Small Business and Coronavirus

[tommycuse]

2 year loan at 1%. That is as good as it gets. That's the kind of rate the government charges Wall Street.

Or you can take a 10 year loan at 4%. There is no collateral requirement and no personal guarantees.

This is as close to free money as any business owner is likely to see in our lifetimes.

If you qualify for the Payroll relief, you get 2.5 months of current payroll. One of my clients just got a half million dollars for a health supplements manufacturing business with about 50 employees.

 

[tommycuse]

2 year loan at 1%. That is as good as it gets. That's the kind of rate the government charges Wall Street.

Or you can take a 10 year loan at 4%. There is no collateral requirement and no personal guarantees.

This is as close to free money as any business owner is likely to see in our lifetimes.

If you qualify for the Payroll relief, you get 2.5 months of current payroll. One of my clients just got a half million dollars for a health supplements manufacturing business with about 50 employees.

Unfortunately the SBA has capped disaster loans at 15k, I was approved for 150k yesterday just received a phone call that said the cap is now 15k.
SBA ran the numbers and if they give the usual loan amounts it will cost 63 trillion. PPP is 2.5x monthly payroll but the SBA disaster loan is now basically worthless

 

[IthacaMatt]

Unfortunately the SBA has capped disaster loans at 15k, I was approved for 150k yesterday just received a phone call that said the cap is now 15k.
SBA ran the numbers and if they give the usual loan amounts it will cost 63 trillion. PPP is 2.5x monthly payroll but the SBA disaster loan is now basically worthless

Oh, that's terrible. They keep changing the rules from day to day, it seems.

 

[Gary]

A little late to the party. I own a software company that works with restaurants, I am not expecting many to pay their monthly bill so I will have some revenue loss. What is sad for me is most of these restaurants that go out of business will blame the virus for putting them out of business. The real issue for these restaurants is they have no idea who their customers are, so they have no way to reach out to them. If anyone in this group owns a restaurant or has a friend who owns a restaurant have them reach out to me, we are willing to let them use our software free of charge. You need to know your customers or the large chains will take business away from you they are investing in this technology. We guarantee a positive ROI within 12 months but often provide that in month one. Best to all business owners.

 

[Capt. Tuttle]

Just filed my PPP app yesterday. Relatively easy, just have to have payroll numbers and for salaries over $100k, have to do some math. 1099 folks are included for payroll.

As long as you spend 80% on payroll/ rent, it's all forgiven, is my understanding.

Recommended that you put it all in a separate account, to make it easy to audit.

NFP forms out today.

I suspect there will be another PPP in June.

 

[Consigliere]

Just talked to a good friend of mine who owns a security monitoring company here in Broome County. I said that he must be considered an essential business and that he wasn't being affected like business that have to shut down or curtail their operations. He said that would be true, but his customers aren't able to pay their monitoring bills. Hadn't thought about how this radiates throughout the economy, but when individuals and small businesses don't have money to spend it affects all levels.

 

[orangenauburn]

Does anyone on this site own their own recruitment service company?

 

[oldpinepoint]

Hey everyone if you have questions about the PPP program let me know. I designed and implemented the program at our bank. We have started processing applications. Its a horrible cluster f but I’m happy to help.

 

[DNABB5]

I'm using amazon only as a search engine. Find the product then follow who's the manufacturer and find their website and order from them directly. Most small biz manufacturers have their own sites. Especially important now. I understand this site likes us to purchase from amazon but I will continue to avoid Amazon like the plague. And yes, I know what I did there.

 

[JoeCollege]

Does anyone on this site own their own recruitment service company?

I have done some subcontracting in that field and have some good contacts. DM me if I can help...

 

[longtimefan]

This is a good summary of where we're likely headed--

We can't just flip the switch and end the coronavirus lockdown

The way forward will be slow and uneven.

www.axios.com