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3
Posted on 12/22/20 at 12:54 pm to SDVTiger
FWIW I'm seeing 25% not 30% loss now.
Posted on 12/22/20 at 1:37 pm to VABuckeye
Weird to say, but I'm glad we don't qualify for this round. The first round helped us immensely in April and May, but by June we were stumbling back up on our feet again. Q2 was down 16% compared to last year, but Q3 and (soon to be) Q4 are pretty damn good - all things considered.
I hope this helps the businesses that need it.
I hope this helps the businesses that need it.
Posted on 12/22/20 at 2:11 pm to SDVTiger
You have to wait for Trump to sign, then the SBA needs to put the app out; then you can apply. Right now, there is nothing to apply for
Posted on 12/22/20 at 2:22 pm to Weekend Warrior79
quote:
You have to wait for Trump to sign, then the SBA needs to put the app out; then you can apply. Right now, there is nothing to apply for
Posted on 12/22/20 at 2:24 pm to SDVTiger
Posted on 12/22/20 at 2:26 pm to SDVTiger
Can't apply quite yet. I'd guess not until after the first of the year. Damned holidays in the way.
Posted on 12/22/20 at 2:28 pm to BottomlandBrew
quote:
Weird to say, but I'm glad we don't qualify for this round. The first round helped us immensely in April and May, but by June we were stumbling back up on our feet again. Q2 was down 16% compared to last year, but Q3 and (soon to be) Q4 are pretty damn good - all things considered.
I hope this helps the businesses that need it.
We took a big hit the first two quarters. While we are certainly recovering another round (particularly with uncertainties regarding the new administration) will help a ton.
Posted on 12/22/20 at 3:11 pm to VABuckeye
so when figuring up the 30% decrease in gross receipts , it should not include EIDL advance, the EIDL loan, or any other grants associated with CARES act (some medical companies got grants equal to about 2% annual gross receipts) or prior PPP money ???
If so we will have a 38% decrease in Q2 2020 vs Q2 2019....another round of PPP would be golden
If so we will have a 38% decrease in Q2 2020 vs Q2 2019....another round of PPP would be golden
Posted on 12/22/20 at 3:12 pm to Tigerpaw123
Correct and it's been reduced to a 25% reduction.
Posted on 12/22/20 at 3:18 pm to VABuckeye
quote:
Correct and it's been reduced to a 25% reduction
thanks
Posted on 12/22/20 at 9:55 pm to baldona
quote:
Financially I'm fine, but I'll certainly be keeping an eye on the next round of PPP as the government has fricked me over multiple times
Posted on 12/23/20 at 8:55 am to VABuckeye
I assume you dont have to count the PPP money when adding up your revenue for the quarter you are comparing to for 2019
Posted on 12/23/20 at 12:22 pm to Slagathor
Correct.
Posted on 12/28/20 at 1:07 pm to VABuckeye
Bump?
Posted on 12/28/20 at 4:05 pm to Penn
It's been signed.
2.5X average monthly payroll plus state and local withholdings X 2.5. 2.5 X monthly health insurance paid by the company. 2.5 X monthly state unemployment taxes.
EIDL Grant is now a true grant with no payback required.
You can elect an 8 week or 24 week window as a look back period for loan forgiveness.
2.5X average monthly payroll plus state and local withholdings X 2.5. 2.5 X monthly health insurance paid by the company. 2.5 X monthly state unemployment taxes.
EIDL Grant is now a true grant with no payback required.
You can elect an 8 week or 24 week window as a look back period for loan forgiveness.
Posted on 12/28/20 at 4:25 pm to VABuckeye
The only thing stopping me from applying again is the "loan necessity" requirement. Specifically, SBA guidance has stated:
"all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
While that was definitely true for the first round, we are now pretty close to operating back at a normal revenue level from before COVID. I would be hesitant to accept another large loan for the same amount even though we would technically qualify since our revenues were down around 31% in the second quarter.
"all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
While that was definitely true for the first round, we are now pretty close to operating back at a normal revenue level from before COVID. I would be hesitant to accept another large loan for the same amount even though we would technically qualify since our revenues were down around 31% in the second quarter.
Posted on 12/28/20 at 4:40 pm to Spock
Given the uncertainty of what's going to happen with possible restrictions from the new administration I don't have a problem with the certification. I do understand your concern.
Posted on 12/28/20 at 5:39 pm to VABuckeye
“Current economic uncertainty “ is all I need, who knows where this shite is going
Posted on 12/28/20 at 6:32 pm to VABuckeye
For the new PPP, just to confirm, the 25% reduction is still gross sales?
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