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Old 03-23-2020, 06:43 PM
 
Location: MD's Eastern Shore
2,396 posts, read 3,269,973 times
Reputation: 4265

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I'm screwed! I run a small charter boat and have a boat detailing business in a touristy vacation town. Peak of the detailing season would be now as well as the beginning of the tourist season for taking people fishing. Hoping for a good 2021 season. Hopefully I can keep my boat through the year but at least it's just a small 21ft bay boat!
Thing is, I was looking at having a good year where I could move up a few feet in boat size for next season.
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Old 03-23-2020, 07:16 PM
 
2,383 posts, read 2,105,377 times
Reputation: 6444
Anybody have any luck applying for an SBA disaster loan?


How about the govt help out us small biz owners instead of huge corporations!!!!!!!!
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Old 03-24-2020, 01:28 AM
 
648 posts, read 277,150 times
Reputation: 725
No need to wish for SBA bridge loans, they are a real thing. No interest for one year and 12% after that. There's also one with a low interest rate and today I saw multiple local banks introduce their pwn small business loan offers.

I started the SBA application last week but ultimately backed out. I would have been lying if I said I was affected at that point. I have a collectibles store that will have to be online only for the time being. We haven't reached the stage where everyone is selling off their personal items at once. If that day never happens, great, that means we made it through the crisis. Assuming that day does arrive, I'll just have to be super picky on my buys and have market values tuned in perfectly. I really don't need a loan for that. Frankly, the July extension for 2019 income tax returns was what I needed most. With time being money and all....

In the meantime I wouldn't panic and stop paying bills, hurting your credit, or getting into a fight with your landlord. They might be working on skinnier margins than you so missing a couple payments might cost both of you that property.
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Old 03-25-2020, 08:23 AM
 
5,109 posts, read 3,404,798 times
Reputation: 10376
Quote:
Originally Posted by Bumby88 View Post
No need to wish for SBA bridge loans, they are a real thing. No interest for one year and 12% after that. There's also one with a low interest rate and today I saw multiple local banks introduce their pwn small business loan offers.

I started the SBA application last week but ultimately backed out. I would have been lying if I said I was affected at that point.
I'm still cautiously waiting to see what may be available. We have already lost $30,000 in sales and we are estimating that our customers won't come back until August at the earliest. I don't really want to commit to a loan at this point unless there will be an option to increase it. Our industry group has asked for special loans covering 10% of sales, but we're really going to lose 50%.

Most of the retailers and restaurants in our shopping center have now closed temporarily. The walk-in offices have chairs outside and customers pass paperwork through the door. I'm going to close the retail section of our store today and encourage people to order online or by phone.
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Old 03-26-2020, 01:21 PM
 
5,109 posts, read 3,404,798 times
Reputation: 10376
Great news if true, if the business uses the loans for payroll (at the same level), rent and utilities, those amounts will be forgiven and treated as a grant.
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Old 04-02-2020, 03:54 AM
 
23,364 posts, read 16,089,743 times
Reputation: 16872
Quite honestly any small business owner not looking to apply for their taste of these SBA loans wants their heads examined.

This statement says it all:

"We don't need to but you know the way that was written, the Payroll Protection Program, we'd kind of be foolish not to," said Smith & Richardson CEO Richard Hoster, "It's almost free money."

and

"The way the law is written, if a business continues to pay employees for two months, the loan will be forgiven. A company must make a "good faith certification" that the uncertainty of current economic condition makes the loan request necessary to support on-going operations. "

https://www.cnbc.com/2020/04/01/smal...-stimulus.html

Basically federal government is *giving away free money*. Next to the word *cake* I cannot think of another more popular to my mind that "free".

It doesn't matter if your small business is running on all cylinders atm, and you are not having any financial issues or whatever. You just know people are going to take the government up on their offer. Why use your own money to pay employees, rent, utilities, etc.. when federal government is offering to do it for you?

People are always moaning how feds never do anything for the little guy; well this is how big guys get their money from federal programs.
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Old 04-02-2020, 03:56 AM
 
1,779 posts, read 835,577 times
Reputation: 1956
PPP loan and forgiveness is almost a no brainer.... as long as your company doesn't screw anything up and end up being on the hook for 2 months of full salary.
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Old 04-02-2020, 11:23 AM
 
Location: near Fire Station 6
987 posts, read 407,642 times
Reputation: 827
Just applied for the COVID-19 SBA disaster relief:

Linky:

https://covid19relief.sba.gov/#/
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Old 04-02-2020, 05:36 PM
 
607 posts, read 1,761,156 times
Reputation: 776
Quote:
Originally Posted by lostsoul359 View Post
Just applied for the COVID-19 SBA disaster relief:

Linky:

https://covid19relief.sba.gov/#/
I just did the same!
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Old 04-03-2020, 07:16 AM
 
23,364 posts, read 16,089,743 times
Reputation: 16872
Mark my words; this is going to turn into a *s* show.

https://www.foxbusiness.com/small-bu...have-questions

Munchin and others in government are rushing to have this thing up and out by today (Friday), when no one has a clue really outside general parameters.

Lenders are worried (as they rightly should) about who will be held account for the enviable fraud/waste that comes from applications being pushed through without normal usual safeguards.

OTOH DT and his pals in Congress greatly expanded the usual SBA meaning of "small business" to include some very large companies. They only have to have 500 or less employees in a specific geographical area. So small "mom and pop" businesses are angling for a same piece of the pie as the big guys.

https://www.reuters.com/article/us-h...-idUSKBN21L1EG
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