All of the grants, loans, and Covid-19 small biz resources I could find small business |
- All of the grants, loans, and Covid-19 small biz resources I could find
- Everyone should be letting their employees stay home right now
- Laid off 3 employees, now expanded unemployment will pay them equal if not more than their former coworkers who are still working. How will this affect morale of employees who continue to work?
- Legacy customer discounts
- How to buy 100,000 empty plastic bottles from wholesale suppliers
- Small gumball machine UK at 19 - Do I need a permit and other legal mumbo jumbo?
- What are the top 5 business for sale websites in terms of ease of use?
- What are the most successful small businesses?
- What is the best way to keep business going with the Pandemic going full scale here in America?
- DAE think the unemployment bonus is going to decimate small business.
- Does the stimulus deal’s unemployment portion not incentivize layoffs? Genuinely confused.
- Making the Hard Choice About Which Expenses to Cut or Reduce
- Coronavirus Stimulus FAQ
- How to always improve things '10x'?
- My Takeaway business is extremely slow (due to COVID19). What could I say to the rental agents to get some support (rent & what not)?
- SBA & Single Member LLC? Sole Proprietor or Business?
- Help understanding CARES maximum loan amount for small businesses
- We're donating some gross revenue to a local food bank during the COVID-19 crisis. What's the best way to show our customers (transparency) without being flashy with things like silly giant checks?
- Legal Issues Arising From COVID
- Buying a business but owner is lying about income
- Clarification on CARES Act Loan/Payroll for my Business
- solo 401-k, s-corp, 25% profit sharing contribution
- What's important to you? (Regarding the social lives of small business owners)
| All of the grants, loans, and Covid-19 small biz resources I could find Posted: 26 Mar 2020 01:18 PM PDT (This is being posted from my personal account, which will dox me and I don't really care.) I own a smallish (17ppl) bookkeeping/accounting/payroll company (Accountingprose) that serves small businesses in the US. We put together some resources for our clients so they can stay afloat in the coming months. I hope they help you find some cash or resources for your business. I also wrote two blogs that would prob help most people here: (You will need to follow the offline instructions) I'll be posting a detailed video and blog about the new stimulus package. This is what I sent my clients in our private Facebook group with the (google doc) resource links ————- My team has been working on a MASSIVE access to capital document - including grants, loans, payment deferments, etc. It's not perfectly polished yet, but I wanted to get this in front of everyone now. You can filter by city, state, etc. Check it out and feel free to share any other resources that you have, so we can help more people. Link to google doc: https://acctpro.se/access-to-capital-gsheet [link] [comments]  | ||||||
| Everyone should be letting their employees stay home right now Posted: 26 Mar 2020 06:29 PM PDT It's bugging me that I'm seeing a lot small business owners making their employees work because their business is "essential". My business is classified as essential as well but it's cruel to make people work if they are afraid or anxious about this or maybe have more at risk family members. We gave our employees the option two weeks ago to stay home and they chose to. The stimulus package will cover many of our expenses and in any case it's OUR responsibility as owners to take risks, not employees. I was the last one working before we decided to shut down totally. I get that many of us have a lot of expenses and overhead but our employees are people, with families, and they work their asses off for OUR benefit. Have a damn heart. I know many of you are doing the right thing, but if you aren't please rethink what you're doing. We'll be fine. We run businesses and are good at, we'll come back from this, maybe even better. And those people that weren't forced to work will remember what you did for them and never forget it. [link] [comments]  | ||||||
| Posted: 26 Mar 2020 09:30 PM PDT It sounds like for people earning $48k/year or less, furlough is a better option because they can stay home and safe while collecting the same wages. We let 3 people go at a medical practice. Now the remaining employees are continuing to work and potentially expose themselves for the same pay as their former coworkers who are staying at home. This seems like a disaster for staff morale, right? Could the SBA loan be used to bonus these employees to keep morale high? Otherwise doesn't it seem like they are getting shafted? Would the SBA loan cover a payroll expense increase during this time? [link] [comments]  | ||||||
| Posted: 26 Mar 2020 10:15 PM PDT I bought a business back in November that has been operating since 1993. The old owner used to offer discounts fairly freely to just about anyone. Monthly specials with 15% off or more, lots of stuff like that. Over the past few months I've dialed back the discount on the monthly specials a bit, it's still a good deal but maintains some margin for me. Only a handful of customers have even noticed at all,which I found surprising. I've got to know a lot more of them now and have sort of realized that many of the customers with an automatic 10% off in the computer don't even know they're getting a deal, which seems like it defeats the purpose a bit. If the customer doesn't even know they're getting special treatment, they don't exactly feel special! Most of our sales are about $150 so that's $15 out of the till every time I give that away. I have definitely found a small number of people who are aware that they're getting a deal and would be upset if it was gone and they generally tend to be regulars. I'd rather not offend any of them, but I feel like I can't just continue offering discounts to some guy who the previous owner had a good conversation with 5 years ago who orders something every few months. Any advice for how to deal with this scenario? I don't mind giving discounts to loyal regulars, but right now it seems like it's 50% of the customers and maybe 5% even know it's happening. [link] [comments]  | ||||||
| How to buy 100,000 empty plastic bottles from wholesale suppliers Posted: 27 Mar 2020 03:50 AM PDT This is just a quick write to explain how to purchase 100ml plastic bottles, empty hand sanitizer bottles including 50ml clear plastic bottles. CLEAR PLASTIC — London, UK Similar to most of my other write-ups, for London based businesses I'd greatly suggest checking-out: https://clearplastic.co.uk this would greatly reduce your delivery date compared to importing products internationally. With what they can provide in speed, they lose out in variety. If you've alradyed visited the website, you would have seen that they only provide 50ml plastic bottles wholesale and 100 ml plastic containers with lids. https://www.bulkapothecary.com/ — NYC For users that ain't based in London, or outside of United Kingdom for that matter, I'd greatly suggest visiting: https://www.bulkapothecary.com/ they've got "25 Million bottles in stock" though I haven't used this service before I'd expect a lot for a company that believes "Nobody Beats our Price on Plastic Bottles!" [link] [comments]  | ||||||
| Small gumball machine UK at 19 - Do I need a permit and other legal mumbo jumbo? Posted: 27 Mar 2020 02:45 AM PDT Hi I'm 19 and from the UK and was going to buy a gumball machine, there are a few locations I had in mind. I live near a local primary school with 2 corner shops situated - I attended this primary school too. Potentially could place the machine within the primary - which is the best case scenario but unlikely. Or the two corner shops which are right near the primary school. Basically it's the legal stuff I'm stumped with. If anyone can give me a good gumball source too, that'd be great :D But yeah, this is my first capitalistic ventrue [link] [comments]  | ||||||
| What are the top 5 business for sale websites in terms of ease of use? Posted: 27 Mar 2020 02:14 AM PDT Trying to put a list of the top 5 business for sale websites in terms of ease of use, which ones you think deserve to be in the top 5? [link] [comments]  | ||||||
| What are the most successful small businesses? Posted: 27 Mar 2020 01:58 AM PDT | ||||||
| What is the best way to keep business going with the Pandemic going full scale here in America? Posted: 26 Mar 2020 09:32 PM PDT I run a small Home Improvement/Home Repair business in a rural area (15,000 population is the largest town around me). I started up on 01/31/2020 otherwise known as the worst time to start a small business of these sorts. With everyone getting laid off work and everyone else claiming that they can fix anyone's problem with their house how do I stand out and be competitive at all? I bid my normal prices on 11 jobs this week and all have came back with finding someone cheaper. I do know my worth and have found that before COVID 19 I was getting quite a bit of business with no one saying I was overbidding. I have an insured, legal, tax paying business and I feel like it's completely drowning. How do I begin keeping up and not becoming disheartened? [link] [comments]  | ||||||
| DAE think the unemployment bonus is going to decimate small business. Posted: 26 Mar 2020 06:05 PM PDT I've already had 2 confirmed prospects back out before their start date and have another 3 employees grumbling about how they wish they'd get fired. How am I expected to hold onto employees making 24k when unemployment pays then 48k. And why would anyone in their right mind apply for and then take on a job that pays less than EI ? Might as well shut shop and go home for the next 4 months. [link] [comments]  | ||||||
| Does the stimulus deal’s unemployment portion not incentivize layoffs? Genuinely confused. Posted: 26 Mar 2020 11:18 PM PDT Hey all, confused on the way this bill was written as the additional $600 isn't "up to" $600, but $600 for everyone on unemployment. I have a couple hourly workers at a store I had to close for the next month or so due to COVID-19. Someone making $350 a week in my state is entitled to roughly $180 a week in unemployment, but after the $600 fed benefit, they're making over twice what they made while working! Am I interpreting this wrong or is it genuinely better for my employees to lay them off instead of paying them right now? [link] [comments]  | ||||||
| Making the Hard Choice About Which Expenses to Cut or Reduce Posted: 26 Mar 2020 02:29 PM PDT Hi fellow business owners. Today I have been picking up the phone and chipping away at some of the smaller business expense we have. Sorting through to find the essential vs non-essential expenses and calling to either cancel them or reduce the cost. Here is the video I made: I'm happy to report I made some nice progress and I have almost made a game out of it: 'How low can I get my bills'. As you'll see these small savings can really add up and I'm just getting started. I recommend everyone take the time to assess what is important, needed, necessary during these times to limit or lower your carrying costs so we can all get through this. I did a video about the larger cuts too: Cheers everyone, take care of yourselves and your families. [link] [comments]  | ||||||
| Posted: 26 Mar 2020 06:48 PM PDT New York times just posted a FAQ about the latest stimulus package. https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.amp.html [link] [comments]  | ||||||
| How to always improve things '10x'? Posted: 26 Mar 2020 09:39 PM PDT If it's learning how to faster get up to speed in a new skill. If it's learning how to make new big changes in the current marketing plan. How to optimize a task. What is the thinking to look at something and figure out how to improve it to the best it could possibly be? Up to the industry standard and above. Is the idea to just keep copy things that work well for others, and keep trying to find tactics to improve it? [link] [comments]  | ||||||
| Posted: 26 Mar 2020 08:35 PM PDT As the title says. We haven't closed yet because we are a takeaway business operating in QLD, Australia. But obviously, business is slow on our side of town due to the rona. What could I possibly say in an email for them to willingly support us? [link] [comments]  | ||||||
| SBA & Single Member LLC? Sole Proprietor or Business? Posted: 26 Mar 2020 08:16 AM PDT It appears there's 2 options. Would you apply for the Sole Proprietor or Business Loan in this case? Thank you! [link] [comments]  | ||||||
| Help understanding CARES maximum loan amount for small businesses Posted: 26 Mar 2020 08:11 PM PDT Can anyone help make sense of this section of the new CARES bill? So one of the provisions in the bill sets the maximum individual loan amount, page 18 reads:
I read this as meaning: the maximum loan amount is my average monthly payroll from last March 1 -June 30. So my average payroll was only $5000 a month last spring, so does that mean the max loan amount I can receive is $20,000? If it is I am screwed. I have 8K a month in overhead but limited employees. Live events and conferences are made up of around 80% contractor workforce. I work around the country on events and shows, and I can't travel with 30 staff. I have to hire local contractors. But that means I don't have a lot of employees. A lot of live event companies are like this. Hell, a lot of any type of companies rely on the contractor's economy now. Someone, please tell me how wrong I am? That this bill is not just another handout to large companies while ignoring the hardest-hit industry and actual small businesses? Someone, please correct me. Reddit is usually so great about telling me how stupid I am. Don't let me down now. [link] [comments]  | ||||||
| Posted: 26 Mar 2020 07:58 PM PDT We are running a campaign right now, donate $20 or more to a local food bank and receive one of our free popular items, plus we match the donation on top. My mentors said since we are in year 3 that this is a also really good time to further build legitimacy and community/customer trust going forward. We have about $4,100 to donate and I do not want to make a big deal out of it but would like to prove to customers that we donated their money, and build community trust with potential new future customers. So no to a big check photo op. I think screen-shoting the electronic "thank you for your donation" page is tacky. What are some other ways we could announce and share? [link] [comments]  | ||||||
| Legal Issues Arising From COVID Posted: 26 Mar 2020 07:38 PM PDT Was wondering if anyone dealing with any kind of commercial legal issues resulting from COVID and the economic shutdown? During recessions/downturns legal issues tend to be "lagging" (kind of like economic statistics). Nonetheless, they sometimes arise at the "pinnacle" of the downturn, and/or pressure from a downturn can be used by the other party to cajole what otherwise would be unreasonable concessions. [link] [comments]  | ||||||
| Buying a business but owner is lying about income Posted: 26 Mar 2020 03:38 PM PDT If I'm buying a motel and the owner is lying to the IRS. Next year when you file the income taxes are u liable for his mistakes or will it come down on them [link] [comments]  | ||||||
| Clarification on CARES Act Loan/Payroll for my Business Posted: 26 Mar 2020 06:41 PM PDT Ok so to preface this, I have a small commercial janitorial cleaning company (which is starting to get affected by COVID-19 - our building clients are starting to suspend contracts/cleaning which is affecting us and our contractors/employee). Last year was about $480,000 in revenue (cash basis). We mostly subcontracted our client contracts to contractors who clean multiple buildings. Ok so with that, according to this post:
And according to the CARES Act, "payroll costs" includes employee wages AND compensation to sole proprietors and independent contracts (which is alot of our vendors). So for my business, we had:
So with that, $304,288 / 12 months = $25,357 (average). Does that mean that our potential loan amount can be $63,393.33 (2.5 x $25,357)? And with those $63,393.33, it can be used for WHATEVER BUT only the portions used for payroll costs, mortgage interest, rent/lease payments, and utlities will be forgiven, correct? I haven't seen in the bill that the loan amount 2.5x includes interest/rent/utilities to find the max loan amount, only payroll costs (someone correct me if I'm wrong). Now I haven't been able to find this but this business is run by me and 2 other partners. Since we are an LLC (federally taxed as a partnership, we are considered self-employed), do we include our guaranteed payments here? If business goes down, how do we pay ourselves? We do ACTUAL LABOR in the business. Do we file for unemployment lol, or is the 2.5x amount above is also to sustain our compensation? [link] [comments]  | ||||||
| solo 401-k, s-corp, 25% profit sharing contribution Posted: 26 Mar 2020 06:10 PM PDT I've got an s-corp where I am my own employee, with a salary. This year I'll likely make an employer contribution to my personal solo-401k account. I'm trying to figure out how it needs to happen to get it right. Does the money need to transfer directly from the company's business account to the solo-401k account, or can I reimburse myself for putting it in from my personal account? I have a Fidelity solo-401k and I know they are restrictive about where the money comes from. It doesn't seem the employer contribution goes on the W-2 at all. How can that be, if it is considered a form of compensation, similar to employer health insurance? [link] [comments]  | ||||||
| What's important to you? (Regarding the social lives of small business owners) Posted: 26 Mar 2020 05:59 PM PDT Hey everyone! I'm currently trying to find out how one could make the lives of small business owners a lot easier :) Does anyone struggle with shyness/creating an social circle of friends? If so, I have two very simple questions: 1. As a small business owner, what are the 2 biggest issues you're dealing with in regards to shyness/building a social circle? 2. Regarding shyness/building a social circle, what would you wish for more than anything else? Thanks so much in advance. Looking forward to reading your answers! [link] [comments]  |
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