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Dec 30th, 2023
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 Re: all you small business owners
[Re: hopalong]
#13496754
04/01/20 12:59 AM
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Joined: Sep 2004
Posts: 59,425
Tritonman
Super Freak
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Super Freak
Joined: Sep 2004
Posts: 59,425 |
There are 2 different items here. The SBA loan is up to 2.5x your gross income from 2/1/19 - 1/31/20, and the rate is just over 2% for 30yr fixed. I applied for this already today online.
The payroll is straight from the Fed and handled thru the banks. It's available on 4/3, and I will be applying for that as well. It's a no payback as long as you stay open and don't furlough/lay off any employees. From my financial guy this is cheaper than laying off the workers and having them go thru unemployment.
Updates to follow.
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Re: all you small business owners
[Re: hopalong]
#13496798
04/01/20 01:32 AM
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Joined: Jun 2006
Posts: 3,781
Outdoor Therapy
TFF Team Angler
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TFF Team Angler
Joined: Jun 2006
Posts: 3,781 |
Thank all of you, I appreciate it.
  "Opportunity is missed by most people because it is dressed in overalls and looks like work.- Thomas A Edison
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Re: all you small business owners
[Re: Outdoor Therapy]
#13496819
04/01/20 01:47 AM
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Joined: Mar 2003
Posts: 3,648
PowerLizard
TFF Team Angler
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TFF Team Angler
Joined: Mar 2003
Posts: 3,648 |
Is it the Paycheck Protection Program that yall are referring to? Yes it is the Paycheck Protection Program under the CARES act. They don’t want all of the small businesses to lay everyone off while they are “working” from home. Keep your employees on your payroll through the end of June and the Treasury will eat most of the cost. The banks are scrambling to set up procedures to process loans.
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Re: all you small business owners
[Re: Tritonman]
#13496858
04/01/20 02:11 AM
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Joined: Jul 2007
Posts: 4,011
tech
TFF Team Angler
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TFF Team Angler
Joined: Jul 2007
Posts: 4,011 |
There are 2 different items here. The SBA loan is up to 2.5x your gross income from 2/1/19 - 1/31/20, and the rate is just over 2% for 30yr fixed. I applied for this already today online.
The payroll is straight from the Fed and handled thru the banks. It's available on 4/3, and I will be applying for that as well. It's a no payback as long as you stay open and don't furlough/lay off any employees. From my financial guy this is cheaper than laying off the workers and having them go thru unemployment.
Updates to follow. you can do this online at sba...now. you don't have to wait
Trust your own instinct. Your mistakes might as well be your own, instead of someone elses.
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Re: all you small business owners
[Re: tech]
#13496876
04/01/20 02:34 AM
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Joined: Sep 2004
Posts: 59,425
Tritonman
Super Freak
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Super Freak
Joined: Sep 2004
Posts: 59,425 |
There are 2 different items here. The SBA loan is up to 2.5x your gross income from 2/1/19 - 1/31/20, and the rate is just over 2% for 30yr fixed. I applied for this already today online.
The payroll is straight from the Fed and handled thru the banks. It's available on 4/3, and I will be applying for that as well. It's a no payback as long as you stay open and don't furlough/lay off any employees. From my financial guy this is cheaper than laying off the workers and having them go thru unemployment.
Updates to follow. you can do this online at sba...now. you don't have to wait
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Re: all you small business owners
[Re: hopalong]
#13496919
04/01/20 03:12 AM
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Joined: Aug 2009
Posts: 11,146
9094
TFF Guru
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TFF Guru
Joined: Aug 2009
Posts: 11,146 |
You can get the principle of the loan forgiven but not the interest, which will be 3.75%.
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Re: all you small business owners
[Re: hopalong]
#13496950
04/01/20 04:01 AM
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Joined: Jun 2006
Posts: 4,061
JackMason
TFF Team Angler
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TFF Team Angler
Joined: Jun 2006
Posts: 4,061 |
Man, good contributions here, but I suggest everyone research qualifications and guidelines thoroughly for this program. Why? Seeing some not so accurate information given here. That's all.
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Re: all you small business owners
[Re: JackMason]
#13497081
04/01/20 12:02 PM
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Joined: Jan 2005
Posts: 14,482
jcarring99
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 14,482 |
Man, good contributions here, but I suggest everyone research qualifications and guidelines thoroughly for this program. Why? Seeing some not so accurate information given here. That's all. What has been not so accurate? I think accuracy would be helpful.
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Re: all you small business owners
[Re: Tritonman]
#13497142
04/01/20 01:04 PM
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Joined: Sep 2008
Posts: 121,172
hopalong
OP
Pescador Loco
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OP
Pescador Loco
Joined: Sep 2008
Posts: 121,172 |
There are 2 different items here. The SBA loan is up to 2.5x your gross income from 2/1/19 - 1/31/20, and the rate is just over 2% for 30yr fixed. I applied for this already today online.
The payroll is straight from the Fed and handled thru the banks. It's available on 4/3, and I will be applying for that as well. It's a no payback as long as you stay open and don't furlough/lay off any employees. From my financial guy this is cheaper than laying off the workers and having them go thru unemployment.
Updates to follow. the red is what they were stressing when they announced it, go straight to your bank and they will handle it. just be sure to get all info in writing.
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Re: all you small business owners
[Re: hopalong]
#13497149
04/01/20 01:07 PM
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Joined: Jul 2007
Posts: 4,011
tech
TFF Team Angler
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TFF Team Angler
Joined: Jul 2007
Posts: 4,011 |
if you own a business go to the SBA and click on coronavirus....If you are smart enough to own a business you are smart enough to comply. Just sayin, not judging.
Trust your own instinct. Your mistakes might as well be your own, instead of someone elses.
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Re: all you small business owners
[Re: hopalong]
#13497182
04/01/20 01:34 PM
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Joined: Oct 2001
Posts: 15,303
Mo
TFF Guru
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TFF Guru
Joined: Oct 2001
Posts: 15,303 |
Just downloaded the application from my bank. Only 4 pages , I was expecting 20. I will try to get it done today. I still can't believe the Govt will give me money, After 30 years in business , it is about time.  MO
 MY BACKYARD , 20,000 ACRES , NO MOWING
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Re: all you small business owners
[Re: hopalong]
#13497290
04/01/20 02:53 PM
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Joined: Feb 2013
Posts: 1,273
tsspencer2887
Extreme Angler
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Extreme Angler
Joined: Feb 2013
Posts: 1,273 |
Just had an office meeting where management informed us that they had taken out a loan and all 138 jobs are secure at least through mid-June. Our sales are down to a third of what they were this time last year and our competitor, Perma Pier has laid off over half of their staff so I was getting a little concerned.
Blessed to still be working.
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Re: all you small business owners
[Re: Mo]
#13497341
04/01/20 03:26 PM
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Joined: Sep 2004
Posts: 59,425
Tritonman
Super Freak
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Super Freak
Joined: Sep 2004
Posts: 59,425 |
Just downloaded the application from my bank. Only 4 pages , I was expecting 20. I will try to get it done today. I still can't believe the Govt will give me money, After 30 years in business , it is about time. MO Our bank still has not received the paperwork. If you have the file, can you email me a copy? bryan@407bbq.com
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Re: all you small business owners
[Re: Tritonman]
#13497349
04/01/20 03:32 PM
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Joined: Mar 2009
Posts: 1,756
Matt Jackson
Extreme Angler
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Extreme Angler
Joined: Mar 2009
Posts: 1,756 |
Just downloaded the application from my bank. Only 4 pages , I was expecting 20. I will try to get it done today. I still can't believe the Govt will give me money, After 30 years in business , it is about time. MO Our bank still has not received the paperwork. If you have the file, can you email me a copy? bryan@407bbq.com mattsdlplumbing@gmail.com as well please.
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Re: all you small business owners
[Re: Tritonman]
#13497412
04/01/20 04:44 PM
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Joined: Aug 2014
Posts: 7,273
Beer Money
TFF Celebrity
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TFF Celebrity
Joined: Aug 2014
Posts: 7,273 |
Just downloaded the application from my bank. Only 4 pages , I was expecting 20. I will try to get it done today. I still can't believe the Govt will give me money, After 30 years in business , it is about time. MO Our bank still has not received the paperwork. If you have the file, can you email me a copy? bryan@407bbq.com Not sure if anyone has sent it to you yet, but I'm about to send you the link.
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