I know some of you guys are small business owners, so I thought I'd share. I have applied for the federal payroll protection program. It goes through my local bank, there's a couple pages of info/forms, they need copies of my current payroll expenses. The program essentially gives a loan to me, equal to the amount of 2 months of my total payroll. If I keep my payroll the same- i.e. I don't put anyone on unemployment, the loan is 100% forgiven if I prove that I spent the $$ on payroll. I had the loan documents to my banker earlier this week, he has given me a verbal confirmation. We are considered a "essential" business, and are currently still busy. I don't know how long that will last, so I thought I should get in early before the funds are gone to the airlines and the casino's. For me- I really think my business hit is going to be in 3-6 months from now, because no one is currently signing papers to start any projects. The work I'm doing right now, was all decided on 3-6 months ago, so I think for my work load, there's a certain amount of lag. I figured it was essentially buying my business and employees- a two month "reset", and I will see what happens after that.
Crane op how did you come by that information exactly my banker has been him haing on it and not given me a real answer
https://www.sba.gov/funding-program...elief-options/paycheck-protection-program-ppp Get after your banker or find a different one. You don't want to do the EIDL which is a "Economic Injury Disaster Loan". That has to go through the SBA and you won't get it because they are backlogged. The payroll protection loan is available through your local bank- essentially the fed loans it through your bank, and then the SBA doesn't have to do the paperwork- your banker does. The loan is for two months of your total payroll (based on your last year of wages paid), not whatever amount you want to ask for. If you did go and blow it on a new truck, its 1% interest. But forgivable if you use it to pay wages, and rent/ morgage/ utilities. My paperwork was finalized today.
My banker also sent it directly to me. Done and finalized. Easy peasy.
From stories I’ve read ,banks are taking care of steady customers first.
Could u imagine if Walmart filed for it.!!?? All the BILLIONS the govt would have to write off..wow!!
I just talked to my sister who owns a hair salon. Cad. Gov't has a small business assistance loan of 40K but if your payroll is over 1 mil you aren't eligible. My sister has 26 employee's and payroll is 1.14 mil. so doesn't qualify. She also has to pay about 28K in CPP and EI premiums for March for the laid off employee's. Rent in downtown Victoria is close to 10K a month and hair salons are considered non essential. I agree with her that she's being punished for being successful. She's paying huge taxes to the Gov't. and keeping a bunch of people employed who are also paying taxes. She's been a long time tenant at her location and is hoping to have her rent reduced because she has no income coming in to pay for it. She's worried if she'll even be able to open the salon back up if it has to stay closed for several month's. The business has some money saved but she doesn't want to have to exhaust everything she's worked hard for to cover rent and other expenses for a business that can't open. On top of that her suppliers are pushing her to set up for internet purchasing and shipping. She does sell some product online and people will pick it up at the salon but it's not a huge amount. There has to be thousands of other business owners in the same situation. Hopefully the Gov't, comes up with a plan to help these kind of businesses.
Walmart has hired 100,000 more people since this started and plans to hire 50,000 more. On a more serious note they sold enough butt wipe in the last 5 days that every one in the US could have their own roll. Bob
I'm pretty sure the US program is limited to 500 employees or less.
The US government has budgeted $500 Billion dollars for big business that Trump claims he has control of and no one has the right to make sure the money is spent wisely. Don't worry about the Wallmarts and Amazons of the US. They will not feel much if any pain.
Signed up for PPP on Monday through my bank. Waiting to hear back.
So a company is eligible for PPP even if they are still working? We are still working and have a nice backlog of work that will last the next 5-6 months. However after that it's anyone's best guess. I might look into it as well.
Yes I believe you are CM. There are a couple different forms for different applicant/types of businesses. The purpose is to keep you from laying off employees as far as I can understand.
I've also applied and was approved for the loan. Haven't received it but im sure its coming. My understanding it is good for eight weeks as well. We are allowed to go back to work under our states new guidelines, so what we don't use goes back. Hope it works out for us and I don't have to bend over down the road a ways. lol
Yes. My "day job" applied for it. Like several here, we are still busy in the shop (trailer service & sales) but most of it had the groundwork laid earlier. My concern is what we'll be seeing later this year, or not seeing. And read the PPP carefully- you can include rent (or mortgage interest) and utilities as well. You all do have me curious. I turned it in to my local banker on the first day (Friday the 3rd). On the next Wed he told me they were still uploading them to the SBA site. Said they were getting faster but it took 3-4 hours to do one.
As long as you spend it on the proper things like payroll, it doesn't matter if you were going to pay the payroll anyway. So you can still apply for the "forgiveness" according to my info.
Application submitted to our bank today. We'll see how it goes.
Well, we'll be bent over in line together.
I ain't got it yet pops..
The news said tonight that the fund will be out of money tonight.
Well we're approved locally and in the SBA queue...that's what the banker said today.
Aw shucks I guess I'm too late, I was looking for some of that money { Other wise known as Rainbow Stew- Merle Haggard} to finish my Mack.
What is your average monthly payroll for 2019? Then multiply that by 2.5 - that's the first step..
Oh I forgot I can't apply for that I'm just a 47%er. Darn
Magic 8 ball says: -- "Truck Shops Mad Mad Mack Restorations incorporated, LLC" is looking at some tough times. I think its going to need some payroll protection, lets see: wax, polish and aluminum labor, time spent taking gloves and masks on and off. Throw in some utilities and some mortgage expenses. Are you paying a shop animal and feeding it? Every little bit helps. Hmmm..... throwing it all in the calculator- you should be either getting a check for $1.3 million, or you owe uncle sam $36,000? I don't know- just make up some numbers and get you some of that helping hand.
Thanks for the advise CO, But I'm just helpless and hungry so I don't qualify.
Last time I checked it doesn't matter the ownership percentage of the company - just your actual payroll expense's, you know, what you've paid your employees. It's easy - just get your accountant that you already paid last year to generate the IRS docs and send them in. Easy- peasy.
You bought me a cup of coffee once, that should help you qualify.
Well lets see, I have two guard cats { Orange Cat and Black Kitty} and a Myna Bird to answer the phone will that work.
Personally I think the repercussions for government meddling in private buissness is going to be horrible doesnt matter the reason
I think im a few days ahead of you and suppose to receive funds tomorrow... they'll probably run out of funds on the guy ahead of me.
Well, I've never trusted the government for anything. I feel like everyone taking this or anything else will have spy satellites focused on their doings 24/7. You guys need a plan for when the jack-booted government thugs start showing up at your doors.
Friend of mine received funds yesterday, he was approved last Wed. I am not counting on anything this go around..
I emailed my banker last night after the news said it would run out today. He replied that I had been approved and he would let me know when to come sign papers. I applied by lunch on the 3rd, first day they were taking apps. We're a decent size customer of a smaller community bank. So unsure what took so long for an answer.
My funds have come through, but two contractors I was working with today, both got calls from their banker saying they were too late, funds are gone. They had just filled in their paperwork and turned it in this morning. Their banker told them he was planning on more $ being appropriated through congress, so he thought they may get $$ later on.
We have been approved on the second round, signing papers next week.
Well we got 2 1/2 months of payroll payed about a week ago.... hoping you get yours as well.
If it does fund it will be the first time I've ever received any money from the government other than a refund on taxes they held interest free throughout the year.
We got ours this week