Coronavirus - effects on business

[Sbrem]

I've been reading along, in the same boat as most, and I have 2 questions; How would we have people come back after they've already filed for UE, and what about the fact that we aren't an essential business and they can't come to work anyway? Ok, they can simply shut their UE off I guess, but as mentioned above, how many want to take the pay cut? But the "stay at home" order is still a problem I haven't seen addressed as it relates to the loans...

Steve

[GraphicDisorder]

I've been reading along, in the same boat as most, and I have 2 questions; How would we have people come back after they've already filed for UE, and what about the fact that we aren't an essential business and they can't come to work anyway? Ok, they can simply shut their UE off I guess, but as mentioned above, how many want to take the pay cut? But the "stay at home" order is still a problem I haven't seen addressed as it relates to the loans...

Steve

Since you can't work, you'd be paying them to stay home. While taking a loan to do so. That in theory will be forgiven.

As fast as things are developing I wouldn't be shocked that at some stage on next years taxes you get the "did you take any PPP or EDIL loan, when I asked the guy on the phone about this. He had no direct answer that this couldn't or wouldn't happen.

[whitewater]

well my guys are on unemployment. so they get their unemployment plus they got $600 per week added in. so for them to sit home they collected $965.00

So i applied for the PPP Loan, so i can get them back on payroll. And for me to use the loan for my rent, i need them to come back on. Well if they come back on they will take home $565 ...

Im getting resistance from one employee already. I told him if i dont pay my rent you will have no job to come back to. I went so far beyond making sure these guys were being taken care of when this first happened. At the cost to me personally then to crap on me.  freaking selfish..

[Jwcontractscreen]

the $965 a week is what I was saying the other day...

Other shops around me are saying if you don't come back for the PPL to work and get the rent paid, then you don't have a job here when this is over. I'm in that same thought at the moment. Most of my guys are thinking right now that that is the option they are choosing, they would rather know there will be a job here when it's back to normal than get the extra money now. We will surely have a smaller crew, but it will be the most loyal crew hopefully. I would be paying full-time and only having them in 20-30 hours a week, while staggering the days they work to have the least people per day in the building. I had 19 employees going into this.

It may take a while to catch up to them, but you can send them and the unemployment office a letter stating that you offered them full-time work starting on a certain date. If they refuse to come back, you can send the office another letter stating that you terminated their employment for refusing to work. At that point, they would have to claim that your building is "unfit to work in with the virus conditions" ie, you make them work closer than 6ft apart... I'm told that their claim will be stopped from the date you sent the letter. I'd send all letters certified mail with signatures required.

I applied for the PPL loan, and gave a recorded verification, but have only been told what I would be getting thru Huntington bank. They have not set a closing time. I was initially told on Friday night that it could be funded over the weekend, but that did not happen.

[trebor]

I have applied for the PPP assitance and it was approved this morning, April 6. It is my understanding that the money will be taxable. I don't see a problem as I will have employess wages to offset the income of the forgiven loan.

[dirkdiggler]

well my guys are on unemployment. so they get their unemployment plus they got $600 per week added in. so for them to sit home they collected $965.00

So i applied for the PPP Loan, so i can get them back on payroll. And for me to use the loan for my rent, i need them to come back on. Well if they come back on they will take home $565 ...

Im getting resistance from one employee already. I told him if i dont pay my rent you will have no job to come back to. I went so far beyond making sure these guys were being taken care of when this first happened. At the cost to me personally then to crap on me.  freaking selfish..

If you tell them to come back to work and they don't....unemployment ends.  That simple here in Georgia.

[whitewater]

well my guys are on unemployment. so they get their unemployment plus they got $600 per week added in. so for them to sit home they collected $965.00

So i applied for the PPP Loan, so i can get them back on payroll. And for me to use the loan for my rent, i need them to come back on. Well if they come back on they will take home $565 ...

Im getting resistance from one employee already. I told him if i dont pay my rent you will have no job to come back to. I went so far beyond making sure these guys were being taken care of when this first happened. At the cost to me personally then to crap on me.  freaking selfish..

I dont think i am an essential business and supposed to be closed. So i cant really tell them to come back to work.

If you tell them to come back to work and they don't....unemployment ends.  That simple here in Georgia.

[aauusa]

on the PPP loan you get 8 weeks of payroll to use and have until June 30 to use it for such,  so just wait until May to bring them back in and use the PPP to pay them for the 2 months if you have the work and are able to open.  But i would get the PPP loan and not use the funds unless you need to and if you do not use it then pay off the loan early with no penalty.   But if you furloughed your employees, meaning gave them a date to come back (8 weeks max in FL) then they have to fill that out on the reemployment form when they get it.  and then you know they have to come back at that date or risk losing the reemployment money, if you are bringing them back and are able to reopen.

[Maxie]

I see all the posts about loans if you employ people.
Do you have work?     What are they going to do?         
We have no orders at all.    I am organizing masks to print.    I think there is a lot of money with these.

[GraphicDisorder]

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.

[whitewater]

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.

It doesnt matter that my landlord would let me not pay this month, eventually ill have to pay him in the future, and if things do not pick up as fast when things can reopen again, then ill be getting a ton of pressure from the landlord.

Doesnt matter what i get pushed back or delayed ill still owe and ill be under a greater financial strain then. So im trying to keep up.

[mk162]

You can take the PPP as a loan as well.  It is 1% interest and amortized over 2 years(I did hear 10 yesterday so Im not sure if it changed or not).

1% is insane.  that's almost free money.  Get it, sit on it, and pay it back if you don't need it.  Inflation is higher than that.  Or hell, use it to pay off a lease, ask you landlord if you pay 6 months in advance what discount you will get.  I bet it's better than 1%.

Just saying.  You do not have to pay employees with it...it only turns into a loan if you don't use it for payroll.

[Jwcontractscreen]

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:)

[printguy]

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?

[Nation03]

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.