Yellow Bullet Forums banner

1 - 20 of 51 Posts

·
Registered
Joined
·
45,006 Posts
Discussion Starter #1
If you have shut down your business and laid off your employees, are you planning on getting the business loan and bringing back all your employees? Are you confident (based on how your business was doing prior to the pandemic) that your business will rebound back to pre Pandemic work load?
 

·
Registered
Joined
·
45,006 Posts
Discussion Starter #2
And the second part of this thread is, has your employer contacted you to tell you they are applying for the business loan and bringing you back to work?
 

·
Registered
Joined
·
15,433 Posts
If you have shut down your business and laid off your employees, are you planning on getting the business loan and bringing back all your employees? Are you confident (based on how your business was doing prior to the pandemic) that your business will rebound back to pre Pandemic work load?
1yes, 2 no.
 

·
Premium Member
Joined
·
757 Posts
I am in the construction equipment repair business. We are a bit slower than usual, but no freakout yet. I don't plan on applying for any kind of assistance, but I hope I am not six months down the road wishing I did. The only way to know if you made the right decision is to look back on it.

-Abone.
 

·
TD 3550
Joined
·
2,872 Posts
Accountant explained it this way to me, Better to have it and not need it vs need it and not have it.. Apply and if approved, put it away.. Read it carefully.
 

·
Registered
Joined
·
45,006 Posts
Discussion Starter #6
Accountant explained it this way to me, Better to have it and not need it vs need it and not have it.. Apply and if approved, put it away.. Read it carefully.
If you apply for the free business loan, you MUST bring back all your employees and pay them. You can't just put it away
 

·
Idiot Savant
Joined
·
163,894 Posts
I am in the construction equipment repair business. We are a bit slower than usual, but no freakout yet. I don't plan on applying for any kind of assistance, but I hope I am not six months down the road wishing I did. The only way to know if you made the right decision is to look back on it.

-Abone.
It's free money. You should take it now and be better prepared for later. Just in case......


I think that, if this lasts into the summer, a lot of the greybeards that set their projects aside will leave them aside while the economy takes years to recover. Most of the younger guys bailed on this stuff during the Obama ordeal.
 

·
Registered
Joined
·
679 Posts
If you apply for the free business loan, you MUST bring back all your employees and pay them. You can't just put it away
You pay the employees using the loan/grant money. You keep the money you otherwise would have used to pay them. That money is what you "put away". I have stopped writing myself a paycheck for now, I will see how the next couple of weeks unfold to determine the wisest move. Not having a physical location and working on site is a big advantage for me since it cut overhead to a minimum. I'm going to apply for the loan, pay myself, and most likely have to write a check back to my LLC if I need more capital in a few months.
 

·
Registered
Joined
·
534 Posts
For those that have... or will apply for the SBA loans.... where do you apply and how difficult is the application process?

I'm self-employed and at first did not have any interest in applying for aid... But with the prospects of the loan being forgivable, I think it would be foolish not to investigate it... So where do I start?
 

·
rodent aviator
Joined
·
6,593 Posts
For those that have... or will apply for the SBA loans.... where do you apply and how difficult is the application process?

I'm self-employed and at first did not have any interest in applying for aid... But with the prospects of the loan being forgivable, I think it would be foolish not to investigate it... So where do I start?
Contact your bank and ask about the SBA loan program.
 

·
Registered
Joined
·
196 Posts
it’s not free money. it’s a very low % loan - there is a very long line and most businesses can only barrow so much.

good it’s available.

a lot of paper work and confusion between banks and government. the forms change daily.
 

·
Registered
Joined
·
196 Posts
if your business dosnt have or didn’t have a well standing before this shit happened you prob won’t see a dime.

as for the loan and be able to pay it, well that’s the large gamble business is taking to help keep employees paid.. trying to keep some kind of economic sense and stay almost on plane.

if it gets so bad - then the usa will be in one of the worst depression since the 20’s. and if that happens toilet paper and bread will be worth mor then money.
 

·
Registered
Joined
·
45,006 Posts
Discussion Starter #16
Maybe I didn't explain the scenario correctly in my original post... I am talking about a SBA Paycheck Protection Loan. This is free money if you keep your employees for 8 weeks once you get the loan. 75% of it goes to payroll and the other 25% can be used for overhead like rent, utilities etc.
 

·
Registered
Joined
·
2,000 Posts
SBA.GOV
I was on a webinar this past Friday.
I questioned the host that I showed a loss last year and if I would qualify for the 10k disaster loan.
He stated that I would still qualify.
David
 

·
Registered
Joined
·
15,433 Posts
As I understand it you don't need to qualify, or put up any collateral, you just need to show them your 941 returns for 2019 to calculate your average monthly payroll. the interest is 0.5% for 5 years, you can pay it off early if you choose, and it will be 100% forgiven if you keep all your fulltime employees for the next 8 weeks. Amount available is 250% of your average monthly payroll. This is the best deal in the history of the world.

I'm wondering what the consequences will be for someone who fails before repaying the loan or before 8 weeks of fulltimers being employed. It's a government deal, it could wind up being an unrecoverable boondoggle and most of it not get repaid, a la GM, TARP, Solyndra, etc. Might be a good idea to register as a dem if that happens and they come looking.
 

·
Registered
Joined
·
196 Posts
Maybe I didn't explain the scenario correctly in my original post... I am talking about a SBA Paycheck Protection Loan. This is free money if you keep your employees for 8 weeks once you get the loan. 75% of it goes to payroll and the other 25% can be used for overhead like rent, utilities etc.
‘yes that’s the loan. paycheck protection. but how is it free? it’s not. yes it’s available and very good that it’s there. its a 2% loan so very low %. , i’m not complaining at all. just tired of the word free. and when you do the application there is no wording in writing on how this loan as a whole will play out. been working on it for a week now. and the reason it didn’t happen sooner is because the paper work changes daily.
 

·
Registered
Joined
·
45,006 Posts
Discussion Starter #20
‘yes that’s the loan. paycheck protection. but how is it free? it’s not. yes it’s available and very good that it’s there. its a 2% loan so very low %. , i’m not complaining at all. just tired of the word free. and when you do the application there is no wording in writing on how this loan as a whole will play out. been working on it for a week now. and the reason it didn’t happen sooner is because the paper work changes daily.

Unless this is old information, this is what I was referring to.


 
1 - 20 of 51 Posts
Top