NEW STIMULUS PLAN JUST PROPOSED FROM HOUSE small business |
- NEW STIMULUS PLAN JUST PROPOSED FROM HOUSE
- Seriously People - Check Out Partial Unemployment / Work Share
- COVID 19 effectively wiped out our company...virtually overnight!
- MBE Capital Partners? Legit?
- Covid pay increases
- Self Storage: 504 vs 7a and general due diligence questions
- Stand out you brand through Custom Mailer Boxes
- Join and grow your business:
- Credibly finally funded me after 14 calendar days
- What happened to $2,000 per month stimulus plan?
- The SECURE Act establishes a new tax credit of up to $500 per year to offset start-up costs for new SIMPLE IRA plans with an eligible automatic contribution arrangement (EACA), beginning in 2020.
- Cost effective ways to get a great app icon designed?
- How much can someone in CA be paid and still receive unemployment?
- Just got an email from Paypal/Loanbuilder
- SOS overwhelmed by forms and applications
- Pros and cons of opening a nonessential business NOW
- Showing a loss and applying for a mortgage
- Medical Services and COVID
- current economic uncertainty
- Have you ever been coached in business (or you are a coach)? I’m interested in learning what specific tactics great coaches use to track notes, goals, progress?
- Am I Still Able to Apply? Are there Any Alternatives?
- How to advertise my local lawn care service at 18?
- Just got funded through US Bank!
- Looking for small businesses trying to hold on or have decided to close
| NEW STIMULUS PLAN JUST PROPOSED FROM HOUSE Posted: 12 May 2020 11:59 AM PDT JUST IN: STIMULUS PLAN FEATURES: $1,200/person - one time payment $600/week unemployment extension until January Increase essential worker payment to $13/hour for 3 month Renter protection program from evictions for 12 month $10 billion for emergency grants to small businesses through the EIDL program [link] [comments]  |
| Seriously People - Check Out Partial Unemployment / Work Share Posted: 12 May 2020 05:31 PM PDT I've noticed that not a lot of people seem to know about partial unemployment. I don't know the details state by state, but look into the workshare program with the unemployment office in your state if you're still open but have reduced hours / pay. Our revenue has dropped about 90%, but we're paying staff part time with PPP loan and they are collecting partial unemployment, too (in our state you qualify for workshare if your hours are reduced even just 10%... and everyone who qualifies for $1 of UI gets the extra $600, so many employees are coming out quite a bit ahead with the additional $600 on top of a partial wage.). This feels a little bit like double dipping (although we couldn't pay employees more even if we wanted to, as we're using everything we got from the PPP since we've grown a lot in the last year), and I suppose there is some risk to the forgiveness of the PPP loan. But, seems like a pretty viable way to weather things for now. [link] [comments]  |
| COVID 19 effectively wiped out our company...virtually overnight! Posted: 12 May 2020 02:28 PM PDT After decades of education, hard labor, planning, and an entire life savings...COVID 19 effectively wiped out our company...virtually overnight! 3D Improvements LLC (sole proprietorship) was the lifelong dream of owner, Mr. Dawson. He poured countless hours, days, weeks, (hell, months and years) of his life into his creation. In 2016, he was finally able to see his efforts come to fruition! He built his OWN machine shop, which was really more of a garage, in his driveway and began acquiring used industrial machinery. Mr. Dawson literally depleted his own savings in order to start his company independently and not ask for any handouts or loans. He worked tirelessly rebuilding these old, mostly nonfunctional machines and by the end of 2017, he had a fully functional machine shop! We successfully completed several contracts with local companies, landing two major accounts! The company we received regular orders from closed it's doors temporarily in early March in response to Ohio Covid regulations. Our orders and revenue abruptly ceased! We felt great relief that the US Government was coming to the rescue of small businesses like 3D Improvements. I personally submitted an application for the EIDL loan in March, on the first day it opened on the SBA website. I then had to reapply in April when they changed the application format. After about a month and a half of waiting, we received a mysterious deposit of $2,000. We were hopeful that all businesses would be receiving the full $10,000 grant as some sources speculated. Either way, we were over the moon grateful for the deposit. This afternoon we received a gut wrenching email that stated we had been denied for the EIDL loan portion. There was no reason provided. They hadn't even taken the time or given our company the respect to submit a separate, formal email. The representative/lender simply replied to a previous email we sent to [disastercustomerservice@sba.gov](mailto:disastercustomerservice@sba.gov): "Thank you for contacting the U.S. Small Business Administration Customer Service Center regarding assistance related to the Coronavirus (COVID-19) Pandemic. After a thorough review of your application, we regret we were unable to approve your request for an Economic Injury Disaster Loan (EIDL). If you disagree with the decision made on your loan, you may request reconsideration, subject to the availability of funds." Instant devastation! I have requested to be given a written "reason for denial" as well as an opportunity to appeal the SBA's decision. We offered collateral for any loan awarded to us, even if it is less than $25,000. The company we depended upon for part orders, is still not fully operational and will not yet be purchasing from any outside sources. We have approvals (DLA, JCP, etc.) and staffing capabilities (currently not "employed" but quick access to skilled machinists) to bid on government contracts, however we now do not have the financial reserve to purchase the CNC we need to manufacture products to the quality level required by the U.S. government. We even have a small 3D printer and have considered assembling face masks to aid in PPE relief efforts. However, we can not afford the filament and materials that would be required to do this. We were actually contemplating spending our entire EIDG grant to purchase a Makerbot Replicator Z18 because there was one listed at such a great rate and doing so would allow us to supply at least the local community with face shield/masks and we could still utilize the 3D printer if we were ever able to open back up. Feeling pretty hopeless. Losing hope in the "American Dream" that we've all been sold our whole lives. To me, this proves that hard work and sacrifice does not prevail. Big business prevails. Any words of advice or encouragement would be appreciated. Has anyone heard of an SBA denial being overturned through appeal? Any secret sources of funding out there that we may have missed? We have tried SBA, PTAC, SCORE and SBDC without much luck. These organizations are terrific assets but they only seem to offer assistance with getting started, obtaining registrations and governments "numbers", etc. We have already done all of this on our own. At this point we just need to secure funding in order to jump start the shop, upgrade our machinery, pay a machinist, etc. Thank you for receiving the vent/rant. American small businesses have to stick together through this! I hope others out there are having better luck during this trying time. [link] [comments]  |
| Posted: 12 May 2020 10:37 PM PDT Just received an email from this company that they would be sending me the promissory note and ACH information within 48 hrs. I'm assuming this is the lender I've been waiting for my Lendio PPP loan. Has anyone else received this email? Had anyone used as a lender through Lendio? If so how did it go? Thanks [link] [comments]  |
| Posted: 12 May 2020 01:28 PM PDT How much did you give your employees? I have a couple small Optometry practices. I gave my Dr's a set extra sum and was thinking of $2-3/hour raise for my hourly employees for eight weeks. I was finally able to get my PPP Loan and want to make sure I use it correctly. A couple dollars an hour won't change anyone's lives, but I want them to know they are appreciated in these stressful times. [link] [comments]  |
| Self Storage: 504 vs 7a and general due diligence questions Posted: 12 May 2020 07:16 AM PDT Hey, I am in the process of purchasing a self-storage facility and looking to chat with someone who has experience in the field. All general due diligence questions, what to look out for etc. Also, for financing, I am leaning towards a 504 because I like the idea of only 10% down and fixed financing but can anyone opine on other options or drawbacks of this? Thanks! [link] [comments]  |
| Stand out you brand through Custom Mailer Boxes Posted: 13 May 2020 03:26 AM PDT This sounds unfathomable to individuals who have never worked with us yet the truth of the matter is that much of the time, after you furnish us with completed craftsmanship, we can make a printing plate for one of our custom mailer boxes and boat a total request inside about fourteen days. [link] [comments]  |
| Posted: 13 May 2020 02:52 AM PDT |
| Credibly finally funded me after 14 calendar days Posted: 13 May 2020 02:52 AM PDT 14 calendar days later and I can say that I woke up at around 3 am CT to use the bathroom (TMI lol), I figured might as well check my account and I guess I beat the alert from the bank because my PPP was sitting in there early this AM. I must say I am a bit shocked. My timeline with Credibly just in case there is a round 3 and someone decides to apply with them. All times are Central: 4/28 - Applied with Credibly around 9 am. 4/29 - Received email from Square at about 11:30 pm, which was 1 of 3 places I applied to for the PPP, the email stated I was denied because I was already approved at another lender. 5/1 - Saw on this forum that I could contact my local SBA to see who approved me, I did and they were some of the nicest hard working people and gave me a lot of details. Emailed SBA and they emailed me to call them at a specific line literally within 5 min. I called them around 4pm. I then called Credibly and confirmed they had my number but the guy told me that the department who handles that was way above his head and I would have to wait. (I understood that so I wasn't upset at all). 5/3 - Received an email from Credibly finally and surprisingly on a Sunday that they secured my SBA number. They stated they needed me submit documents based off of a kinda confusing (in my opinion) spreadsheet. I had to submit voided check, business license, schedule c, and info explaining how I pay myself, and a document excel sheet that Credibly sent. I felt and still feel like this should have either been done before the loan was extended through Credibly or at the very least that they would need this so we had time to get all the paperwork together that they required. Apparently this has happened to everyone who applied. They stated within the email that if you dont have all the paperwork you will not get funded... Period... I got the email around 11:30am and I emailed them back around 7pm with all documents attached. 5/4 - Received another mass email at about 12pm that they needed all those same documents again and to make sure they were all named exactly as outlined on the spreadsheet. I know for a fact I had already followed these directions the first time that was part of the reason it took me 8 hours to send it to them the day before but I resent it without fail on 5/4 around 1pm. 5/7 - Received an email at 11:15am explaining that they were getting help from a company called Liberty to underwrite the loans. Said to look out for an email from Liberty that might ask for more documents. 5/9 - Received an email at 12:30pm reminding me to look out for email from Liberty that might ask for more documents. 5/11 - Around 5pm I received a Promissory Note to Docusign from Liberty and I promptly signed that, it had my due dates and had me input my bank info for payments within it. 5/13 - 3am funded... This was a long draining process full of ups and downs. wanted to post this to show that Credibly has a lot of bad reviews because of this, I also was very frustrated because I called them on 5/4ish, left a message and never got a call back. I sent them about 3 emails, on 5/6, 5/10, and the morning of 5/11 and received literally no response back. I grew impatient because I felt the communication could have been better since they decided to no longer answer phone calls, voicemail boxes were full, and there was no other way to reach them. I didn't even know they accepted all the paperwork I sent in on 5/3 until I got the promissory note on 5/11. I feel like better communication could have led to less bad reviews that I have seen that they have now. At the end of the day I can say they do not appear to be scam or anything, just slow and probably understaffed and drained. They probably wanted to make money (like all of us) and bit off more than they can chew with the PPP process, this is all speculation and opinion on my part. If you have any questions feel free to ask. Thanks! [link] [comments]  |
| What happened to $2,000 per month stimulus plan? Posted: 12 May 2020 07:16 PM PDT That bill is actually still in Senate and might be implemented in some form by the Republicans going into next week as the current proposed Heroes Act aka Second Stimulus Plan gets approved by House this Friday. Keep in mind that in the meeting with Congress, the Federal Reserve that prints money told Democrats and Republicans to quote "GO BIG" in next stimulus plan. Trump also indicated when asked that next stimulus plan will be between $3 - $6 Trillion dollars meaning that Senate has the power to add onto the bill. Trump also said that Payroll tax removal was an absolute must on net Stimulus Plan which we did not see in this current bill introduced by the Democrats and before the Elections, there's every chance Republicans will add on top of current bill. [link] [comments]  |
| Posted: 12 May 2020 08:31 PM PDT Anyone know how this works? I am a sole proprietor LLC w/ no employees, rather than making contributions to my IRA -- if I set up a SIMPLE IRA I'll get a $500 tax credit for 3 years? Am I misunderstanding how this works? [link] [comments]  |
| Cost effective ways to get a great app icon designed? Posted: 13 May 2020 02:23 AM PDT I'm looking for something unique for my branding that could be on an our app. Is it going to cost an arm and a leg to get this one image done? I've once paid $3,000 to someone who I liked their aesthetic and we spent hours trying to get the right result but I just didn't work so we stopped and I lost a lot of money. Any advice on how to find out other than their portfolio how likely it is for the designer to create a good logo for your business without investing a ton? [link] [comments]  |
| How much can someone in CA be paid and still receive unemployment? Posted: 12 May 2020 10:14 PM PDT With all the talk of employees making more on unemployment than regular pay, is there a certain amount that each employee can work without reducing their unemployment income? It seems like this might be a good way to slowly bring staff back, maybe even allowing opposite shifts for better distancing. Just wondering. [link] [comments]  |
| Just got an email from Paypal/Loanbuilder Posted: 12 May 2020 07:56 PM PDT Just got this email below..I didn't submit a request to cancel the loan. I already used some of it already for Payroll, should I be concerned? PLEASE DO NOT REPLY TO THIS EMAIL – INCOMING MESSAGES WILL NOT BE RESPONDED TO Hello XXXXXXX – This email is in response to a request to cancel your PayPal Paycheck Protection Program Loan. If you wish to cancel, you will need to return the funds to PayPal via wire transfer within 10 days. Upon timely receipt of the full principal balance of $X,XXX.00, we will take the necessary steps to rescind your loan. From the time you've sent the wire, please allow at least 5 business days for us to receive the funds and post the updated balance to your account, at which time you will notice the changes reflect on your loan upon logging into the loan portal. For your reference, payment wire instructions are listed below. Bank Name: Silicon Valley Bank Bank Address: 3003 Tasman Drive Santa Clara CA 95054 Routing Number: 121140399 Beneficiary Account Number: 3301511848 Beneficiary: Swift Financial Mailing Address: 3505 Silverside Rd Suite 200 Wilmington DE 19810 Sincerely, The PayPal Business Financing Solutions Team [link] [comments]  |
| SOS overwhelmed by forms and applications Posted: 13 May 2020 12:03 AM PDT I'm on mobile so forgive me. I'm in the process of starting an online boutique (yes I know a saturated market, but I do have a plan!) I have filed for my EIN and my local business tax forms (which from what I understand is my wholesale permit?). After reading what seems like every advice column, I just now saw that DBA is also something I'll have to file, but hasn't been mentioned like the previous two. Is there anything else I'm missing? All the jargon and name changes are starting to get very confusing, so if I can get a "for dummies" rundown that would be fantastic, bonus if you're in Tennessee. [link] [comments]  |
| Pros and cons of opening a nonessential business NOW Posted: 12 May 2020 04:23 PM PDT I own a niche retail / general merchandise/ gift store in PA. Our county is technically not open although local sheriff has made it clear they are not enforcing any form of lockdown orders We are located in a beautiful outdoor area, always have people around including now because even during lock down people need to get out, get fresh air exercise etc. We have reports that many of the people out and about at this time are inquiring when store will open, sending us lot of msgs and emails etc. Spring and summer are some of our busiest times. So I'm thinking about opening shop. With social distancing guidance in place, PPE for staff, etc. The crowds walking around the store have increased significantly in past couple weeks. Even if I do 10% of the business as a regular spring / summer month it pays our very expensive rent and some overhead. 10-15% sales seems to be very doable based on observed foot traffic. My feeling is that both the mask wearers and the anti mask people are generally tired of complete shut down and taking advantage of the good weather to get outside - I want to take advantage of that as much as I can by managing the risk. I'm looking to see what my peers think: open to hear both sides of the argument hope commenters can keep is respectful:) [link] [comments]  |
| Showing a loss and applying for a mortgage Posted: 12 May 2020 04:19 PM PDT I started a new company last year...we had high startup costs..heavy equipment...i couldnt deduct all this year so accountant says ill apply to next year With mortgage rates so low Id like to buy some property....does anyone know how that works when you show a loss for the last year? [link] [comments]  |
| Posted: 12 May 2020 10:48 PM PDT Covid-19 has significantly changed our business and we're not sure about approaching rehiring PPP Rehire So I like almost every other small business owner have found myself in quite the pickle over the way the PPP program is playing out. I have a small business with 4 "full time" (our work is very variable where there may be certain weeks in which employees may have to work more than 40 hours and others were they may not have 40 hours of work a week) employees (myself and my wife included). We initially applied for the PPP but the funds ran out during the time window of our initial application (even though we thought we got in relatively early) and as a result I informed our two other employees that it would be best that they go on unemployment, although as a result of this they ended up missing out on two entire paychecks (biweekly) that they were not able to certify for with UI. Our PPP loan (around 20-30k) was approved relatively recently for 2.5 months of our payroll including these employees. Me and my wife have still not drawn any of these funds even though we went the entire month of April with no pay. The line of work we are in is very unique and although "essential" deals with elective medical procedures that have been stopped (i.e. slowed to the point where it's feasible for one person to do the work). Our CPA has told us that for forgiveness we need to hire ALL of our employees back, although I don't know if this factors in any sort of partial forgiveness. The pay schedule provided by my CPA also has an around $5000-6000 surplus which they have indicated can be used for payroll or rents/utilities (we don't really have these as we own our office and most work is done off site). I have been going over the following scenarios and was wondering if they fit along the guidelines of what would be acceptable to the SBA regarding the PPP loan. (As a caveat none of the employees including myself and my spouse make more than 100k per year) Scenario #1: I rehire my furloughed employees by June 30th and spend my loan on pay for me and my spouse If I can rehire my furloughed or laid off employee by June 30th and spend the PPP loan on payroll for myself and my spouse that includes increased pay to make up for our missed wages in April and also includes raises due to our increased workload (due to reduced workforce).For us to even spend all of the funds would involve some sort of raise or backdated pay. This would also allow our employees to collect the $600 additional weekly (to make up for some of their lost pay). If me and my spouses pay is equal to the entirety of our PPP loan over this period, would the entire loan still be forgiven? Scenario #2: I rehire my employees immediately and give them raises If I recall my employees sooner but increase their pay in an equitable way (i.e. temporary raises) that disperses our PPP loan (including the extra funds from having no payroll expense in April), would that be allowed under the terms of the PPP if our number of full time employees as a result is equal to our pre COVID-19 amount? Scenario #3: I rehire none of my previous employees before June 30th If I rehire none of my previously hired employees (i.e. 50% of my workforce pre COVID-19) and increase myself and my spouses pay (to the amount of our PPP loan) due to the increased workload then only 50% of our "spent" (this is another point of confusion for us, is the amount forgiven based on amount used or amount initially granted?) PPP funds would have to be returned? Is this not a better scenario for us then not rehiring and only taking our pre COVID-19 pay? Ex. If our PPP loan is for ~25k and we have to pay 50% back, wouldn't it make sense to pay ourselves with the loan and then pay whatever is due back compared to paying ourselves 50% of the loan (our normal wages), returning the unused portion and then having only 50% of our used amount forgiven? I know this is a confusing time for all small business owners but I am just trying to figure what is the appropriate way to seek relief in an equitable way for myself and my employees when the government is trying to create a program to provide such relief but is being extremely vague about its guidelines. I earnestly hope no one misconstrues my inquiry as one trying to gain advantage from this situation; rather I am trying to balance this program and its relief with the best interests of myself and my employees. I do not wish to recall my employees when they are making more taking UI then when they were working (especially if those extra benefits may be extended, HEROES ACT, etc.), if it means I can atleast draw my pay during this window (even if it means having to reevaluate a little further down the line) Am I at least correct in assuming the worst case scenario would be having to repay the entirety of loan I have yet to spend? [link] [comments]  |
| Posted: 12 May 2020 10:43 PM PDT What does this phrase mean in regards to applying for the Paycheck Protection loan? "current economic uncertainty makes this loan request necessary to support the ongoing operations." Does this mean you have to be close to bankruptcy, does it mean you have seen any loss in normal revenue? Please explain? [link] [comments]  |
| Posted: 12 May 2020 02:07 PM PDT A lot of coaches seem to get by with just talking, which is fine, but I'd like to find something a bit more structured than that. Any insights would be appreciated. [link] [comments]  |
| Am I Still Able to Apply? Are there Any Alternatives? Posted: 12 May 2020 05:16 PM PDT I applied for EIDL exactly 1 month ago today, yet have not received any e-mail back from the site portal. But, I'm also trying to apply for PPP at the moment, as my last application did not work as I forgot to add proof to the application, and when some person called on behalf of SBA, they suggested I make a new application. The issue was, I applied with Chase Bank, and they quickly shut down the acceptance of new applications a few weeks ago. Is there anything I can do at the moment? The business is a cosmetology/nail salon in NYC, and I fear that I may have to close up the business soon regardless, due to the crisis, but I'd still like to be able to pay rent... Thanks! [link] [comments]  |
| How to advertise my local lawn care service at 18? Posted: 12 May 2020 02:47 PM PDT So I'm trying to earn some more money to help pay for my college along with working at another place and was wondering how I should advertise my small service? I'm willing to drive a little bit but don't want to drive more than 4 miles away. I live in the suburbs and have put around fliers on most of the houses near me. What else do I need to do to get my first few clients? Also, should I do more services than just mowing, edging, dog poop clean-up, and maybe weeding? [link] [comments]  |
| Just got funded through US Bank! Posted: 12 May 2020 02:40 PM PDT Yay after 1 week of seeing the same processing screen on their portal, and thought they would never let me sign, let alone fund, but they did fund on same day after signing! [link] [comments]  |
| Looking for small businesses trying to hold on or have decided to close Posted: 12 May 2020 07:35 AM PDT Hello All -- I am a reporter for Texas Public Radio and am looking to chart the progress of small/micro businesses in the country during this downturn. Especially interested in companies that have less than 10 ppl, but not a must. Reach out if you want to talk. If you have decided to close down permanently, I am interested as well. You can reach me at [paul at tpr dot org](mailto:paul@tpr.org). [link] [comments]  |
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