A small message to all small business owners facing COVID-19 challenges small business |
- A small message to all small business owners facing COVID-19 challenges
- Paycheck Protection Program Loan Application and Guidelines have been released by Treasury Department
- Limited pay what you can offer on logo.
- Official SBA site for Paycheck Protection Program is live
- Just spoke to an SBA representative about the timeline for EIDL
- What is the difference between a self employed individual and an owner/employee of a S Corp?
- Update on the SBA advance grant for those who selected the independent contractors section.
- Official Treasury site for Paycheck Protection Program is live
- COVID-19 has created an entertainment void.
- Unemployment vs SBA Loan Grant
- Sounds like you can roll the EIDL loan into the better (because forgiven evetually) PPP/7a loan based on this(?):
- More FAQs: Here’s how to get a small business loan under the $349 billion aid bill
- 7a Forgivable loan is for maintaining or "quickly" rehiring people on payroll. Definition of "quickly?" Maybe better for company with no revenue to let them get a month or two of unemployment and then rehire for the 2.5 month loan if allowed?
- Anyone got the $10,000 SBA loan advance yet?
- Social Distancing Floor Decals & Stickers
- Need help optimizing a digital business process?
- Tip: ADP has added a link to a “CARES SBA PPP: Monthly Payroll Cost” report. It’s under reports>payroll in ADP RUN.
- Payroll Protection Program Online Lender-any ideas?
- Lydian
- Are loans wise for the businesses that were struggling prior to COVID-19?
- Fishing charter LLC and I am the sole owner/employee. I can’t figure out if I can qualify for a grant/loan or not. Need some help.
- Question regarding a loan!
- PPP and Unemployment
| A small message to all small business owners facing COVID-19 challenges Posted: 31 Mar 2020 02:54 PM PDT The businesses that get through this successfully are going to be those who are able to be agile and pivot their strategy to meet the current market behavior. You're seeing businesses provide curb pick-up and home delivery for the first time; you're seeing more people order groceries to their home for the first time; you're seeing fashion brands make medical face masks for those in need - overall, it has pushed many of us to adapt to a new norm and try things we've never done before. My dad is a small business owner who migrated from Mexico with a 3rd-grade education. He worked in the fields for a decade before realizing this is not the way to the American Dream. He took the chance and started his own kitchen supply business doing in-home cooking demonstrations, something he has been doing for the past 30 years now. His mall stand was shut down due to the shelter-in-place and doing home demonstrations in a time of social distancing is not possible - yesterday he had his first Facebook live demonstration. He's not tech-savvy and especially doesn't know his way around social media; he doesn't have a huge following and didn't use any fancy equipment. What my dad had was over 30 years of experience and the drive to find a new way to reach his audience although he knew going live would be uncomfortable as it was new for him. The FB live resulted in 6k+ views, 13 shares, 90+ comments, 30 leads and had a $4,000 sale come from it. What I'm trying to say is, if my dad could do it, you can do it too. Find new avenues, be agile, and keep pushing through. Video: https://www.instagram.com/tv/B-aTwFMl-DP/?igshid=a86qtur13lgm [link] [comments]  |
| Posted: 01 Apr 2020 03:49 AM PDT The Treasury Department has released the guidelines and application for the Paycheck Protection Program (PPP) for small businesses loans as part of the CARES Act. Applications can be submitted starting this Friday, April 3rd. Here is a link to the Treasury site. [link] [comments]  |
| Limited pay what you can offer on logo. Posted: 31 Mar 2020 11:24 PM PDT As i have some time in my hands at the moment, i offer free logos if you don't have one, or need a better one. You are welcome to donate any amount you may want, but it is not required. It is nothing special, but works for most of us. I use templates to cut and glue ellements together, so i can't always make exactly what you may need, but the result is often pretty good. Get in touch or have a look at some of the stuff that i've made here (donation link in the footer of the site) [link] [comments]  |
| Official SBA site for Paycheck Protection Program is live Posted: 31 Mar 2020 02:43 PM PDT https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp Sample application form - https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf Surprises: "(due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll)" "This loan has a maturity of 2 years and an interest rate of .5%." [link] [comments]  |
| Just spoke to an SBA representative about the timeline for EIDL Posted: 31 Mar 2020 08:52 AM PDT Hey all - just a heads up, I called the SBA Economic Disaster 800 number and spoke to a represenative. I was looking for clarification on the COGS aspect for service businesses (whether this was true COGS or COS) since I input $0 (we do not make a product). However, she did tell me that the application approval process could take 3-4 weeks and that those who applied for the advance $10K Grant should receive additional information within 10 days. I also have not received any confirmation emails or correspondence but she indicated this was not unusual at this point. Just thought I would post in case anyone else is wondering next steps... [link] [comments]  |
| What is the difference between a self employed individual and an owner/employee of a S Corp? Posted: 31 Mar 2020 11:41 PM PDT Basically the title! What is the diff between Self employed individual Sole proprietor Owner of a S Corp Thank you to anyone who can clarify! [link] [comments]  |
| Update on the SBA advance grant for those who selected the independent contractors section. Posted: 31 Mar 2020 02:55 PM PDT I just got off the phone with the SBA office for the third time today and they all said it will take 7-10 days before most applicants see an advance. They said that millions of businesses have applied and everything is being done by hand because their systems are already processing more than they ever have had to deal with. Also, that although congress said within 3 days, that's only for businesses who meet gross revenue requirement (no information on the specific amount). And that the advance processing is based on which business selection you checked on the first page. Also the $10,000 amount is a maximum amount, not a guaranteed amount. I applied for the advance on Sunday (3/29) and she said if I don't get a call about the advance by next Wednesday (4/8), then to call for more information. I hope this helps, good luck everybody. Stay strong y'all. [link] [comments]  |
| Official Treasury site for Paycheck Protection Program is live Posted: 31 Mar 2020 05:24 PM PDT https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses Program Overview: https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf Lender Info: https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf Borrower Info: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf Application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf [link] [comments]  |
| COVID-19 has created an entertainment void. Posted: 31 Mar 2020 08:56 PM PDT With all the local movie theaters closing, I am considering quitting my government job and investing my savings in a shuttered drive-in featuring 6 screens. Does anyone have an estimate for the monthly operations cost of a drive-in theater? What if it was a family run business with 2 or 3 outside employees? [link] [comments]  |
| Unemployment vs SBA Loan Grant Posted: 31 Mar 2020 11:53 AM PDT Self Employed for over 10 years now. I just applied for the $10K emergency disaster grant. Would that preclude me from also applying for unemployment of $600 a week? Or we allowed to apply for both. [link] [comments]  |
| Posted: 01 Apr 2020 05:10 AM PDT If you took out an Economic Injury Disaster Loan (EIDL) between February 15, 2020 and June 30, 2020 and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the payroll sum. [link] [comments]  |
| More FAQs: Here’s how to get a small business loan under the $349 billion aid bill Posted: 01 Apr 2020 05:06 AM PDT This information is provided by the Washington Post. If you cannot read it on their website, here it is in Outline. [link] [comments]  |
| Posted: 01 Apr 2020 04:49 AM PDT Anyone see that defintion of "quickly"? I couldn't find quickly. I wonder if any layoffs at this point would be considered agains them...that provision may be due to people not having antipated this program. EDIT found this "Businesses or nonprofits that have laid-off workers (and not rehired them by April)" which is a little vague...can you lay off now until April 30 for extra month? (meaning if workers get 1 mo unemployment plus then rehired and business gets 2 1/2 mo payroll forgiveable loan)? [link] [comments]  |
| Anyone got the $10,000 SBA loan advance yet? Posted: 31 Mar 2020 07:21 AM PDT I just applied this morning. I'm just wondering when I can start planning my vacation! Mexico here we come! Just kidding... probably should pay my mortgage... [link] [comments]  |
| Social Distancing Floor Decals & Stickers Posted: 31 Mar 2020 02:51 PM PDT Not sure if it's OK to post here & please delete if my post violates any reddit or forum policies. Like everyone else here, I own a small business and the future is questionable at best... Anyways, it just boggles my mind how many people are just oblivious to their surroundings, and this becomes more apparent when grocery shopping during our current Covid-19 pandemic. I do think that many people are not fully aware of the possible repercussions of their actions and that there has to be a better way... I've seen a lot of makeshift signs, prints and tape to signal the necessity of social distancing. Long story short, I came up with a relatively simple solution to encourage keeping one's distance in public places. I know the idea is not 100% new, yet I think somewhat better executed than others in the same realm... Last night I created a 10" floor decal and smaller 4" and 2" decals for display in retail environments. Here a preview on imgur: https://imgur.com/u4zZFA1 https://imgur.com/n1QcVsS https://imgur.com/169Iynz thanks for looking Markus [link] [comments]  |
| Need help optimizing a digital business process? Posted: 01 Apr 2020 03:09 AM PDT Hi, I'm a Software Engineer with 7 years experience looking to build my portfolio (and my own business one day). I'm curious what are some digital processes business owners currently have that could be optimized with software? I'm looking for a pro-bono project to help a real business. Would love to hear from any business owners out there! [link] [comments]  |
| Posted: 31 Mar 2020 03:01 PM PDT I don't know when it appeared, saw it there today for the first time and thought I'd share for ADP users [link] [comments]  |
| Payroll Protection Program Online Lender-any ideas? Posted: 31 Mar 2020 07:07 PM PDT Are there any streamlined online banks that offer the PPP? I'm in completely foreign territory here and am scared of scams when searching on the web. Thanks. [link] [comments]  |
| Posted: 01 Apr 2020 02:12 AM PDT The project has a good reputation in the crypto community, the concept has every chance of success. This project has the capacity of meeting everyone's need. #LLION #Lydian-Lion #ICO #bitcoin #btc and #cryptocurrency . [link] [comments]  |
| Are loans wise for the businesses that were struggling prior to COVID-19? Posted: 31 Mar 2020 12:01 PM PDT Some context: I'm 40 and own a bar that had to close due to COVID-19. I'm a late-bloomer and risk averse. Raised poor, didn't graduate high school, didn't really grasp basic algebraic skills until I got into my early 30's. First time I got into any major debt was when I bought an existing bar in 2017. My godfather died in 2006, and I was blessed that he left me enough money to buy a $60k house (short sale) and a car outright + the amount I needed to put a downpayment on the business. I chose a bar where I work day and night and barely squeak by. I thought bar owners were rich and lived leisurely before I owned one. lol So that is a picture of the ignorant fool asking this question. I should also stress that my particular business has a pretty negative prognosis: a bar in a major city that survives on tourism and surrounding events more than it does on local residents will be hit particularly bad in all this. Are loans really wise for small businesses that were struggling pre-covid to take out given the uncertainty in all this? - We have no idea when this will end. - We have no idea how consumer sentiment will evolve over the next 30 days to a year. - Travel will be in turmoil until the virus ends regardless of any restrictions being lifted locally, which will affect other businesses. (Example: How do you plan a vacation, business meeting, or conference in France if you can't know if or when they may shut their borders down for another outbreak). This hits hospitality hard. - Some Americans aren't worried about the virus, but at least a percentage of Americans will have long-term psychological effects from the fear and uncertainty this event has generated. We have no way of finding out how wide or how deep that percentage is. If even 10-20% of Americans simply refuse to go on about life amidst a deadly virus, this would also affect businesses. My business couldn't afford to lose 10%-20% of its clientele over a long term while we're trying to catch up on previous debts, juggling loan forgiveness with what's not forgiven, etc. - There's also just the cold-hard fact of lost time and cashflow. I think most of us agree that we couldn't have afforded to shut down for 30 days or more and simply take out another loan to cover the time off. Yes, some of it will be forgiven, but some of it will not! I will still be making previously existing non-SBA loan payments, I still have to re-stock on inventory for re-opening, I still have to weather any unexpected slowdowns after a period of zero cashflow, I still have to pay for licenses and permits... Again, I know I'm pessimistic, I'm scared, I'm stupid, and everyone on the internet is smarter than me. But it seems like taking these loans is a high-risk gamble more than a strategy given all the uncertainty. If I take the PPP or an EIDL: What if my business has to close anyway due to the COVID-19 fallout? What happens then? [link] [comments]  |
| Posted: 31 Mar 2020 03:43 PM PDT I started this company in November. I had JUST started to make the smallest bit on income and then this happened. I made no money last year on this business and I can't claim unemployment because I quit my job in October to start this. I'm in SC and they just closed all essential businesses. There are no other employees or owners. It's just me. I'm a Vet if that helps. Can anyone point me to what I need to be doing/claiming? Any help is greatly appreciated. [link] [comments]  |
| Posted: 01 Apr 2020 01:22 AM PDT I am a small business owner with under 10 employees. Having to shut down has been hard, and was looking to get a loan. Where do I go? This would be my first time. Do I just go talk with my bank(Wells Fargo) or do I contact SBA? Does my bank contact them for me? [link] [comments]  |
| Posted: 01 Apr 2020 01:03 AM PDT Can those who are sole proprietors/self-employed, apply for both PPP and unemployment? [link] [comments]  |
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