I own a small commercial flooring company. It's really the only job I've had since I was 21. It will be 40 years next year since I started. I have one admin employee and four journeymen installers. I wanted to apply for the PPP loan through my main bank, Union Bank. They know my name when I go into the branch. They have given me Giants tickets, 49ers tickets, etc. It was the third day apps were being accepted. Their website wasn't ready to process the app.
So I applied with BofA, where absolutely no one knows me, but where I've had a checking account for the entire time I've been in business. I got the PPP loan and paid it out to all the employees even though there was very little work in that time. Now, it's over and there is still very little work. Many of my clients are just shut down and I've got a few jobs lined up that they won't let us do. Almost no new work is coming in.
I've taken a fair amount of time off, trying semi retirement on for size. It's hard to remain motivated. I'm in no immediate financial trouble because I own my building outright and have savings. My YTD numbers are comparable to last year, but I did well at the back half of last year so I think I'll be at 50-70% of last year's number by the end of this year. I may lose a couple of installers if things don't pick up soon. Never seen anything like this before. My goal when I bought the building was to pay it off, and live off the rent but good tenants are hard to come by these days.... might have to keep slinging flooring for a bit.
So I applied with BofA, where absolutely no one knows me, but where I've had a checking account for the entire time I've been in business. I got the PPP loan and paid it out to all the employees even though there was very little work in that time. Now, it's over and there is still very little work. Many of my clients are just shut down and I've got a few jobs lined up that they won't let us do. Almost no new work is coming in.
I've taken a fair amount of time off, trying semi retirement on for size. It's hard to remain motivated. I'm in no immediate financial trouble because I own my building outright and have savings. My YTD numbers are comparable to last year, but I did well at the back half of last year so I think I'll be at 50-70% of last year's number by the end of this year. I may lose a couple of installers if things don't pick up soon. Never seen anything like this before. My goal when I bought the building was to pay it off, and live off the rent but good tenants are hard to come by these days.... might have to keep slinging flooring for a bit.
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