Coronavirus - effects on business

[GraphicDisorder]

Totally seems sketch city to me. Nothing is free especially from the government. They will get that back somehow. Ive been told to look into it but i hate fine print and stipulations. This smells of tax issues next year. I dont know about all this.

the problem is, nobody knows. some will make out like bandits and some will be deeply hurt.
My wife is a tax attorney with a masters in tax. She argues with IRS for living and she has no clue what is going on (she is on a legal team disputing IRS audits and findings). I am getting reports prepared by some of the big 4 public accounting companies and multibillion dollar corporations and none of them are the same. One webinar I watched hit the nail on the head. They said what passes in the morning is changed in the afternoon. It will be a while until all of this is sorted out.

My thought is I get all the money I can and bank it. If some of it is forgiven, I'll keep it otherwise I can give it  back. Maybe I don't have to take that 6% loan for the new DTG if I can use the government 0.5%.

pierre

Still playing a dangerous game IMO unless you still have work coming in. Our shop is getting nearly zero on inquires. Some of that would be because my site literally says are closed but many customers don't even go to our site and just order directly to my email...those stopped as well.

If this goes on months longer which by all best guesses we are looking at easily 2 more months of heavy restrictions if not longer. We are 18 months from a vaccine and even then rolling out to 7 billion people wont be over night. You will just be paying the loan back with the actual loan money and with the assumption your business returns to a level that you can make that loan whole.

Some of those loans are due in 2 years and some are as long as 30 years.

[blue moon]

Totally seems sketch city to me. Nothing is free especially from the government. They will get that back somehow. Ive been told to look into it but i hate fine print and stipulations. This smells of tax issues next year. I dont know about all this.

the problem is, nobody knows. some will make out like bandits and some will be deeply hurt.
My wife is a tax attorney with a masters in tax. She argues with IRS for living and she has no clue what is going on (she is on a legal team disputing IRS audits and findings). I am getting reports prepared by some of the big 4 public accounting companies and multibillion dollar corporations and none of them are the same. One webinar I watched hit the nail on the head. They said what passes in the morning is changed in the afternoon. It will be a while until all of this is sorted out.

My thought is I get all the money I can and bank it. If some of it is forgiven, I'll keep it otherwise I can give it  back. Maybe I don't have to take that 6% loan for the new DTG if I can use the government 0.5%.

pierre

Still playing a dangerous game IMO unless you still have work coming in. Our shop is getting nearly zero on inquires. Some of that would be because my site literally says are closed but many customers don't even go to our site and just order directly to my email...those stopped as well.

If this goes on months longer which by all best guesses we are looking at easily 2 more months of heavy restrictions if not longer. We are 18 months from a vaccine and even then rolling out to 7 billion people wont be over night. You will just be paying the loan back with the actual loan money and with the assumption your business returns to a level that you can make that loan whole.

Some of those loans are due in 2 years and some are as long as 30 years.

we are lucky that way, we have more work than we can handle with just one person being allowed there. If we could bring ppl back it would be nice.

but ultimately, yes you are totally correct. that money can only be spent if it is generating money at that point in time. counting on it for the future is risky. and as an added public service announcement, make sure you are getting paid for the work 'cause you never know who is going to be around in a month or two.

pierre

[blue moon]

on another note, did anybody apply for the PPP today? It is supposed to be first day of eligibility and both of my banks are not taking applications because they are still waiting for the info from the government. . .

pierre

[rusty]

on another note, did anybody apply for the PPP today? It is supposed to be first day of eligibility and both of my banks are not taking applications because they are still waiting for the info from the government. . .

pierre

Yeah thats the same thing happening here. Bank is not ready.

[Nitrox73]

We did, my bank got the updated forms for the SBA this morning. Already got mine returned.

[GraphicDisorder]

I sat through a seminar yesterday on PPP and EDLI, banks likely will either be going on half info today or not accepting was the consensus.  People who filed last week for EDLI are having to redo it in fact as the forms changed in that short time. 

[3Deep]

the problem is, nobody knows. some will make out like bandits and some will be deeply hurt.

I told one of my client's this same statement yesterday as he owns a construction company, our governor here is fining business's that are open that are non essential, so we just call forward to our home office.

I'm thinking like Homer whatever money we get will be paid back somehow, I'm really hoping we don't need to use any, and some companies might find themselves in deeper trouble if they are not careful.

[GraphicDisorder]

We did, my bank got the updated forms for the SBA this morning. Already got mine returned.

Returned as approved or declined or?

[dirkdiggler]

Sent ours in this morning only to have my accountant call an hour later and say they already changed the rules and they are redoing ours now.

[Nitrox73]

We did, my bank got the updated forms for the SBA this morning. Already got mine returned.

Returned as approved or declined or?

Sorry, I meant I already returned the forms to the bank. They just needed copies of our 941's in addition to the application. As soon as I hear something, I'll post. I do know some people are already getting loan offers from the SBA on the EIDL applications.

[whitewater]

Talked to my banker, told me the proper form to fill out and what i needed. We use adp for payroll, and they have a form all set, (my banker already received one from ADP) so i am waiting on my accountant to send me the payroll form.

Looks like monday i can drop everything off.

The application from a day or 2 ago wasnt the correct one. It needs to say (4/20) in the bottom left hand corner.  The SBA site sill has an older one up.

https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form

[GraphicDisorder]

Had a friend apply Friday and get approval yesterday at 6pm, so apparently some are working over time on these.

[blue moon]

Had a friend apply Friday and get approval yesterday at 6pm, so apparently some are working over time on these.

that's great news!
which bank?

pierre

[GraphicDisorder]

Had a friend apply Friday and get approval yesterday at 6pm, so apparently some are working over time on these.

that's great news!
which bank?

pierre

I think he uses Citizens Bank, another friend also mentioned a few ago he expected approval today as well. Lacked only a detail to button it up this am.

[Logowear]

Saw this on Fox News this morning.
Job Creators Network was founder by entrepreneurs like The Home Depot co-founder Bernie Marcus.
Excellent resource on the Small Business Paycheck Protection Program.
Includes the new online editable PPP application and bank links. Click on "Download the Application and Learn More"
www.jobcreatorsnetwork.com