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Message
local dentist office has about 25 employees, they do pretty well
Posted on 3/27/20 at 4:59 pm
Posted on 3/27/20 at 4:59 pm
... they just laid everyone off except 3 people.
told them to go collect unemployment, then they will be hired back...after the country opens up
but I was also told they will apply for small business loan with the understanding, they don't have to pay it back...
Listening to news/updates, it's my understanding the business loan is only a"handout' you don't have to pay back IF you keep everyone on the payroll?
sounds like the dentist is playing both ends...I don't know if it's intentional or not
interesting times...it's going to be a mess
told them to go collect unemployment, then they will be hired back...after the country opens up
but I was also told they will apply for small business loan with the understanding, they don't have to pay it back...
Listening to news/updates, it's my understanding the business loan is only a"handout' you don't have to pay back IF you keep everyone on the payroll?
sounds like the dentist is playing both ends...I don't know if it's intentional or not
interesting times...it's going to be a mess
13
Posted on 3/27/20 at 5:01 pm to ApexTiger
Many folks will try to dupe the gubment during this.
Posted on 3/27/20 at 5:02 pm to ApexTiger
quote:
sounds like the dentist is playing both ends...I don't know if it's intentional or not
It’s survival. Of course it’s intentional.
Posted on 3/27/20 at 5:02 pm to ApexTiger
quote:
it's my understanding the business loan is only a"handout' you don't have to pay back IF you keep everyone on the payroll?
thought I heard something like that as well.
Posted on 3/27/20 at 5:03 pm to ApexTiger
quote:
but I was also told they will apply for small business loan with the understanding, they don't have to pay it back...
Listening to news/updates, it's my understanding the business loan is only a"handout' you don't have to pay back IF you keep everyone on the payroll?
The original one submitted, I noticed any lack of language saying a business had to be operating with the loan money. It seemed like that omission could allow for a business to stay closed so as to not have net loss on operations, and use the loan to pay for hard costs like rent and debt service. I personally don't believe that should be the intent, if that were to happen.
Posted on 3/27/20 at 5:03 pm to ApexTiger
Dentist should brush up on the stimulus rules.
Posted on 3/27/20 at 5:04 pm to ApexTiger
As I understand it, if I use the money to pay my employees during the shut down, it's turned into a grant.
So I'm keeping my people on staff and using the loan for that.
They're still working and staying busy so the impact won't be as bad but their income did drop so this will help keep it at that level.
So I'm keeping my people on staff and using the loan for that.
They're still working and staying busy so the impact won't be as bad but their income did drop so this will help keep it at that level.
Posted on 3/27/20 at 5:04 pm to ApexTiger
Our accountant has told us that the “stimulus” package will not help our business in any meaningful way. Gov’t shuts you down, and doesn’t compensate you for it. Amazing.
Posted on 3/27/20 at 5:07 pm to ApexTiger
Pretty sure some dental organizations are recommending this lay-off and rehire as a continuity plan so expect a lot to go this route
Posted on 3/27/20 at 5:08 pm to ApexTiger
(no message)
This post was edited on 1/10/21 at 9:59 pm
Posted on 3/27/20 at 5:10 pm to gatorrocks
quote:
As I understand it, if I use the money to pay my employees during the shut down, it's turned into a grant.
So I'm keeping my people on staff and using the loan for that.
There are 2 different things...
An SBA Economic Injury Disaster loan and a loan through the payroll protection program. The latter is what will be forgiven if you keep your employees on payroll. The former... you can do whatever you want with.
Posted on 3/27/20 at 5:11 pm to gatorrocks
Why did their income drop if you can get a loan that turns into a grant?
Posted on 3/27/20 at 5:12 pm to Ingloriousbastard
quote:
Why did their income drop if you can get a loan that turns into a grant?
Ummm.. seriously?
Posted on 3/27/20 at 5:19 pm to ApexTiger
From the day the loan is funded they have 8 weeks of money to cover payroll, rent, utilities and some specific interest expense. This expenses are forgiven after the period and any balance they will have to repay at a max of 4% interest.
Amount of loan is based off 250% of an average monthly payroll for previous 12 months.
Amount of loan is based off 250% of an average monthly payroll for previous 12 months.
This post was edited on 3/27/20 at 5:21 pm
Posted on 3/27/20 at 5:19 pm to Ingloriousbastard
quote:
Sounds like ole baw is taking out a loan that he will have to repay, with interest. And that’s how it should be if he’s doing this!
I think it's about a 5 million dollar a year practice
so can you imagine going to 2 months of total revenue? 417K a month, so 800k lost!!!!!!!!!!!!!!!!!!
they buy the state of the art type equipment, the best in everything...
they have big payroll bills
they live well, i mean really well, own an aircraft, a small one but revenue is king in their business...
this shut down is probably crushing them, not mention taxes are due next month (normally)
Posted on 3/27/20 at 5:21 pm to SSpaniel
Yes. Seriously. If he can get a loan that turns into a grant, then why even pay them less? Part of the problem and not the solution.
Posted on 3/27/20 at 5:23 pm to ApexTiger
Well, if they’re trying to take grant money for a purpose that it’s not intended for, then they deserve to pay interest and get no benefit. It’s just a loan at that point.
Should probably be penalized too for fraud.
Should probably be penalized too for fraud.
This post was edited on 3/27/20 at 5:25 pm
Posted on 3/27/20 at 5:23 pm to ApexTiger
quote:Id imagine your dentist is going to try to rip us off....and screw his people.
local dentist office has about 25 employees, they do pretty well
... they just laid everyone off except 3 people.
told them to go collect unemployment, then they will be hired back...after the country opens up
but I was also told they will apply for small business loan with the understanding, they don't have to pay it back...
Listening to news/updates, it's my understanding the business loan is only a"handout' you don't have to pay back IF you keep everyone on the payroll?
sounds like the dentist is playing both ends...I don't know if it's intentional or not
interesting times...it's going to be a mess
Posted on 3/27/20 at 5:24 pm to Ingloriousbastard
quote:
then they deserve to go to jail
Posted on 3/27/20 at 5:24 pm to Crimson Wraith
quote:
Many folks will try to dupe the gubment during this.
And the federal government will come after them. I remember all the people who played both sides after Katrina. Jim Letten, a regular at Shogun in Metairie, and US Attorney for our District at the time before being forced to resign after the NOLA.com commenting scandal, brought the hammer on them and then some. He was merciless, even in cases where there was questionable fraud.
This post was edited on 3/27/20 at 5:25 pm
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