In anticipation of the "up-to $10,000" grants not actually being $10,000, I made an appeal document that you can steal. small business |
- In anticipation of the "up-to $10,000" grants not actually being $10,000, I made an appeal document that you can steal.
- My boss did it. Lay-off prank.
- PSA: Nobody Knows What's Going On w/ EIDL Grants, Least Of All The SBA
- PSA: Board up your business!
- The PPP SBA forgivable loan to preserve jobs seems unclear on who gets the loan in situation where one company pays independent contractor regularly. Or can both claim it (double dipping- which seem unlikely?)
- Many free courses at Udemy right now during crisis. Great time to upskill.
- Help -> Cares Act - Sole Proprietor with negative Net Income
- PPP and LLC Small Businesses whose members take disbursements and not a Salary
- Cancelling / Pausing Comcast business
- My Spreadsheet for keeping Track of the Care Act & EIDL Nitty Gritty Details
- Has anyone received the 10k EIDL grant yet?
- Still no response.
- Calculating FTE (Full Time Equivalents) for Paychecks Protection Program
- Is your company helping SMEs to survive this crisis somehow?
- Any $$$$ from advance yet?
- SBA EIDL knowns and unknowns
- Pandemic Unemployment Compensation if "Underemployed"?
- Question on PPP Application
- Kabbage, a popular line of credit provider for small businesses has halted all loans until further notice. This is going to have a huge negative impact on the thousands of small businesses that use those lines regularly!
- Landing page feedback
- Do I qualify, as a sole-prop, if I had potential sales and contracts put on hold and no one in my market is buying right now?
- Good lender to get a business loan with real estate as a collateral
- Been trying to help small businesses maneuver their social media posting.
- Do I qualify, as a sole-prop, if I had potential sales and contracts put on hold and no one in my market is buying right now?
| Posted: 01 Apr 2020 07:49 PM PDT I'm going to preface this by saying NOBODY has gotten their money yet. This is a tool you can use for when the SBA starts depositing funds. It turns out when you begin pushing $10 billion dollars into the hands of small businesses, a lot of miscommunication can happen. I recently wrote a Reddit post about how the SBA has no idea what they're doing, and as of right now, it's still looking that way. With that being said, there's been a lot of discussion about the "up to" in the verbage of all of the marketing materials. Now, according to the bill itself, all it says is the advance can be "no more" than $10,000. Theoretically, this does mean they can put a cap on the amount of money they give you. However, we both know that $3,500 isn't going to solve anything right now, so IF they start handing out funds under $10,000, it's up to you to appeal it - nobody is going to do it for you. I've written a free, no strings attached guide that I'm planning to use if they start skimming off my grant - you should use it, too. It features, direct, word-for-word examples of 2 times senators referred to it as a "$10,000 grant/advance", and 5 times the SBA themselves referred to it as a "$10,000 grant/advance", with an additional 300-or-so references to government/partner entities referring to it as such. The aim of my appeals letter is to claim that:
I'm not saying this will work 100%, but it's worth a try. You can access it here, just change the stuff that's highlighted in yellow: https://docs.google.com/document/d/1ufHwpvlYtkIRIWvA1oRUBNvMTqZrMA8ciXlmTrh1kPs/edit?usp=sharing Keep checking your bank accounts and don't cough on things. [link] [comments]  |
| My boss did it. Lay-off prank. Posted: 01 Apr 2020 10:39 AM PDT "You're all laid off..." ... ... 10 minutes later, "April fools." Ugh. [link] [comments]  |
| PSA: Nobody Knows What's Going On w/ EIDL Grants, Least Of All The SBA Posted: 01 Apr 2020 01:59 PM PDT Update: I wrote an appeals letter in anticipation of grant/advances smaller than $10,000. Check it out here. Hi! Like a lot of you, I've been patiently waiting for my up-to $10,000 advance so I can From that group of five SBA reps:
When questioned about how much the grant is:
There's a lot of information, misinformation, rumors, and speculation going around - don't fall prey to it. If the people working at the SBA don't even know what's going, your local barber in your small business Facebook group sure as shit doesn't. Keep checking your bank accounts and don't cough on things. [link] [comments]  |
| Posted: 01 Apr 2020 12:01 PM PDT Crime is going to be getting even worse through the pandemic. If not being able to open wasn't bad enough, We just got cleaned out. The person was gone within the normal criminal time (less than police response time) but the alarm didn't go off. Even for as short as it was, the thief was able to take most of or most valuable inventory. Police weren't notified until 2h later when a neighbor saw it. They could have even taken the doors with them. Don't just be content with being closed. Barricade any possible breach point. Don't end up in my situation. Alarms can fail. Some people is going to be desperate. [link] [comments]  |
| Posted: 02 Apr 2020 03:31 AM PDT I'm pretty sure they didn't intend for both the "employer", or should I say "paying entity/company" and the 1099 "employee/independent contractor" that does work for the paying entity, to receive the forgivable loan for the same prior years work calculation? In the 800 page document (the actual Bill I believe) it seems unclear. I tried various search terms "deductible", "1099" etc. I thought it might limit it by saying "if one deducted payments to the other..." but no luck. Here are the two items I found. "IN GENERAL.—During the covered period, individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible to receive a covered loan. But also this: "CONSIDERATIONS.—In evaluating the eligibility of a borrower for a covered loan with the terms described in this paragraph, a lender shall consider whether the borrower was in operation on February 15, 2020; and had employees for whom the borrower paid salaries and payroll taxes; or paid independent contractors, as reported on a form 1099–MISC. Actual bill is here: https://files.taxfoundation.org/20200325223111/FINAL-FINAL-CARES-ACT.pdf [link] [comments]  |
| Many free courses at Udemy right now during crisis. Great time to upskill. Posted: 01 Apr 2020 02:28 PM PDT https://www.udemy.com/courses/free/ You can sort by interest. The tech/webdev area has a bunch of courses, for example. I think many of them are always free, but is is organized as a COVID-19 resource page. [link] [comments]  |
| Help -> Cares Act - Sole Proprietor with negative Net Income Posted: 01 Apr 2020 07:47 PM PDT Hi, I (F/34) am a sole proprietor who has a negative net income (~6K) on my previous tax return. I am in need of payroll protection, however, I am unsure how to calculate my monthly income based on my net income when it is negative. Context: Income ~$12,000 and Expenses ~$18000. Do I qualify for PPP? How do I calculate my payroll based on my income and expenses? Thanks in advance [link] [comments]  |
| PPP and LLC Small Businesses whose members take disbursements and not a Salary Posted: 02 Apr 2020 04:18 AM PDT Hi All- No one that i have spoken with knows the answer to this question yet. I have a staff of 13 fulltime employeees plus myself(owner and managing member of the llc). I am the only one that doesn't get paycheck as I take disbursements each week and give myself a 10-99 at the end of the year. Should my $ amount be included in the payroll cost? What is everyone else doing? [link] [comments]  |
| Cancelling / Pausing Comcast business Posted: 01 Apr 2020 09:46 PM PDT Has anyone successfully shut down their Comcast business internet due to covid related shutdowns? We are not using it so I'd like to stop paying I've heard that they charge you for 2 months if you want to cancel. [link] [comments]  |
| My Spreadsheet for keeping Track of the Care Act & EIDL Nitty Gritty Details Posted: 01 Apr 2020 09:56 AM PDT Hi all, So like many others I was getting increasingly confused with all the nuances of the details of each different program made available to small business for the following: Economic Injury Disaster Loans (EIDL) EIDL Emergency Grant (up to $10,000) Paycheck Protection Program (PPP) Enhanced Debt Relief SBA Express Bridge Loans So I spent half the night researching everything and pulling from multiple sources and put together a spreadsheet that I am happy to share with my fellow small businesses: Spreadsheet https://docs.google.com/spreadsheets/d/1oeQMx0VDQo_1RRMyLdzHtjBPYMemyqdr2QiDmAqX0IQ/edit#gid=0 My YouTube Explainer Video I did this morning: Disclaimer: Do your own due diligence and don't rely solely on the information that I have put out. I am not an expert on this and I am not a lawyer. Keep in mind things are changing too as they put out new guidelines. My goal is to create a resource in one place that others can help contribute to that I will frequently update now that I have a whole bunch of time on my hands from the business not running at 100% I am not trying to be an expert here, but I am putting down basic details in one place. If you can help me with any other details that can be added to the sheet, please drop a comment below and try to site reference if you can so we can try to be as accurate as possible. If I made a mistake anywhere, let me know that too. -Jeff [link] [comments]  |
| Has anyone received the 10k EIDL grant yet? Posted: 01 Apr 2020 10:44 AM PDT I applied for EIDL March 24 and requested the grant March 30. Tomorrow will be 3 days from the request. I know I'm jumping the gun, but I figure they have to at least be processing some of the early applicant payments. Would be nice to get some positive news. [link] [comments]  |
| Posted: 01 Apr 2020 11:44 PM PDT I applied 2 weeks ago multiple times since the disaster loan came up. Still no response till this day. My family business is already down 250k officially for March. We are projected to lose 1.9 million by August at this rate. I don't care about the grant. I have 50 pages of documentation ready to apply for the max loan amount of 2 million. I applied when the website was the older version where you just uploaded documents and gave an email (never got a confirmation). I then applied by emailing them with the documentation ( no confirmation) I applied with the new streamlined application 3 days ago and got a confirmation #. FINALLY! I guess? Customer service wait time, 4 hours...they can't do nothing besides just tell you that you have to wait for a loan officer to contact you. I am posting here because we sincerely need the help. If anyone out there is an SBA loan officer, or has been in contact with one; please is there anyway you can connect us with them or let them know about me? I wish I could get in direct contact with one. It's clear this is gonna take a few weeks- months for them to get stuff churning at that organization. We are not gonna make it to the end of April. I feel like I'm on a stranded island here. This is so stressful. [link] [comments]  |
| Calculating FTE (Full Time Equivalents) for Paychecks Protection Program Posted: 02 Apr 2020 03:00 AM PDT 1) How exactly is FTE calculate for a business who has a smattering of workers hitting different hours each pay period? I did a sum of total hours between 2/15/19-6/30/19 (7799) then divided by the amount of pay periods in that range of dates (11/biweekly) to come to an average hours worked per pay period of 709. Then I divided 709/60 (60 = 30x2 for 2 weeks in a pay period) to get 11.81 FTE. Is this the correct way to figure it out? Or is it necessary to seperate all people who are above (or average above) 30 hours and make them each 1 FTE and do that same math for only people who dont average above 30 hours/week? 2) How is the SBA or their approved lender going to verify FTE's during the covered period or the loopback period? This seems complex. [link] [comments]  |
| Is your company helping SMEs to survive this crisis somehow? Posted: 02 Apr 2020 02:56 AM PDT Google made Hangouts advanced features free and available to anyone. Facebook announced cash grants and ads credits. Enterprise League also unrolled free access to their premium features for new members. Some businesses pledged to donate a percentage of their profits to charities etc. How are you helping businesses stay alive amid the lockdown? [link] [comments]  |
| Posted: 02 Apr 2020 02:33 AM PDT Not nothing here. I applied Sunday # 33xxx26xxx And I ain't heard jack SQUAT!! [link] [comments]  |
| Posted: 01 Apr 2020 05:31 PM PDT I'd love to disabuse the good people of this subreddit of the myths and misconceptions regarding the SBA disaster loan for the coronavirus declaration. I see more instances of wrong info on here than I could ever hope to address. As a lowly csr I will do my best to answer questions in this thread, and you don't have to wait 2+ hrs on the phone to get to me [link] [comments]  |
| Pandemic Unemployment Compensation if "Underemployed"? Posted: 01 Apr 2020 12:39 PM PDT Does anyone know if employees are eligible for the $600 Pandemic Unemployment Compensation if their status is underemployed? Right now it's possible to get approved for unemployment benefits if a person is working less than their full time hours. I might have employees work one shift a week, but I wouldn't want to jeopardize their ability to get that $600. Thanks in advance. [link] [comments]  |
| Posted: 02 Apr 2020 01:37 AM PDT For the FYI information on the bottom of the app, under "Instructions for completing this form:" What exactly does this mean?: For purposes of calculating "Average Monthly Payroll", most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. Excluding costs over $100,000 on an annualized basis for each employee? [link] [comments]  |
| Posted: 01 Apr 2020 10:52 AM PDT Imagine it... You're a small business with a pre-approved $30k line that you've been regularly using and repaying over the past few years. All of a sudden, even if the balance was $0, you have no more access to credit. Business is going to be hurt hard by this. [link] [comments]  |
| Posted: 02 Apr 2020 01:13 AM PDT Hey all 👋 Thanks! [link] [comments]  |
| Posted: 02 Apr 2020 01:12 AM PDT Sole Prop - 4 Contractors - 2 Bizz Contracts Stalled - Still have 2 clients - But Cant do any sales and ended a major client contract like 5 months ago. Also, I recently put on a personal Art show that had to shut down 2 months early essentially wiping out any new chances of selling my pieces. Do I qualify for anything? I am having a super hard time navigating this stuff. [link] [comments]  |
| Good lender to get a business loan with real estate as a collateral Posted: 02 Apr 2020 01:05 AM PDT Hi ! During these hard times and when my other options fell through, I'm looking to secure a loan with a rental house as a collateral. I don't have any mortgage on it, but not able to get an equity on it (because of not enough cash in the bank). Can anybody recommend me a lender that can give out a business loan with the house as a collateral ? If it makes a difference, then business and house are both in Ohio. And I'm looking for something with quicker turn around than SBA. Thanks, Anton [link] [comments]  |
| Been trying to help small businesses maneuver their social media posting. Posted: 02 Apr 2020 12:56 AM PDT Since the lockdown, I've seen many marketers or business-owners scratching their heads regarding either should we post on social media or what should we post on social media keeping the current scenario in mind. Also, most content calendars have been shelved or social media posting has ceased. To make lives easier, I've started a social media content series on my LinkedIn. It's easy to keep a tab - just follow #BeatTheVirus or my profile on LinkedIn and voila! You've got your content issues sorted! What's in it for me?
If this is something you are interested in, then follow the hashtag NOW! [link] [comments]  |
| Posted: 02 Apr 2020 12:51 AM PDT Sole Prop - 4 Contractors - 2 Bizz Contracts Stalled - Still have 2 clients - But Cant do any sales and ended a major client contract like 5 months ago. Also, I recently put on a personal Art show that had to shut down 2 months early essentially wiping out any new chances of selling my pieces. Do I qualify for anything? I am having a super hard time navigating this stuff. [link] [comments]  |
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