Coronavirus - effects on business

[rusty]

Don't turn away work! Send it our way, make some money, even if it isn't the whole thing you are used to! Keep your customers happy:)

I don't think many people are turning work away. The issue is the lack of orders.

I am getting a few orders trickling in. More than I was expecting. I also just started offering free online stores for us to do fulfillment and help local businesses raise money. That looks like it will help a lot.

[mk162]

I was a little late to the party & Wells Fargo isn’t taking on any new applications after the past weekend. Tried calling several other banking institutions and the common answer was only existing customers...
Any brilliant ideas or advice?

Yes, find a small bank or credit union that is an SBA lender...the smaller the better.

You shouldn't be banking with a big bank anyway.  There is a guy named Clark Howard(he's big in the atlanta area), his advice is fantastic.  Look him up, he's been talking about this PPP thing for the last week.

[printguy]

Fortunately, we were able to find a lender & have tendered an application. Long time lurker wishing all to be well & safe...

[inkman996]

What is this extra $600 you all are talking about, I sure as crap am not seeing it in my bank account.

I come in and do little jobs to help keep things paid up. No money for me since I am collecting, I do it for the business and the future when things finally start going back to normal.

[whitewater]

2 of my guys got the $600 additional this week.

[Colin]

Some states have had the $600 kick in this week because they are on top of their back end/programming.  The rest of the states should be ready by weeks end or next week.  The $600 is also retroactive.

Florida may be further behind the curve...

New York I know is one of the states getting this weeks extra cash out.

[Maff]

My guys on Unemployment got an extra $600 this week. We are in NY

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[Maff]

We have no work, state and local safer from home orders. So we disabled my order forms/web store/etc.

We are still getting a few people a day wanting to see if we are open or when we will open. But taking a PPP loan to bring staff by to work when we are not suppose to be working or there is no work to do kind of escapes me as to why to do that.

The smart move IMO was to give my employees the 4 months of Federal and State unemployment which is a basically no questions asked I fill out 1 form and they get $875 a week, to sit home. Ill bring them back when the country starts opening up. I suspect that the gov will have another round of funding for something like the PPP or something even beyond that. Trump even talked just a couple days ago about writing off loses against prior years taxes. That could be huge. We will see.

This is my current thought as well, let the government pay my guys unemployment for now. Then if I can get the PPP to give me 8 weeks of free payroll in June, if the industry picks up then that would be a helpful kickstart

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[Maff]

With the PPP Loan bringing them back would allow me to also use it for my rent and power. Thats what i need. oh and also pay myself, since im not getting paid now.

The government is expecting only 25% of PPP loan to be allowed for rent and utilities. I assume that's just the forgivable part, so I guess if its just a straight up loan you can do whatever you want.

Can owners use it for their own salary?

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[aauusa]

With the PPP Loan bringing them back would allow me to also use it for my rent and power. Thats what i need. oh and also pay myself, since im not getting paid now.

The government is expecting only 25% of PPP loan to be allowed for rent and utilities. I assume that's just the forgivable part, so I guess if its just a straight up loan you can do whatever you want.

Can owners use it for their own salary?

Sent from my SM-G970U using Tapatalk

the full amount will be forgivable....but  you can only use up to 25% on rent, utilities etc..  the other 75% is use for payroll.    yes owners can pay themselves and it will be forgiven if they pay themselves legally ie take out taxes and report it on the 941 and such,  but they need to be paid the same way an employee  would have been.

anything more than 25% on the above mentioned items rent, utilities etc.  will not be forgive and would be a loan at .05% interest for 2 years, first payment due 6 months form loan origination.  you can use the full 100% on your payroll if you want and will be forgiven as well.

my understanding is that the PPP is to try to keep employees off reemployment and rather being paid by the employer.  if you have already let people go you can bring them back and still qualify for the forgiven amount of the loan provided it is done/used before June 30th.

if you have no work or a non essential business and cannot bring employees back then still apply for the money and hold it till you do/can open back up.  then use the money to pay the employees at that time. you will have until June 30th to use what ever money you have after June 30th you will need to supply the supporting documents of where the money was spent so it can be determined how much will be forgiven and how much will be a loan.  whatever you do not spend, you can pay back to the govt in July so that way it does not convert to the loan that you must pay back.


this is what we have going on in our shop now,  just to show you must adapt to the time we are in. 

in my shop we are in the process of converting over to do face mask as we are getting swamped with massive(5,000-100,000 pieces) govt orders( for the next 3 years) for mask since the DOD is not requiring all military personnel to use them when on a base if they are unable to keep 6 feet apart.   as most of you know we are a sport shop so we are have to really rethink of what we are going to be doing for the next year as we take these orders on we will be having to sideline out sports teams.  so it is very difficult for us to decide what we want to do as the sport teams are what help make us who we are but the need for the mask is so great it out weighs the other concern.  we are now getting our production streamlined ( using embroider machines for one step, and regular sewing machines for the finishing, ensure fabric is in stock and color are available, along with elastic) for the mask so once these large orders start to come in we will bring our employees back and they will know what we are doing and will have a game plan to keep production at 100%.   once we have it streamlined we are hoping to get 1000+ per day once everything is up and fully running.  this is up from 100 per day now the way we are currently running.

for me a 47 year old guy trying to all of this has been a massive learning curve and a frightening time as I have several employees which depend on us for there living and  not wanting to make the wrong decision is very heavy on my mind and heart.   but i cannot be controlled by fear and indecision but most focus on moving forward and trusting that I am not moving to fast but rather at the right pace for what we need to be.   needless to say my grey hair is getting more and more and wrinkle lines are getting much deeper.

sorry for the long post just wanted/needed to give my input

[GraphicDisorder]

With the PPP Loan bringing them back would allow me to also use it for my rent and power. Thats what i need. oh and also pay myself, since im not getting paid now.

The government is expecting only 25% of PPP loan to be allowed for rent and utilities. I assume that's just the forgivable part, so I guess if its just a straight up loan you can do whatever you want.

Can owners use it for their own salary?

Sent from my SM-G970U using Tapatalk

the full amount will be forgivable....but  you can only use up to 25% on rent, utilities etc..  the other 75% is use for payroll.    yes owners can pay themselves and it will be forgiven if they pay themselves legally ie take out taxes and report it on the 941 and such,  but they need to be paid the same way an employee  would have been.

anything more than 25% on the above mentioned items rent, utilities etc.  will not be forgive and would be a loan at .05% interest for 2 years, first payment due 6 months form loan origination.  you can use the full 100% on your payroll if you want and will be forgiven as well.

my understanding is that the PPP is to try to keep employees off reemployment and rather being paid by the employer.  if you have already let people go you can bring them back and still qualify for the forgiven amount of the loan provided it is done/used before June 30th.

if you have no work or a non essential business and cannot bring employees back then still apply for the money and hold it till you do/can open back up.  then use the money to pay the employees at that time. you will have until June 30th to use what ever money you have after June 30th you will need to supply the supporting documents of where the money was spent so it can be determined how much will be forgiven and how much will be a loan.  whatever you do not spend, you can pay back to the govt in July so that way it does not convert to the loan that you must pay back.


this is what we have going on in our shop now,  just to show you must adapt to the time we are in. 

in my shop we are in the process of converting over to do face mask as we are getting swamped with massive(5,000-100,000 pieces) govt orders( for the next 3 years) for mask since the DOD is not requiring all military personnel to use them when on a base if they are unable to keep 6 feet apart.   as most of you know we are a sport shop so we are have to really rethink of what we are going to be doing for the next year as we take these orders on we will be having to sideline out sports teams.  so it is very difficult for us to decide what we want to do as the sport teams are what help make us who we are but the need for the mask is so great it out weighs the other concern.  we are now getting our production streamlined ( using embroider machines for one step, and regular sewing machines for the finishing, ensure fabric is in stock and color are available, along with elastic) for the mask so once these large orders start to come in we will bring our employees back and they will know what we are doing and will have a game plan to keep production at 100%.   once we have it streamlined we are hoping to get 1000+ per day once everything is up and fully running.  this is up from 100 per day now the way we are currently running.

for me a 47 year old guy trying to all of this has been a massive learning curve and a frightening time as I have several employees which depend on us for there living and  not wanting to make the wrong decision is very heavy on my mind and heart.   but i cannot be controlled by fear and indecision but most focus on moving forward and trusting that I am not moving to fast but rather at the right pace for what we need to be.   needless to say my grey hair is getting more and more and wrinkle lines are getting much deeper.

sorry for the long post just wanted/needed to give my input

Explained very well.

For me we are dead. Also not essential and the city is actually sending trucks around to businesses who shouldn't be open. We have skated by just with 1 car here doing some odds and ends. If I brought staff back id be shut right back down.

I echo your thoughts on staff depending on us. So right or wrong I wanted to be sure they were taken care of for the longest term since this is all still pretty unknown. I went with unemployment for them.

The good news is my email is starting to pick up a little and some positive signs out there as far as this maybe being over sooner than some had thought. I am ready to get back to normal.

[aauusa]

we too are ready for normal to return as well.  we did like you did and let our people go just before the lock down as we did not have work and were not doing mask.  right now we just have 3 us of here, me, mom and my sister.  just answering phones and emails but not open to public.  but we too have been contacted by teams about getting back to it to make sure we are going to be around.  so the thing i learned as an owner/manager you still have to be the face even when you are closed so the customers know you are going to be around.

[GraphicDisorder]

we too are ready for normal to return as well.  we did like you did and let our people go just before the lock down as we did not have work and were not doing mask.  right now we just have 3 us of here, me, mom and my sister.  just answering phones and emails but not open to public.  but we too have been contacted by teams about getting back to it to make sure we are going to be around.  so the thing i learned as an owner/manager you still have to be the face even when you are closed so the customers know you are going to be around.

We put up a notice on our site, first thing you see and you can't even see anything else. Here is what we put:
http://www.graphicdisorder.com/

[aauusa]

we too are ready for normal to return as well.  we did like you did and let our people go just before the lock down as we did not have work and were not doing mask.  right now we just have 3 us of here, me, mom and my sister.  just answering phones and emails but not open to public.  but we too have been contacted by teams about getting back to it to make sure we are going to be around.  so the thing i learned as an owner/manager you still have to be the face even when you are closed so the customers know you are going to be around.

We put up a notice on our site, first thing you see and you can't even see anything else. Here is what we put:
http://www.graphicdisorder.com/

short and sweet,  we did the same thing as well.   

[Rockers]

With the PPP Loan bringing them back would allow me to also use it for my rent and power. Thats what i need. oh and also pay myself, since im not getting paid now.

The government is expecting only 25% of PPP loan to be allowed for rent and utilities. I assume that's just the forgivable part, so I guess if its just a straight up loan you can do whatever you want.

Can owners use it for their own salary?

Sent from my SM-G970U using Tapatalk

the full amount will be forgivable....but  you can only use up to 25% on rent, utilities etc..  the other 75% is use for payroll.    yes owners can pay themselves and it will be forgiven if they pay themselves legally ie take out taxes and report it on the 941 and such,  but they need to be paid the same way an employee  would have been.

anything more than 25% on the above mentioned items rent, utilities etc.  will not be forgive and would be a loan at .05% interest for 2 years, first payment due 6 months form loan origination.  you can use the full 100% on your payroll if you want and will be forgiven as well.

my understanding is that the PPP is to try to keep employees off reemployment and rather being paid by the employer.  if you have already let people go you can bring them back and still qualify for the forgiven amount of the loan provided it is done/used before June 30th.

if you have no work or a non essential business and cannot bring employees back then still apply for the money and hold it till you do/can open back up.  then use the money to pay the employees at that time. you will have until June 30th to use what ever money you have after June 30th you will need to supply the supporting documents of where the money was spent so it can be determined how much will be forgiven and how much will be a loan.  whatever you do not spend, you can pay back to the govt in July so that way it does not convert to the loan that you must pay back.


this is what we have going on in our shop now,  just to show you must adapt to the time we are in. 

in my shop we are in the process of converting over to do face mask as we are getting swamped with massive(5,000-100,000 pieces) govt orders( for the next 3 years) for mask since the DOD is not requiring all military personnel to use them when on a base if they are unable to keep 6 feet apart.   as most of you know we are a sport shop so we are have to really rethink of what we are going to be doing for the next year as we take these orders on we will be having to sideline out sports teams.  so it is very difficult for us to decide what we want to do as the sport teams are what help make us who we are but the need for the mask is so great it out weighs the other concern.  we are now getting our production streamlined ( using embroider machines for one step, and regular sewing machines for the finishing, ensure fabric is in stock and color are available, along with elastic) for the mask so once these large orders start to come in we will bring our employees back and they will know what we are doing and will have a game plan to keep production at 100%.   once we have it streamlined we are hoping to get 1000+ per day once everything is up and fully running.  this is up from 100 per day now the way we are currently running.

for me a 47 year old guy trying to all of this has been a massive learning curve and a frightening time as I have several employees which depend on us for there living and  not wanting to make the wrong decision is very heavy on my mind and heart.   but i cannot be controlled by fear and indecision but most focus on moving forward and trusting that I am not moving to fast but rather at the right pace for what we need to be.   needless to say my grey hair is getting more and more and wrinkle lines are getting much deeper.

sorry for the long post just wanted/needed to give my input

Explained very well.

For me we are dead. Also not essential and the city is actually sending trucks around to businesses who shouldn't be open. We have skated by just with 1 car here doing some odds and ends. If I brought staff back id be shut right back down.

I echo your thoughts on staff depending on us. So right or wrong I wanted to be sure they were taken care of for the longest term since this is all still pretty unknown. I went with unemployment for them.

The good news is my email is starting to pick up a little and some positive signs out there as far as this maybe being over sooner than some had thought. I am ready to get back to normal.

We are down to 30% of our normal order volume for April. It`s just my wife and I plus my son, who is learning the trade, who are running the show now. It helps that we are living in the same building above our factory.