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YOUR BALANCE
From my banker
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From my banker


Apr 2, 2020, 10:17 AM

Are there more options for the self employed?

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Re: From my banker


Apr 2, 2020, 10:24 AM

PPP is the good one if you can keep from laying anyone off. If not, it’s just a loan.

We’re getting loan deferments from our bank for mortgage, loc, etc for several months that will help us keep the business afloat more than anything. We use a great local bank.

Good luck.

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Man, everything I've seen doesn't feel like help.


Apr 2, 2020, 10:32 AM

It just feels like small business is being asked to fund unemployment and their own businesses from personal savings. After seeing how loan forgiveness worked out for teachers, I just don't have any faith in the program. It feels like being asked to risk 7-10 years of bad credit to finance my employees short term income so the government doesn't get hit harder by unemployment. And it feels like most of the larger corporations are being given a pass. There's probably a lot more to it, but it's hard to see when 20 years of hard work is potentially going to be erased in the next 8-12 weeks.

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Re: Man, everything I've seen doesn't feel like help.


Apr 2, 2020, 11:00 AM

I feel you. I’m watching 20 years of my business teeter on the edge...people don’t realize how some of us have our entire livelihood and future wrapped up in our businesses. It’s a very stressful time.

One thing to note is that layoffs for this virus don’t penalize the employer like they normally would, at least in SC. For us, since we had already done some layoffs, it makes the most sense to do layoffs for now rather than get the PPP (forgiveness depends on you keeping FTE’s on payroll).

I’m working with my bank really closely and they’ve been helpful. Ask for deferments. There’s also some SBA grants (not loan) available that I’m waiting on information on that may be helpful...sounds like up to $10k, but we’ll see.

Hang in there.

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Re: Man, everything I've seen doesn't feel like help.


Apr 2, 2020, 11:03 AM [ in reply to Man, everything I've seen doesn't feel like help. ]

It just adds to company debt.

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Re: From my banker


Apr 2, 2020, 10:34 AM

??

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Re: From my banker


Apr 2, 2020, 10:34 AM

??

2024 orange level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

Re: From my banker


Apr 2, 2020, 12:19 PM

I hope the help from the government comes through for small businesses and is easy to get. As a retired banker I can say that anything that involves the SBA has always been very time consuming and very hard to get an approval. I pray that the stimulus package will make things better for all Americans.

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Re: From my banker


Apr 2, 2020, 1:00 PM

Go for the PPP, its essentially a grant.

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