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Started By
Message
re: rough day for a lot of small businesses
Posted on 4/17/20 at 11:14 am to TheCurmudgeon
Posted on 4/17/20 at 11:14 am to TheCurmudgeon
quote:
Credits are after the fact, months from now. note the bold above. These guys are living in the now unfortunately.
No.
You can hold back payroll deposits (which are made after every payroll run or monthly for most employers) to cover the costs. And if that's not enough, you can fax Form 7200 to the IRS and ask for an advance and they will send it to you right away.
You might have to float for a couple of days for some of the amount. Definetly not months. If a business can't float / borrow for a few days, it has other problems.
0
Posted on 4/17/20 at 11:16 am to DarthRebel
quote:
There was a lot of incorrect information placing blame on the treasury and SBA, but the issues are within the banks, you are correct on that.
Treasury and SBA took WAY too long to get guidance out, and when they did, it was wrong, and needed to be revised several times.
Some buisnesses and banks just said the hell with it and did their own thing and made adjustments as needed.
Others waited until the guidance was perfect.
The first group got funded. The second group was too late.
Posted on 4/17/20 at 11:16 am to fatheadgator
quote:
But Ruth’s Chris steakhouse with 5k employees got $20M from PPP so yay!
Who is eligible?
Small businesses that employ less than 500 employees per location and were in operation on February 15, 2020 are eligible.
Are multi-unit franchisees, private equity funds, family offices, public companies or large franchisees eligible for PPP loans?
Yes, according to the rules, any business concern that employs less than 500 employees per physical location and has a North American Industry Classification System code beginning with 72 (Accommodations and Food Service) is eligible. It’s important to note that typical SBA 7(a) loan affiliation rules don’t apply here. A private equity fund could conceivably receive a PPP loan for its own office, and its portfolio companies could receive PPP loans for each of their store locations.
Posted on 4/17/20 at 11:18 am to LSUFanHouston
quote:
Treasury and SBA took WAY too long to get guidance out, and when they did, it was wrong, and needed to be revised several times.
Not really, based off what was trying to be accomplished. Hindsight always seems to be 20/20 though.
Posted on 4/17/20 at 11:20 am to DarthRebel
quote:
Well ask your bank? It is not a government issue.
Screw Chase. I'm switching my accounts as soon as this is over.
Posted on 4/17/20 at 11:21 am to DarthRebel
quote:
Not really, based off what was trying to be accomplished.
Yes really.
All Treasury had to do was listen to the small business community, CPAs, and bankers. But they refused to do that, until the end, when they did. Why not just get it right from the start?
Posted on 4/17/20 at 11:22 am to TheCurmudgeon
We got ours but I do not know how someone could survive without it. It seems like the business that got PPP was totally random from the people I've talked to and a good portion went to large franchise types who applied.
Bottom line, I feel lucky to be able to pay my people during this and I feel horrible for my friends who have to make some tough decisions in the coming weeks.
Bottom line, I feel lucky to be able to pay my people during this and I feel horrible for my friends who have to make some tough decisions in the coming weeks.
Posted on 4/17/20 at 11:25 am to LSUSUPERSTAR
I wonder if we will see violence come at some of the bank employees
Posted on 4/17/20 at 11:28 am to TigerGman
quote:Mark Cuban, new member of the open up team
Explain to me how banks will make $17.5B in fees for PPP loans they CAN'T LOSE MONEY ON yet for some reason half the qualifying businesses and most of the indie contractors CAN'T GET A RESPONSE to their applications ?
Posted on 4/17/20 at 11:31 am to TheCurmudgeon
Raises Hand
ETA: frick the Kennedy Center & Democrats
ETA: frick the Kennedy Center & Democrats
This post was edited on 4/17/20 at 11:33 am
Posted on 4/17/20 at 11:38 am to LSUFanHouston
quote:
Others waited until the guidance was perfect.
Raises hand.
I finished my app yesterday. We had internal debate based around my dad/business partner’s distrust of the government and banks to not somehow decide it was reimbursable after the fact.
About an hour and a half later the SBA Stopped taking applications.
I’m about to vomit right now I fricking hate the Democrats so much.
Posted on 4/17/20 at 11:40 am to Folsom
quote:
This is by design
How many very-small businesses and sole proprietors closed after ACA, when they couldn't afford their own new insurance premium?
Big, progressive government hates small business.
They can't hire enough auditors to look a few thousand dollars that could be owed by hundreds of thousands of small businesses. It's more effective to put them all out of business, so that the proprietors and their employees work for corporations, that have strong and detailed accounting departments.
FWIW: the BHO administration cut SBA funding to the bone.
quote:
Raises hand.
Same. But we delayed on the principal that the next two months were going to be tough, and we'd take a lick, but the funds were limited and it wouldn't be right to take <$20,000 out of the fund, when there were businesses out there, many owned by close friends, that absolutely had to have that money to survive.
Then we start hearing that small businesses, even the one's that are doing fine, are scooping up hundreds of thousands of dollars and many of them are basically sitting the money for a two-year 1% credit line. If it's not forgiven, OK, the government can have it all back. That stinks, it bleeds out the fund, but that is the way the law reads. I am curious to see how much of that 350MM is returned once the accountability come into play.
This post was edited on 4/17/20 at 11:56 am
Posted on 4/17/20 at 12:02 pm to keks tadpole
Thankfully. We are fine as well, but we can’t survive without revenue indefinitely. This would really have just made sure we coasted thru and broke even this year. Thank God my dad is wiser than me, and is hesitant to borrow any money for any reason. It took weeks to move the needle on “if it looks to good to be true . . .”
It makes me absolutely want to puke that the Democrats are fricking holding up small business owners at gunpoint so they can make sure that the Kennedy Center is funded.
I hate Democrats. I fricking hate them.
It makes me absolutely want to puke that the Democrats are fricking holding up small business owners at gunpoint so they can make sure that the Kennedy Center is funded.
I hate Democrats. I fricking hate them.
Posted on 4/17/20 at 12:06 pm to VADawg
quote:
This was predictable and a prolonged shutdown will make this infinitely worse. Government is killing small businesses and these governors simply don't give a shite.
Chalk congress up as well
Aren't those frickers practically in recess right now?
Posted on 4/17/20 at 12:07 pm to TheCurmudgeon
That bitch has a full freezer of ice cream though
Posted on 4/17/20 at 12:09 pm to TheCurmudgeon
Still haven't received ours either. Have 30 employees. Hopefully opening May 8th if Ron Desantis lets us....
Posted on 4/17/20 at 12:13 pm to TheCurmudgeon
The saddest part is Nancy Pelosi is driving a stake through the hearts of those small businesses who could qualify for funds but the witch from the west would rather eat her $100 a gallon ice cream (or whatever ridiculous price that shite is).
She should be drawn and quartered instead she will cruise to RE-election again.
She should be drawn and quartered instead she will cruise to RE-election again.
Posted on 4/17/20 at 12:20 pm to Mid Iowa Tiger
I work in small business on the financial side and plan on it til i retire.
The NUMBER ONE most important thing is your relationship with your bank.
People are INSANE to use anyone but strong local/regional banks unless they outgrow lending capacities.
My banker had me funded the DAY he could have it done.
If you own a business, at some point the bank will absolutely have your nuts in their hands. The low spots in small business are guaranteed to happen. Base your banking decisions on who will massage your nuts versus who will squeeze them as hard as they can.
The NUMBER ONE most important thing is your relationship with your bank.
People are INSANE to use anyone but strong local/regional banks unless they outgrow lending capacities.
My banker had me funded the DAY he could have it done.
If you own a business, at some point the bank will absolutely have your nuts in their hands. The low spots in small business are guaranteed to happen. Base your banking decisions on who will massage your nuts versus who will squeeze them as hard as they can.
This post was edited on 4/17/20 at 12:21 pm
Posted on 4/17/20 at 12:29 pm to 2thDoc
quote:
Still haven't received ours either. Have 30 employees. Hopefully opening May 8th if Ron Desantis lets us....
Open now.
If they arrest you get on the national news.
Just think of the free advertising.
Posted on 4/17/20 at 12:34 pm to BuckyCheese
quote:
Small business owners better remember this when their governor is up for election.
They won't. They won't remember it when their Congressman is up in November either.
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