Coronavirus - effects on business

[dirkdiggler]

As a side note, we chose not to do the PPP nor SBA loan. We are going to ride this out with out being in more debt.

We got both, and we do NOT have to pay back either one, as long as you follow the rules.

[cbjamel]

yep. we are getting the ppp and trying for the EIDL.
not for everyone.
Shane

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[3Deep]

Glad you guys are starting to get busy again, it's still dry here a few calls and a job here and there, our state even though it's opening back a little not the right biz for us are open yet.

[mk162]

I was under the impression you couldn't do both.

Dirk, who did you use for the eidl, or did you go direct?  I might try for that one too.

We just got notice our PPP was funded.  We are starting to get busier, so it's nice that we have the help coming back in.

[dirkdiggler]

I was under the impression you couldn't do both.

Dirk, who did you use for the eidl, or did you go direct?  I might try for that one too.

We just got notice our PPP was funded.  We are starting to get busier, so it's nice that we have the help coming back in.

My accountant did it for us.

[Homer]

here's our story: Back in early march when they started shutting down large groups over 50 people, we lost almost all of our production and event jobs, everyone was backing out. I had a few k shirts in house ready to roll and they all bailed. We were still doing the smaller jobs until they shut down all non essentials, within 10 minutes we had a plan in place to hand out free "Open / Open for take out" banners to all local business still operating. This was huge for us, it propelled us into the spotlight and we were all over facebook, we made a large handful of new friends and contacts at major companies. This went on for two weeks or so. We also made the floor marking decals, 6' apart signage and all that for all the local groceries and minimarts. That kept us busy for a little while but it tapped out.

Then on March 22nd, 6am I had an idea to make a mask. My puppy has a dog bone with extended "joints" on it and the shape was almost perfect for a mask    Little revamp and away we went. I had made a couple, posted it on facebook and it went viral in our area. We had TV news stations from all over our area, newspapers, bloggers, you name, they contacted us. Might be small to everyone else but we had 80k hits and over 800 shares on that single post. It was crazy compared to our usual hits. I was texting Rob the whole time with my plans and status updates, so he was there from the beginning too

We gave away a few hundred masks to local hospitals and nursing homes, anyone that was essential but not getting the inventory they needed. We started putting logos on them about a week later and then the orders started rolling in. We weren't making a fortune but we made enough to pay employees and all the bills. We were keeping track of how many we made off the number of staple boxes but we seriously lost track. I know it's well in the thousands, maybe 6-7k and we are still going strong. I have one last order for 2k and then my plan is to start looking for sources for finished product. We have shirts starting to roll in and for our area, there is an end in sight with the slow roll opening so I need to get back in shirt production mode... As of now, my plan is the Badger gaitor for the full face cover and Pierre's mask in black, still offering the logos since that is something that Karen home maker can't do...

All in all, we are coming out further ahead than when we started in this mess, we have some serious street cred in our town and we have led our community in unity between all the local businesses working together. We hate that this all happened but in all honesty, it could not have been any better for us. All my employees stayed on full 40 hours since day one, and we are starting to turn the corner.

[blue moon]

here's our story: Back in early march when they started shutting down large groups over 50 people, we lost almost all of our production and event jobs, everyone was backing out. I had a few k shirts in house ready to roll and they all bailed. We were still doing the smaller jobs until they shut down all non essentials, within 10 minutes we had a plan in place to hand out free "Open / Open for take out" banners to all local business still operating. This was huge for us, it propelled us into the spotlight and we were all over facebook, we made a large handful of new friends and contacts at major companies. This went on for two weeks or so. We also made the floor marking decals, 6' apart signage and all that for all the local groceries and minimarts. That kept us busy for a little while but it tapped out.

Then on March 22nd, 6am I had an idea to make a mask. My puppy has a dog bone with extended "joints" on it and the shape was almost perfect for a mask    Little revamp and away we went. I had made a couple, posted it on facebook and it went viral in our area. We had TV news stations from all over our area, newspapers, bloggers, you name, they contacted us. Might be small to everyone else but we had 80k hits and over 800 shares on that single post. It was crazy compared to our usual hits. I was texting Rob the whole time with my plans and status updates, so he was there from the beginning too

We gave away a few hundred masks to local hospitals and nursing homes, anyone that was essential but not getting the inventory they needed. We started putting logos on them about a week later and then the orders started rolling in. We weren't making a fortune but we made enough to pay employees and all the bills. We were keeping track of how many we made off the number of staple boxes but we seriously lost track. I know it's well in the thousands, maybe 6-7k and we are still going strong. I have one last order for 2k and then my plan is to start looking for sources for finished product. We have shirts starting to roll in and for our area, there is an end in sight with the slow roll opening so I need to get back in shirt production mode... As of now, my plan is the Badger gaitor for the full face cover and Pierre's mask in black, still offering the logos since that is something that Karen home maker can't do...

All in all, we are coming out further ahead than when we started in this mess, we have some serious street cred in our town and we have led our community in unity between all the local businesses working together. We hate that this all happened but in all honesty, it could not have been any better for us. All my employees stayed on full 40 hours since day one, and we are starting to turn the corner.

Way to go!!! You are my hero!
Talk about not rolling over and dying. More of us should learn from you, i know i have. Had it not been for one of your posts i would have been sitting around waiting this out instead of pushing the way we did.
Pierre

[Jepaul]

I was under the impression you couldn't do both.

Dirk, who did you use for the eidl, or did you go direct?  I might try for that one too.

We just got notice our PPP was funded.  We are starting to get busier, so it's nice that we have the help coming back in.

EIDL is only direct.  I hope you got your app in prior to them closing it.  It’s the same mechanism as a natural disaster where an SBA agent will review the application and determine your loan eligibility.  At one time there was a $10k upfront grant but that was lowered to $1k per employee up to $10k.   This $10k is a grant but if you also get the PPP this grant portion of the EIDL is deducted from the forgivable amount of the PPP so you could owe money back in the PPP.

IMO the EIDL is the cats meow if you can get it.  I would take as much as they would possibly give me. The interest rate is 3.75% over 30 years!  Over 30 years I can earn 3 times that via basic investment vehicles.  Or, if I had properly or equipment debt I’d pay it all off with this note and then make the same monthly payments on it and pay it off over the same period of time as original debt thus saving the difference in interest. 

[mk162]

Just finished my application.   It was done, I just didn't submit it. Thanks!!!

[T Shirt Farmer]

I am in the B2B Tech Market Nor Cal, 5ea Co Store orders and 4ea custom orders came in today. The largest single day volume since shut down.

Feeling Grateful and Optimistic !

[tonypep]

So much of our industry is event driven and well..... events aren't very popular now. Top that with raw material and substrate deficiencies that may come and there may be quite a hiccup. I'm glad to be hunkered down in this old mansion and writing and working in the studios for now.
Not a bad time to throw out your back. Having to get around with a walker and Physical Therapy visits.
Come out strong all!
best tp

[tonypep]

I am in the B2B Tech Market Nor Cal, 5ea Co Store orders and 4ea custom orders came in today. The largest single day volume since shut down.

Feeling Grateful and Optimistic !

Great news! There will be a light....just gotta get out of the tunnel.

[blue moon]

https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf

[Biverson]

I finally just got confirmation and paperwork for my EIDL loan. I applied on Tuesday when it opened the previous Friday. From my offer it looks like the amount you get is 1/3 of your gross 2019 sales. I don't know if there's a cap on it for you guys pulling in 7 or 8 figures. I was very surprised and gave me some hope. I just bought a lot of equipment in 2019 and will use this to pay some higher debt down then ride this out. I haven't reviewed the terms yet as outside of 30 year, 3.75%, 12 month deferred payments.

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[cbjamel]

supposed to be 1000 per employee. let us know.
Shane

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