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Started By
Message
re: SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 7:09 pm to SSpaniel
Posted on 3/29/20 at 7:09 pm to SSpaniel
quote:
But still... one would assume that they would put in some sort of guidance so that a business that is clearly not affected would not be eligible.
Only those that assume politicians have a clue.
If it is a big deal in Congress you can bet logic does not apply.
0
Posted on 3/29/20 at 7:09 pm to I B Freeman
quote:
Every grocery store, hardware store, home improvement store and their suppliers are booming as people stay home.
I was under the impression we were talking about small businesses.
There aren't too many mom and pop grocery stores or hardware stores left anymore.
There are some... but not too many.
But you are correct. They would be booming right now.
Now... if you had a business where you could get an SBA loan, a payroll protection loan that is eventually forgiven AND also get some sweet film credits...
This post was edited on 3/29/20 at 7:11 pm
Posted on 3/29/20 at 7:11 pm to I B Freeman
Could I get it forgiven if I used that money to build a new office/warehouse space?
Posted on 3/29/20 at 7:12 pm to BamaCoaster
quote:Not hard to do--if you folded fast. The businesses that will struggle qualifying are the ones that have tried to stay open and survive. "Fairness".
These businesses have to show there have been hardships, like layoffs and loss of sales.
quote:Yes it is.
It’s not a fricking free for all.
This post was edited on 3/29/20 at 7:13 pm
Posted on 3/29/20 at 7:12 pm to SSpaniel
There are over 5000 Ace store alone.
Lots of grocery stores with less than 500 employees.
There is an independent lumber/home improvement store in every town in Louisiana I suspect.
Feed stores are booming too.
Lots of grocery stores with less than 500 employees.
There is an independent lumber/home improvement store in every town in Louisiana I suspect.
Feed stores are booming too.
Posted on 3/29/20 at 7:13 pm to stout
quote:
Could I get it forgiven if I used that money to build a new office/warehouse space?
No. The only portion of the loan that is forgivable is that which is used for payroll/rent/utilities/mortgage interest
Posted on 3/29/20 at 7:14 pm to stout
not specifically but the additional profits you will have because the government is basically paying your payroll and utilities and interest for two months can be used for anything.
Posted on 3/29/20 at 7:14 pm to I B Freeman
quote:
There are over 5000 Ace store alone.
Are those independent? I thought they were a chain, just like Lowes or Home Depot.
quote:
Lots of grocery stores with less than 500 employees.
Not too many that aren't part of a chain.
Posted on 3/29/20 at 7:15 pm to DyeHardDylan
quote:
So you’d rather the federal government step in due to the state or local government’s failures, to offer magic money that will later cripple that business because of the significant interest they will pay and the impending consequences of inflation? No, what we should be doing is eliminating more regulations and cutting income taxes and payroll taxes by a significant amount. Get government out of it and restore economic liberty; let the market respond. Some companies may have to go through bankruptcy, but that’s the cost of freedom.
Significant interest rate? It’s 4 fricking percent max.
Posted on 3/29/20 at 7:15 pm to udtiger
quote:
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
that is correct
it is in every conceivable way “free money”.
what’s worse is this free money is not coming from anywhere...it is being conjured up out of thin air
Posted on 3/29/20 at 7:15 pm to I B Freeman
quote:
IB Freeman
How much of YOUR payroll will the government be paying for the next 2 months?
This post was edited on 3/29/20 at 7:16 pm
Posted on 3/29/20 at 7:17 pm to SSpaniel
quote:Yes
Are those independent?
quote:
Lots of grocery stores with less than 500 employees.
Not too many that aren't part of a chain.
lots of them
Posted on 3/29/20 at 7:17 pm to I B Freeman
No extra profits here. This is killing my business slowly. Thankfully I have money saved and I am making just enough to cover overhead. I also only have 1099 subs so the forgiveness will do nothing for me unless I can use it on an office I want to build.
Posted on 3/29/20 at 7:19 pm to stout
I’m pretty sure you can use it to pay 1099 people. I don’t know your situation though. If you’re paying a 1099 to a company it may not be able to be used for that purpose?
Posted on 3/29/20 at 7:21 pm to VABuckeye
Some are companies and some are just individuals doing work orders for me but my payroll varies too much anyway because it is all based on the work orders they have and complete. Some people dont even get paid every week because I might not have any orders in their area.
Posted on 3/29/20 at 7:21 pm to I B Freeman
quote:
Yes
I didn't know that. I know there are some independents around here... a couple of True Values and one that used to be an ACE but is now basically a retail store for Orgill.
quote:
lots of them
Can we get one to open up around here? We get Kroger. Or a different Kroger. Or another Kroger. Or Whole Foods, Trader Joes and Fresh Market. Fresh Market is good. The other two suck.
Posted on 3/29/20 at 7:22 pm to udtiger
quote:
Right.
My understanding is if you keep people on payroll for the 8 week period, the loan amount for those costs, plus other overhead (rent utilities) WILL be forgiven. Whether you suffered a loss or would have fired them otherwise is irrelevant.
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
Walk me through this please
What you’re saying is ......
Keep 10 employees on payroll next
9 weeks(2 months) at $8000/wk or $72,000 + WC $12,500
Plus overhead of $10,000
Then I get free check of $95,000 to keep?
Is that what you’re saying?
Posted on 3/29/20 at 7:23 pm to stout
quote:
I also only have 1099 subs so the forgiveness will do nothing for me
Why won't it help you?
Posted on 3/29/20 at 7:25 pm to I B Freeman
SMB owner here. Definitely affected (could go BK if this lasts another few weeks). I’m afraid that I haven’t fricked up cash flow enough to get relief. It’s a weird balance.
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