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Small Business

JBerry

JBerry

Billy Hamilton status
Dec 8, 2017
1,602
872
113
I own a small business. I have employees. Pay all the necessary insurances, fees, taxes etc. So far, we are doing ok. Still have work lined up.
Still getting calls for work. Up to date on all my bills. A bit of $ stashed for savings. Wife still working as well. So, all in, doing relatively ok.

Who else here owns a small business? What Type?
How is this affecting you?
Were you able to apply for the Payroll Protection Program?
or the EIDL loan thru the SBA?
or an economic disaster loan thru the SBA?
 
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GWS_2

GWS_2

Miki Dora status
Aug 3, 2019
4,141
4,391
113
JBerry said:
I own a small business. I have employees. Pay all the necessary insurances, fees, taxes etc. So far, we are doing ok. Still have work lined up.
Still getting calls for work. Up to date on all my bills. A bit of $ stashed for savings. Wife still working as well. So, all in, doing relatively ok.

Who else here owns a small business? What Type?
How is this affecting you?
Were you able to apply for the Payroll Protection Program?
or the EIDL loan thru the SBA?
or an economic disaster loan thru the SBA?
Click to expand...
There is a relief program for small business. 0% loans and I believe the first 10 is forgivable.

As of the 28th, YOU can file for unemployment. Yes, self employed and independent contractors are now humans too. Good news right?
 
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JBerry

JBerry

Billy Hamilton status
Dec 8, 2017
1,602
872
113
OK Good News!

So, I have been on this like flies on stuff.
I did apply when it was first available, for the SBA disaster loan.
2 days later, the EIDL (emergency loan for $10k) came out and SBA said to re-apply for that, so I did.
2 days later, the PPP came out(Payroll Protection Program) thru the SBA, so I applied for that, too.

Well, lucky me, I was approved 2 days ago for the PPP(this will help my employees). Although I haven't actually recieved any of the funds, my bank has sent the email stating so. No word on any of the other loans. I do know they are all connected though at some level. Like, if you get the EIDL, and you get the PPP, you have to pay one back thru the other, etc.

This morning apparently the SBA PPP loan ran out of money, $350Bil, already. Not sure if it means I will see my PPP funds or not, but seems to me like theres going to be A LOT of small business out there that literally just fold. We'll see.....

www.cnbc.com

Small business rescue loan program hits $349 billion limit and is now out of money

The Small Business Administration's rescue loan program hit its $349 billion limit on Thursday and is now out of money.
www.cnbc.com www.cnbc.com
 
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GWS_2

GWS_2

Miki Dora status
Aug 3, 2019
4,141
4,391
113
Good. SF jumped on it and got our application in the first day. I don't know present status. The money will pay some rent for us. If we get it...
 
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oneula

oneula

Miki Dora status
Jun 3, 2004
4,366
2,729
113
Yup it's the typical ugly story
The businesses with the closest ties to their bankers got helped first.
Like everything it was the old who you know thing
Everyone was calling a friend, classmate, relative, friend of a friend to get their hands on the money so they went to the front of the line as always.
The next edit was who's a customer and who's not
obviously businesses want to take care of their customers versus their customers finding out their bank or FI helped a non-customer over them.
Some might have done the first come first serve model but I don't think that's really how it's happening out there

I hope you had someone you knew that you worked with and you'll get what you needed. If you have an account it should show up. Those online queries is what blowing up all the online banking systems, ATM networks and Call Centers in the US right now. The networks cannot handle the overloaded requests for "where's my money?"

Congress should wipe out the previous trillion dollar tax cut to corporations and use it to fund more direct payments to small businesses

The US debt cannot survive bailing out all the large corporations and rich business owners for trillions AND all the small businesses and unemployed at the same time. One has to give for the other. And everyone knows in their heart most of the money should go to the small businesses. Whether that happens I don't know. Just remember that next time you vote if this has been just another DC scam like 2008.
 
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JBerry

JBerry

Billy Hamilton status
Dec 8, 2017
1,602
872
113
Agree Onuela. In my case I didn’t know anyone. I just got in the que right when it went live. Spoke to 2 different people in my local bank and pretty much wrote it off. 5 days later on a Sunday night 8pm got a call from a LO. I’m totally sure I got really lucky. I know people who didn’t (family) and they are pretty upset about it. Said what you are. All people at their small local bank that got it knew the big wigs. It should definitely be going to the small business. Way smaller than the 500 employee/ 10mil threshold. More like a quarter of that figure. IMO
 
Subway

Subway

Administrator
Staff member
Dec 31, 2008
13,527
10,188
113
LBNY
i may be buying a small business next month. Set up an LLC, get cheap acquisition funding, current tenant is already "pausing" her rent payment under whatever clause/law allowed for that for a few months so i would negotiate something similar with the landlord if and when we pull this off. Use that time to make some modest interior renovations, open up in the summer, see what happens. I have an idea. a really good one i think, that will set a new standard for the field in the new "germaphobic" society, but as humans who still crave some interaction and team spirit etc
 
feralseppo

feralseppo

Billy Hamilton status
Feb 28, 2006
1,469
1,126
113
Applied for the Disaster Relief loan, no word on that.
Tried to apply for PPP. Citibank basically lied and said they were working out applications and how to process while there were actually taking applications. Got screwed and wasn't able to apply for that one. A friend's wife was able to apply through Citibank and was approved. Go figure.
 
surfadelphia

surfadelphia

Nep status
Nov 15, 2010
681
655
93
Small retail/"fashion" wholesaler with two customers. One canceled all orders indefinitely and I'm guessing will not survive and the second decreased their orders by about 35%...I'm happy to have any orders at this point.
Applied for PPP on Monday with my bank, not expecting any $ leftover for me. Sucks but it could be a whole lot worse.
 
racer1

racer1

Tom Curren status
Apr 16, 2014
12,965
15,051
113
Honolulu, Hawaii
Digital Marketing Agency. Small Biz owner with 50 mostly retail clients, very low overhead with just wife and I as employees. Lost about 40% of my clients which was about 60% of revenue. Happy to have any revenue at this point. Didn't apply for the disaster loans cause we decided to apply for independent contractor unemployment (our older clients pay us as independent contractors, before we incorporated). Figured the unemployment would be less of a headache than the loan. Grateful to have revenue and low overhead. We're good. No complaints. Others have it much worse.
 
Subway

Subway

Administrator
Staff member
Dec 31, 2008
13,527
10,188
113
LBNY
I’ll make half or maybe 60% of what I did the last two years. But yes, employed with a lot of optimism for second half and beyond. I’ll have a 3 month gap this summer with tiny checks
 
D

doc_flavonoid

Michael Peterson status
Dec 27, 2019
1,790
3,282
113
specialty retail. family run small business owner. 11 yrs. at current location. storefront shuttered. making a few internet sales to pay barebones overhead. receipts down 90% from a normal march/april. applied for disaster loans/emergency grants day 2 of availability. wife was 1,438 in line on hold to talk to the sba yesterday about wtf is up with our application.

been self employed my entire working life. you learn early on that ain't nobody gonna bail your ass out. so be it. house is paid for. got food in the fridge. now if they'd just reopen the surf, i wouldn't have to jerk off on these almost set up, mediocre under the radar bars.
 
oneula

oneula

Miki Dora status
Jun 3, 2004
4,366
2,729
113
This is the problem I was worried about
Hoarding on a different level
This is what happened to the CARES money

<iframe width="560" height="315" src="
" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
GWS_2

GWS_2

Miki Dora status
Aug 3, 2019
4,141
4,391
113
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JoeBakero

JoeBakero

Jul 1, 2020
62
12
8
New South Wales Sydney
Owning a small business is a very interesting idea, but I have some doubts about starting it. Because of Covid, riots and other stuff going on in America. TBH, I already have a plan. Not so long ago I've found a schedule template for employees on tracktime24.com and made schedule for my future employees using it. And I know where to find money. And equipment too. But I'm not sure that right now is a good time to start a business.
 
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GromsDad

GromsDad

Duke status
Jan 21, 2014
54,732
16,607
113
West of the Atlantic. East of the ICW.
JoeBakero said:
Owning a small business is a very interesting idea, but I have some doubts about starting it. Because of Covid, riots and other stuff going on in America. TBH, I already have a plan and I know where to find money, but I'm not sure that right now is a good time to start a business.
Click to expand...
Looks like a spam troll account. Who do we report these to?
 
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Autoprax

Autoprax

Duke status
Jan 24, 2011
68,635
23,307
113
62
Vagina Point
Dear Groundswell,

I would like to report a troll span account.

The poster's name is Grotesque Fatstupdumdum

The reason I think it's a troll account is no one could be as stupid as this guy.

Unless he hit his head while falling out of a tree?
 
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