Coronavirus - effects on business

[Frog]

On this subject, here's some actual figures on the various materials being used. Note that paper towels, though a very slick online video DIY project, don't make this cut. Note also that the testers took into account breathability/wearability as an important factor.
https://smartairfilters.com/en/blog/best-materials-make-diy-face-mask-virus/

[farmboygraphics]

Keeping myself busy while hoping to help other local businesses the best I can.
Feel free to steal this idea, I did. :-)
https://www.crowcityroasters.com/auburn-strong

[dsh]

Here is an interesting web page that describes help that might come from the Fed. gvmt.  There may be help on the horizon.
https://www.uschamberfoundation.org/reports/coronavirus-emergency-loans-guide-and-checklist-small-businesses-and-nonprofits

[blue moon]

Here is an interesting web page that describes help that might come from the Fed. gvmt.  There may be help on the horizon.
https://www.uschamberfoundation.org/reports/coronavirus-emergency-loans-guide-and-checklist-small-businesses-and-nonprofits

possibly the most important aspect of the help. loans that convert to grants, strictly for payroll. This is a must read for anybody with employees!

thank you for posting!!!

pierre

[Ross_S]

I use Huntington Bank for all my loans.  My banker told me they should have all the paperwork and details by the 7th.  The FORGIVABLE loans for payroll are 7a SBA loans or tell your banker to get you information and or applications for Paycheck Protection Loan Program

[GraphicDisorder]

Taking the grant to cover employees for 2.5 months when you have nearly work seems pointless. Just my thoughts.  Hell in 2.5 months may not be any suppliers even shipping blanks. It’s already getting dicey.

[Jwcontractscreen]

Good luck getting your employees to come in to work for the forgiveness part. They have to come back to work in order for the money to be forgiven. Your senators have elected to give every person in the country an additional $600 per week on top of their unemployment. Do the math. People that made 12.00 an hour and took home $330 after taxes will get 240 on unemployment and an additional $600, so they will be bringing home $840 a week, almost triple what they brought home before. This will last for up to 4 months.

For the forgiveness part of the loan, you have to rehire 75% of your employees and pay out 75% of the total wages in a certain period. What person is going to come back when they are making 300% of their pay by being off? How are we and the McDonalds of the world going to find employees to replace the ones staying at home?

Senator Ben Sasse (R-NE) tried to fix this with an amendment that would not allow a person to get more than their original pay, but it failed by a vote of 48-48.


CALL YOUR SENATOR TODAY!!!

[blue moon]

in OH the $600 goes 6 months. there will be many that will not return for the duration, but the need for them will be lower anyways. . . Ones that have a meaningful job will have to give up the money or they will not have a job when their unemployment runs out.
I am looking into partial lay off program. It seems like they can work up to 20 hours and still be eligible for the unemployment. this way they would get the $600/week. I think. . .

pierre

[aauusa]

here in florida you will take a maximum of $875 per week with state and federal benefits in reemployment .  which is more than most make anyways.  but you have to start looking for a job by may 2.  this requirement has been waived between 3/15 and 5/2. so it is a temporary problem.   and when we let our employees go we gave them a date to report back for work which was 7 weeks so they are considered furloughed until then(Florida states anything less than 8 weeks is furloughed)  so they will have to come back or they risk losing the reemployment benefits. 

and yes we will apply for the payroll protection sba loan/grant and will use  it when they come back as it covers 8 weeks from the time the loan is approved and if used for payroll, mortgage interest, rent leases, or utilities then it does not need to be paid back.  but only 25% can be used on non payroll items for forgiveness

we also took advantage of the Economic Injury Disaster Loans and Loan Advance.   this is a max 10K loan which is does not have to be paid back for loss of business 
here is the link  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

the payroll protection loans will start on 4/3

[blue moon]

here in florida you will take a maximum of $875 per week with state and federal benefits in reemployment .  which is more than most make anyways.  but you have to start looking for a job by may 2.  this requirement has been waived between 3/15 and 5/2. so it is a temporary problem.   and when we let our employees go we gave them a date to report back for work which was 7 weeks so they are considered furloughed until then(Florida states anything less than 8 weeks is furloughed)  so they will have to come back or they risk losing the reemployment benefits. 

and yes we will apply for the payroll protection sba loan/grant and will use  it when they come back as it covers 8 weeks from the time the loan is approved and if used for payroll, mortgage interest, rent leases, or utilities then it does not need to be paid back.  but only 25% can be used on non payroll items for forgiveness

we also took advantage of the Economic Injury Disaster Loans and Loan Advance.   this is a max 10K loan which is does not have to be paid back for loss of business 
here is the link  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

the payroll protection loans will start on 4/3

Great points! Thanx for sharing, this will definitely help.

[aauusa]

any time,  i like facts more than anything.  here are some docs my banker sent us to help with the process and understanding the process.

nothing is better than a great banker during this time.

the Payroll loans are for 2 years at .5% interest,   they were first going to be 4% for 10 years but that changed from 3/30 to 3/31

[Croft]

Lots of new loans grants being announced everyday in my country (Canada)  but really short on details,
1- Employee wages , they stared at 10% but now will cover 75% of an employees pay for 4 months. This will work if they get the info and money out , I will take a bit of pain to get some of my guys back
2-  Also there offering a $40k 0% interest loan for 1 year and a $10k forgiveness if you pay it back in a year.

but as usual the details are slow to come as to where to even apply , government is government no matter where you are.

Be safe.


EDIT: added Canada as clarification (pierre)

[lancasterprinthouse]

here in florida you will take a maximum of $875 per week with state and federal benefits in reemployment .  which is more than most make anyways.  but you have to start looking for a job by may 2.  this requirement has been waived between 3/15 and 5/2. so it is a temporary problem.   and when we let our employees go we gave them a date to report back for work which was 7 weeks so they are considered furloughed until then(Florida states anything less than 8 weeks is furloughed)  so they will have to come back or they risk losing the reemployment benefits. 

and yes we will apply for the payroll protection sba loan/grant and will use  it when they come back as it covers 8 weeks from the time the loan is approved and if used for payroll, mortgage interest, rent leases, or utilities then it does not need to be paid back.  but only 25% can be used on non payroll items for forgiveness

we also took advantage of the Economic Injury Disaster Loans and Loan Advance.   this is a max 10K loan which is does not have to be paid back for loss of business 
here is the link  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

the payroll protection loans will start on 4/3

Is the Economic Injury Disaster Liam really a $10k handout? Seems sketchy. I’m having my accountant look into it. Do you have any other details?


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[Homer]

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.

[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