM
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Some lady on CNN was yapping last night, said her "small business" laid off 600 people. That is not a small business in my book, but my book isn't official.
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CU Medallion [50635]
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i think sba says 500***
Apr 3, 2020, 11:39 AM
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All-TigerNet [11644]
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Correct.***
Apr 3, 2020, 12:41 PM
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Oculus Spirit [75796]
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Even that seems ludicrous.
Apr 3, 2020, 3:52 PM
[ in reply to i think sba says 500*** ] |
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When I hear small business I think 50 employees or fewer.
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All-In [34486]
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Same, my company has under 500 employees and we have
Apr 3, 2020, 3:54 PM
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300B in assets.
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Oculus Spirit [75796]
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I don't recall what the bank's assets when I left
Apr 3, 2020, 3:59 PM
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but we didn't have 500 people on payroll yet.
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All-In [31938]
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Normally, it's less than 500 employees, but that....
Apr 3, 2020, 4:43 PM
[ in reply to Just what defines a small business. ] |
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varies by the type of industry. For my industry, it's up to 750 employees. Normally, there is also a cap on revenues (also varies by industry) and the company is not eligible if it has foreign ownership.
For the purpose of this relief, basically only the number of employees matter. So my company cannot normally be considered a small business due to foreign ownership, but can participate in the PPA and disaster loan offerings.
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Lot o points [156066]
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You talking about PPP or EDL?***
Apr 3, 2020, 12:54 PM
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Hall of Famer [22973]
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We're focusing on PPP
Apr 3, 2020, 1:53 PM
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EIDL just seems like an advance on the PPP money, we're asking for >$10k, and don't need it immediately.
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Lot o points [156066]
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The seem like different pots of money though.
Apr 3, 2020, 2:47 PM
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EDL has first $10k that's forgivable, and that just requires staying in business, maintaining payroll, paying biz rent/mortgage, utilities, etc. Basically just incurring expenses as a business entity. After $10k, it's basically a loan with really favorable terms.
PPP is the one that is hyper-focused on maintaining payroll/headcount, with higher headroom for forgive-ability, depending on number of employees and their salaries.
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Hall of Famer [22973]
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PPP had language about accepting other govt stimulus loans
Apr 3, 2020, 3:56 PM
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No double dipping. So max loan is PPP submission minus $10k EIDL
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All-In [35541]
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Lot o points [156066]
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absolutely applicable.
Apr 3, 2020, 2:44 PM
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Even on a sole proprietorship, you are still an employee by the rules of the measures.
You're leaving $10k on the table if you don't do the EDL one. The PPP is a little more complex but that 2.5x multiplier will be applied to owner's income for you.
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All-In [35541]
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I applied Thanks***
Apr 3, 2020, 4:45 PM
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Hall of Famer [22973]
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Re: folks, if you own a small business, you should
Apr 3, 2020, 1:52 PM
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Legend [17459]
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The gov’t forgiving things doesn’t generally go well.
Apr 3, 2020, 2:05 PM
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I’m glad I’m not a small business owner. Doing this would scare the #### out of me.
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Hall of Famer [22973]
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Even if forgiveness denied, the interest rate is only 0.5%
Apr 3, 2020, 3:58 PM
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Unreal offer right now. We hope to borrow as much as we can. Still unclear if our 1099s can be included in the 'payroll' figure.
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All-In [35541]
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Gonan be fun paying it all back in taxes over the next few y
Apr 3, 2020, 7:07 PM
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ears
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Replies: 38
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