05-04-2020, 02:07 AM | #221 |
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I got the same email. Although I already got the PPP so... don't think you can get both, but could be wrong.
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05-04-2020, 05:52 AM | #222 |
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I also received the same email.
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05-04-2020, 06:15 AM | #223 |
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05-04-2020, 06:24 AM | #224 | |
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My town opened up 10k grands to small businesses. I am not sure if i qualify though. These guys want proof of hardship, and I am not sure what they mean by that. Can I pay my bills from my savings...yes I can, was I effected by Corona, yes obviously just like everyone else. |
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05-04-2020, 07:55 AM | #225 | |
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05-04-2020, 08:19 AM | #226 |
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I have been following this thread but never posted...
I am the VP for my families commercial HVAC company, we have been steadily working full time with no layoffs but over half my jobs have been shut down. Working hard to keep all my employees their 40+ hours a week as long as they want to work. We have 23 employees total. But update for my company. Applied for EIDL within the first few days that option existed and got $10k about three weeks ago. I applied for the PPP at the end of the first round and got stuck in limbo. This time around I finally got approved and I am suppose to see the funding in the next 5-10 days (minus the 10k from the EIDL) I went through Square as I was tired of dealing with a couple of my local banks. I was approved for the equivalent of four weeks of payroll. I will update once the money actually comes into the account.
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05-04-2020, 08:23 AM | #227 |
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05-04-2020, 10:17 AM | #228 | |
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05-04-2020, 04:07 PM | #229 |
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So we received the docusign email with the note to sign yesterday afternoon. Within 10 minutes of completion, the funds had hit our account. Wicked fast, and very thankful for it. Had more people at the store today to work than since we closed, and will phase in the rest as soon as we figure out how to pay our tipped employees... The payroll report that ADP generated for us to apply for the ppp showed the tipped employees claimed tips as well as base wage, as it was all taxable income. That certainly makes sense. That said, we spoke to ADP yesterday, and they said we were only required to pay state minimum wage during the 8 week period for those that are back to work. Servers at our place average $20-$25/hour when life is normal.
Well, right now on unemployment those that filed are getting about $800/week between state and fed while sitting at home. Pretty sure I wouldn't give that up to come work 40 hours for $480, why would I expect them to do so? Anybody else run into similar situation? What is your plan? We are hopeful to re-open a partial dining room next week, but will not bring all back, as there just is not enough to go around. Ideas? |
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05-04-2020, 04:11 PM | #230 | |
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05-04-2020, 04:17 PM | #231 |
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This was ppp for us. Your's ppp also? We had to sign via docusign twice. Once for the official app prior to submittal to SBA by bank, and again for the promisory note yesterday. So you got the dough without signing anything? Hey, maybe your debt is forgiven already?
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05-04-2020, 04:21 PM | #232 | |
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05-04-2020, 04:29 PM | #233 | |
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05-04-2020, 04:35 PM | #234 | |
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A friend of mine who's mother died a few years ago got the letter explaining her $1,200 stimulus check will be direct deposited. It even acknowledged she was deceased. There are some funky things going on with the fed right now.
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05-04-2020, 04:41 PM | #235 | |
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We'll see if they contact me. |
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05-04-2020, 04:44 PM | #236 | |
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What party did your friend's mother belong to? As for funky, this whole thing has been funky. Cubed. |
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05-04-2020, 04:51 PM | #237 | |
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https://www.today.com/money/should-y...lative-t180523 |
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05-04-2020, 04:52 PM | #238 |
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It seems if you have received a PLP number from your lender, you should be all good and funded within 10 days. From what I am hearing, it seems this phase is funding more small businesses! I still hope there will be a phase 3 for anyone else left out.
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05-04-2020, 06:35 PM | #239 |
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My friend and his mother are Democrats. He's a super nice guy and is running for a seat on the Supreme Court in his state.
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05-04-2020, 08:35 PM | #240 |
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05-04-2020, 11:40 PM | #241 | |
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Technically, I assume you can let the department of labor know that you offered them their jobs, but they did not accept. Im sure under normal, non Covid circumstances the employees benefits would be cut. But these are different times. I definitely won't have the same number of employees as I did pre covid, because my business can no longer support the pre-covid salaries. My revenue forecast approximates a 20-25% monthly decrease from my usual monthly averages. I'm assuming I'm going to get fucked with this PPP loan as there's zero guarantee of it being forgiven even if you play by the rules, and I'll have less employees than pre covid. So, I'm just going into this thinking I got a 1% working capital loan to be paid back in 2 years. If any of it gets forgiven, awesome. Have to run a bit more lean now. I don't operate a charity. Want to work, come in and work. |
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05-05-2020, 04:14 AM | #242 |
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I've been very fortunate that I picked up a contract just before all of this. My company is still under contract for a few months, so we did not qualify for any of the programs. My biggest worry is what is going to be happening a few months from now. Will business be picking up? Will people be ready to spend money so soon with the fear of another lockdown in the fall? Will there be any aid available after this, and all these loans, most of which will be forgiven, will create astronomical debt for our country. There will be a huge deficiency of consumers able or willing to consume? Will my company even survive?
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