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Old 04-03-2020, 07:35 AM
 
5,110 posts, read 3,407,502 times
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Quote:
Originally Posted by BugsyPal View Post
Mark my words; this is going to turn into a *s* show.
You could be right, but here we are, businesses slowed or shut down through no fault of their own. Employees need to be paid, revenues have stopped coming in.

I have no doubt that there will be adjustments and new programs along the way.

This is all new territory. I don't expect perfection. We're all human and no one knows how or when this will end.
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Old 04-03-2020, 09:31 AM
 
607 posts, read 1,761,533 times
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Quote:
Originally Posted by KaraG View Post
You could be right, but here we are, businesses slowed or shut down through no fault of their own. Employees need to be paid, revenues have stopped coming in.

I have no doubt that there will be adjustments and new programs along the way.

This is all new territory. I don't expect perfection. We're all human and no one knows how or when this will end.
I'm taking the same attitude on this. As the owner of my small business (Medical Billing Company) I'll be throwing a bunch of personal money at it to keep my business afloat and employees paid. Since we've never been down this road before I expect it will be a very bumpy ride.
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Old 04-03-2020, 04:18 PM
 
Location: near Fire Station 6
987 posts, read 408,385 times
Reputation: 827
Quote:
Originally Posted by kwalk65 View Post
I just did the same!
Have you been contacted yet? I am still waiting
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Old 04-04-2020, 07:47 AM
 
5,110 posts, read 3,407,502 times
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I applied for the EIDL but will be gathering all the forms and finishing taxes today to be ready for the Payroll loan app. My bank isn't ready yet with the online app.

Sat through a webinar last week and they emphasized making sure your numbers on the apps match your tax numbers.
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Old 04-04-2020, 09:06 AM
 
Location: So. Cal.
454 posts, read 226,219 times
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This Job Creators Network site provides the application and clear info on how the loan/grant from a small businesses' bank works.

https://www.jobcreatorsnetwork.com/n...ram-explained/
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Old 04-07-2020, 12:42 AM
 
10,550 posts, read 14,051,661 times
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The problem with all these programs is financially well off business already grabbed the money in most areas. They have the staff and understanding to had been able to file with supporting documentation the second it became available. Some lender and program coordinators have already closed the program to new application submissions due to reaching their limits. Others have projected that based on the submissions from businesses with inside political knowledge, anticipated funds have already been gobbled up before many even knew they could apply.
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Old 04-08-2020, 08:04 AM
 
2,609 posts, read 996,816 times
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Here is an interview with the SBA administrator for the southeastern U.S. He talks about the two emergency loan programs rolled out last week.
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Old 04-08-2020, 08:55 AM
 
5,110 posts, read 3,407,502 times
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TimAZ, thanks for posting, great info!

Common misperception is that every business gets the $10,000 loan advance/grant from the EIDL, he now states it is for those with at least 10 employees and will be adjusted for those businesses with less.

When I applied, that wasn't noted anywhere on the SBA site.
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Old 04-15-2020, 06:50 AM
 
Location: Connecticut is my adopted home.
2,303 posts, read 3,250,938 times
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Micro (mom/pop, sole proprietor) non-essential retail business in a seasonal town here. I've been closed since very late February due to an unfortunately timed week long buying trip to the Bay area, CA where unknowingly COVID-19 was community acquired there. I came home to CT and self quarantined and by the time I was done, NYC had taken off and the tri-state area closed non-essential businesses and ordered citizens to shelter at home, a decision I agree with but unfortunately every month closed is making it harder to reopen my doors. Non-Essential businesses are closed until 5/20.

Add insult to injury, I'm over 60 with a comorbidity and I don't handle respiratory illnesses very well after a bout with pneumonia in my early 30s. My life since has been dodging the flu with prudence, good nutrition and vaccines. This thing is a bullet with my name on it. I am/was fairly well capitalized to get through the uneven and often very slow winter season and can meet my obligations to the end of the lease (1/21) but it will be personally painful. If I were younger with a cleaner bill of health my path would be clear but I'm not.

My business insurance disallows compensation for loss due to fungi, bacteria or virus, so I applied for COVID-19 ECONOMIC INJURY DISASTER LOAN on March 29th and have only gotten an email from the SBA two days ago containing links to programs my business is not qualified for. My state requires that the previous 6 months be profitable to apply which they weren't because of the usual winter sparse traffic. Most of our local retailers make bank in the 6-8 months spring through fall here, so that leaves me (and many like me) out of state assistance.

Due to the nature of my inventory, it will retain value but if I can't safely sell it given the mass confusion and lack of testing I'm not sure what to do. I reached out to my landlord but the retail building with apartments above is privately owned and I have no idea what her margins are. She has other tenants like me that are closed and likely the most vulnerable retailer rents one of the apartments, potentially double trouble for her. The other tenants are younger and probably physically more resilient but likely not as well capitalized, operating on closer margins normally, so I'll carry on with my obligations to the (truly) bitter end.

Selling online is not a great option either unfortunately. Most of what I do is hands on, fairly custom, with a lot of customer interaction and requires some expertise to do.

So this is my sad story. I hope someone has a brilliant idea but like the SBA, I suspect the bag is empty for me and like thousands upon thousands of micro businesses I will have to liquidate when everyone else is liquidating, another shift of assets to the "investor" class in progress.

Thanks for a venue to vent. This keeps me up at night with worry.

Last edited by AK-Cathy; 04-15-2020 at 06:59 AM..
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Old 04-15-2020, 10:47 PM
 
Location: Henderson, NV
6,641 posts, read 6,732,700 times
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Quote:
Originally Posted by KaraG View Post
TimAZ, thanks for posting, great info!

Common misperception is that every business gets the $10,000 loan advance/grant from the EIDL, he now states it is for those with at least 10 employees and will be adjusted for those businesses with less.

When I applied, that wasn't noted anywhere on the SBA site.
Wow, that’s really useless. I’ll expect nothing then with my 2 employees. If it was $2,000, please don’t bother, I don’t need the charity lol. Maybe the Chinese government can pay me $25,000 to cover some of my losses, those pieces of human garbage! I hope they all die of Ebola.
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