Thank You cue 378, sba leaky and everyone else small business |
- Thank You cue 378, sba leaky and everyone else
- Using CRM on public wifi? (Homeless)
- PSA: Your good news and critical information belong in /r/smallbusinessnews. Our main function is questions and non-questions may be removed.
- Thank you all
- Portal email at 5:55am today!!!
- Huge shout out to Square!!! F*CK Chase
- 3/31 - App 3008xxxxx - EIDL fully funded
- EIDL is gone, no more new applications, received the SBA letter.
- Where are you 'parking' your EIDL loan funds?
- I've decided to exit my small business, and trying to decide the next steps with an employee who wants to take it over
- Received EIDL grant after PPP funding. I'm confused on forgiveness of both.
- Pool business finally got portal link
- A good thing I didn’t count on Chase for my PPP.
- Canon ImageRUNNER 2200 in 2020
- Basic EIDL questions and advice
- Marketing advice: how to get feedback and first clients
- Healthcare workers discounts
- Type of shipping package
- H.O.A Condo Association, chapped my arse!
- Truck company/owner operator
- Very new small biz: Looking for an adequate software to manage sales, inventory...
- Government Forcing a Business to Close - Same as 5th Amendment Eminent Domain?
- Ready Capital PPP loan My saga
- EIDL Collateral question
- PPP Funded!!! Finally!
| Thank You cue 378, sba leaky and everyone else Posted: 06 May 2020 07:53 PM PDT I just created reddit account, to say thank you & give my EIDL time line. I have been reading posts for 5 weeks now. Reddit forum is very helpful, way more than calling SBA or any other sites. Sole Prop in N.C. with only 1099 employees Insurance Agency - Revenues 2019 little over 600K Personal credit scores - Transunion = 701 Experian = 691 Business credit scores - Experian = 76, FICO = 177 and D&B = 80. Both my Bus. & Pers. were pulled by SBA, Personal twice. Never received grant, no idea why, not even $1,000 3/18 - Long form 20000XXX App # 4/1 - Short form 330002XXX App # 4/19 - Created portal verified identity, banking, took max offered $269K 5/5 - Signed clos. docs. & caweb page states disbursed/current 5/6 - funds not yet deposited, hopefully tmrw, it's only been 26 hours since I signed closing docs. I just wanted to say THANKS to everyone especially cue378 and sba leaky, although haven't seen him post in days. For me personally, everything you two posted, I can say turned out to be 100% Accurate and was invaluable information that you provided me & others the last 5 weeks. Please do not pay attention to the individuals who say your fake or anything negative. I assure you they are a small percentage of folks, compared to all of the individuals who truly appreciate you keeping us informed, especially cue378 even after you were funded. Not many people would continue to offer support after they got funded. A lot of people read these posts that haven't even joined Reddit. I only signed up today to say thanks. [link] [comments]  |
| Using CRM on public wifi? (Homeless) Posted: 06 May 2020 08:26 AM PDT Hello. I am newly homeless. This is only temporarily until I can get an apartment. I will be living in my company van. Will I be okay logging into my CRM on wifi in coffee shops/starbucks/etc.? Also, any files or documents I should save on my computer while I still have access to my private (home) wifi? I will be homeless by the end of the week. Thanks. Failure of my business is not an option. [link] [comments]  |
| Posted: 07 May 2020 12:12 AM PDT Hi All The coronavirus disaster and business shutdown have driven traffic here up tremendously as people try to find answers to keep themselves afloat. Answering small business questions is our main purpose and I think it always will be. With new traffic has come a flood of people interested in posting news stories, political activism, chatting and otherwise posting to a big audience because there is a big audience. To handle real issues of concern to small business - news, reports of sucess, failure and everything else except questions we started /r/smallbusinessnews, our sister sub. If your post was not a question about small business and was removed it is not because we don't want to hear from you. We just can't move your post to the right place. Popular posts in this sub can overwhelm and drive off the small business questions which are our mission. The next few years are likely to be very tough for small business. We hope to continue to focus on helping individual small businesses survive and succeed. Please help us by accepting our mission, posting news to /r/smallbusinessnews and questions only to /r/smallbusiness. [link] [comments]  |
| Posted: 06 May 2020 02:33 PM PDT I have finally gotten some funds coming in from all that I'm eligible for. EIDL was denied but I've recieved both my stimulus check and qualified for PUA. I want to thank you all for the information, resources and struggle comrodary. I, as many others, have spent countless hours scrolling, reading and replying. I am gonna take a break from scrolling. I'm praying that the money your small business deserves comes sooner than later. Be safe and know someone, somewhere is praying for you to win. Edited to add: I was told by a Tier 4 rep at SBA that I was denied for loan portion of loan due to credit. He said the reason I didn't get the 1k grant per employee waa because I put 0 for employees. He provided me with the wording and contact info to appeal as he said I should have atleaat qualified for the grant. [link] [comments]  |
| Portal email at 5:55am today!!! Posted: 07 May 2020 04:12 AM PDT I woke up to my portal email this morning. I ran to my computer to log in while it was still early. App#3300062xxx 3/30 short form Credit pulled 4/13 Advance 4/15 This reddit community has kept me somewhat sane for the last 36 days. You guys have kept me more informed than SBA themselves. Good luck to everyone and I think we are starting to climb out of the black hole!!!!! It took long enough but it is finally happening. I know many of us are feeling hopeless but as small business owners, we have been through so much to grow our business so we are all strong and we can survive this. I feel if the shutdown cannot knock me down then going forward nothing can and we will all get through this. Good luck everyone!!! [link] [comments]  |
| Huge shout out to Square!!! F*CK Chase Posted: 07 May 2020 12:05 AM PDT I applied with Chase the minute I got the email which was Round 1... around the first week of April. Got all the automated messages. Got to stage 4...... And nothing. Got an email early today saying my loan was declined "due to exceeded SBA bla bla bla" Applied with Square (our POS, mobile site, payroll etc). They did all the docs for me. Square came thru today with an approval and a message "Your funds are on the way". Amazing process, kept me updated and not hanging. To top it off, I applied with PayPal, painless and they also communicated. However, they came in at 14k less than Square. Square has also been waiving all of my fees since March. They automatically sent out refunds and are not charging for their services. Very grateful for Square and this community. If it wasn't for the posts here, I would have put all my eggs in the Chase basket..... and lost. I'll be closing all of my accounts with Chase once my funds clear. I have been using Chase for personal and business accounts for well over 10 years. They failed me. Good luck to all of you, and thank you all for the awesome information. [link] [comments]  |
| 3/31 - App 3008xxxxx - EIDL fully funded Posted: 07 May 2020 02:15 AM PDT Hey guys, much like everyone I checked this site about every 15 mins for the last 5 weeks. Saw others getting approved while my app seemed "stuck". Well on Monday I woke up to my portal email and tonight the money was deposited in my account. Sole-Prop Long form: 3/18 Credit check: 3/24 Short form: 3/31 Credit check: 4/12 Portal email: 5/4 Approved:5/5 Closing docs: 5/5 Funded: 5/7 I want to say that I had two big issues on my app. My bank info was wrong (which led to my business not being able to be verified) and my COGS was wrong. That clearly put me in the mud. Once those things where fixed (someone called me) things happened quick. I also received both generic emails. No grant though. Best of luck! [link] [comments]  |
| EIDL is gone, no more new applications, received the SBA letter. Posted: 06 May 2020 07:01 PM PDT Just received the SBA letter, the new applications are for agricultural business only. This is so unfair, a lot of small businesses missed. "Dear Applicant, You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) and EIDL Advance application will not be considered at this time. As of May 4, 2020, new applications will only be accepted from Agricultural Businesses due to the availability of appropriations and the unprecedented number of applications SBA has already received for the EIDL COVID-19 program. We recognize the challenges your business is facing due to the massive disruption caused by the COVID-19 pandemic and will try to assist in other ways. Information on other SBA resources that can support your business during these times, including the Paycheck Protection Program, may be found online at www.sba.gov/coronavirus. We thank you for your understanding. " [link] [comments]  |
| Where are you 'parking' your EIDL loan funds? Posted: 06 May 2020 04:21 PM PDT We were fortunate enough to be approved late last night for the EIDL. CAFS shows the loan as being "Dispursed Current" which I'm assuming means that we'll be funding tonight/tomorrow. I'm trying to plan where to put the funds. I get that it has to go into a business account (will open a new one for these funds specifically once received). But it absolutely KILLS me to have such a sizable amount sit in an non-interest bearing account. Has anyone explored alternatives to the basic business checking account? Any insight greatly appreciated. **Edited to add that our loan is for substantially more that 150K...right below 500K (was Gross profit - cogs / 2). We were "obligating" prior to the newly implemented cap on loans. For those of you who are curious:
Fun Fact - Business Credit was pulled 4/18, 4/19, 4/21, 4/22, 5/2. Personal pulled 4/21. [link] [comments]  |
| Posted: 06 May 2020 09:42 PM PDT Small low voltage electrical business focused on home and business technology system sales, design, and installation (theater, boardroom, "smart home", phone and data, etc.) I employ 4-6 people depending on the season and workload. S-corp, I am 100% owner. Right before the pandemic, we were down to me plus 3 techs; my office manager had quit about a month before. I have been thinking about exiting the business for a LONG time. It's not an industry I ever set out to be in. I backed in to it and learned as I went. As the years have rolled on I have been wanting to do it less and less, and have been on and off seriously considering options. I've kept on both from simple momentum, my loyalty to my employees, and worry that I'll miss the "freedom" of being my own boss. Quotes added because freedom for a small service business owner is often freedom in name only. Cutting to the chase, I've already talked with my longest-tenured employee/lead tech/right hand man about this, and he wants to take over the business. Being that I was fully prepared for him to say no he just wants to get another job, and I would have likely just quietly shut down, anything I get out of the deal feels like "house money", and I really want it to be fair to both of us. Here are some more details about the business that might be useful:
How would you all approach this? I am happy to give him a few options should there be several that I like. Maybe I retain a (small?) percentage of the business and profit, and charge hourly for my time to help? The rest is on him, sink or swim? Or...? Thanks! [link] [comments]  |
| Received EIDL grant after PPP funding. I'm confused on forgiveness of both. Posted: 06 May 2020 09:36 PM PDT We have three employees. All were moved to part time before we got funding from either. We received half what we wanted for PPP because all employees only started full time in November. Do I need to hire everyone back full time now or keep paying them part time? They're making more on unemployment and I don't want to pay a few weeks wages and have them go back to UI and risk losing what they're making. Just trying to keep everyone fed as best as possible. How does the EIDL grant work? Does it reduce the PPP forgiveness? I never received anything for communication, not a call or an email and we were funded the grant today and PPP last week. Does it also need to be used for payroll? I'm sure others are just as confused, and there doesn't seem to be many answers. [link] [comments]  |
| Pool business finally got portal link Posted: 06 May 2020 07:35 PM PDT Hey everyone I don't have my application ID handy but I submitted the short form April 2nd and got the $2,000 advance two weeks later. We are a very small company and going off last years finances we had $10,000 in revenue and $4,000 in expenses so I didn't have much hope that we'd get a loan on top of the $2,000 advance. Well believe it or not I just got the link tonight for the portal and it showed the loan amount for $2,900! I wanted to let everyone know that it looks like they're starting to get to the smaller companies finally and to not lose hope. This will give my company some liquidity as we were teetering on the edge of having to dip into our own funds soon. Thank you and stay safe! [link] [comments]  |
| A good thing I didn’t count on Chase for my PPP. Posted: 07 May 2020 04:39 AM PDT Asking myself why do I bank with them. They don't understand the guidance and tell me they can not verify my payroll. Started business March of 2019 and per PPP guidance able to use average payroll calculation using date range Jan to Feb 2020 instead of prior 12 months. My payroll started in July 2019 and I did not start payroll for me until November so using another date range greatly understated my average payroll. I provided everything Chase needed to verify 940's,941's w3, tax return, payroll calculator through gusto, etc. and I'm told they cannot verify my payroll after 35 days. I'm supposedly approved through Bluevine as another lender declined me because I have an existing SBA number. Still no funding yet. The inconsistency of lender underwriting protocol is crazy. I now understand a small business should not bank with a large bank. [link] [comments]  |
| Canon ImageRUNNER 2200 in 2020 Posted: 07 May 2020 04:32 AM PDT I am getting a new small business set up. Scanning is probably one of the more important functions, but there will of course be a reasonable amount of printing. I found one of these old work horses at a liquidation shop near me. They want $375 Canadian for it. MSRP in 2001 was $5,200 USD. Any thoughts on buying a nearly 20 year old monster like this? I see toner is dramatically more reasonable, but are there any indicators to look for that this printer might be at the end of its leash? [link] [comments]  |
| Basic EIDL questions and advice Posted: 07 May 2020 04:28 AM PDT We just got funded the PPP and I was so tied up with applying/waiting for that loan I didn't pay attention to the fact that the business will need more funding due the length of closure and the sudden unforeseen illness of the major producer of our company who will be out for a month. Note we are a small private practice surgical group. Even with the new guidance about agriculture businesses only being considered, I was able to submit an online app through SBA for EIDL. What are my chances? What are short / long form? Would it be worthwhile to email my local SBA and explain situation? Thanks!!!! [link] [comments]  |
| Marketing advice: how to get feedback and first clients Posted: 07 May 2020 04:25 AM PDT Hi, I just started a website about mental health. The idea is to have several tests about mental health and collect information about the patients. Then assemble the information and show them a summary about themselves. Probably that summary would be payed. We've done a MVP with our website (Atrapamente), and now we're wondering how to get some people checking it out and getting feedback. So far we've started / tried: -Having a blog with images, and posting everything in a Pinterest account. I really don't like Facebook as a company, so I have stayed out of Insta and FB. So far we've just started with it, so it's early to evaluate. I thought giving this strategy 2-3 months writing often and see how it goes. -Asking family and friends. This has been difficult mental health is a kind of private area. What strategies did help you out when starting your businesses? Do you have any tips or ideas to try? [link] [comments]  |
| Posted: 07 May 2020 03:41 AM PDT I went to Staples this week and they are giving us a 25% discount. I was wearing my scrubs so they asked me what I do and then, bam, a lovely discount. Good time to stock up on paper and ink and whatnot. They even have toilet paper 🤣🤣 [link] [comments]  |
| Posted: 07 May 2020 03:19 AM PDT Hello, I just started my small business and I know a lot of people use like poly mailers envelopes but I was wondering if we can ship items with kraft bags. They aren't like those brown paper bags. I did some research and it said no postal office is accepting brown papers since it might rip and stuff. But these kraft bags are waterproof and rip durable! It's these ziplock on top and has a guest under. I have over hundreds of these so I don't want to buy extra poly mailers and stuff. I also have a heat sealer that will seal the top once I put my items in. So do you think I can use it?? Please help :(( and thank you so much in advance! picture of what Kraft Bag I was talking about [link] [comments]  |
| H.O.A Condo Association, chapped my arse! Posted: 06 May 2020 01:22 PM PDT Pay almost $1400.00 per month for my business condo fees in FL. Missed March & April payments, they already sent over to Lawyer for forced collection, told me today to be thankful i'm not 90 days past or there would be a lien and after that 30 extra days foreclosure notice. The attorney told me they were getting lien and foreclosure requests from HOA daily. I have a 1.4 mil valued building and they would foreclose on a $5600.00 note, f'ing bastards. I'm able to pay it now as i got some funds come in this week, but it does raise a very worrying fact. These HOA are going to foreclose on property's left and right and make an absolute killing, some business just will not be able to pay these condo fees and in FL it's very easy for these Condo association to foreclose, it's a huge business and one so easy now. After 120 days, they can foreclose on you for not paying the HOA. [link] [comments]  |
| Posted: 06 May 2020 06:21 AM PDT Any owner operator truck drivers out there? I was wondering if the ppp can be used for a truck payment. It's similar to stores paying on their lease/mortgage, as it is what we make money in.. as well as insurance and such.. tried looking around but can't find the answer! Thank you [link] [comments]  |
| Very new small biz: Looking for an adequate software to manage sales, inventory... Posted: 07 May 2020 02:58 AM PDT Hi there! I'm helping two very inexperienced entrepreneurs in their startup, which is the production and sale of artisan chocolate products. They are spanking new, don't know what a financial model is or why they should track inventory. I don't want to overwhelm them with all the things they need to start doing better. So I'm going step by step. I want them to start using software like QuickBooks or Xero, or any other, so they can automate and take a huge load off from trying to keep up with the spreadsheet mess they use to record all sales. It would immediately reduce mistakes and time so we can focus on the next things to improve. Now, I've been touring for the websites of the most prominent software to do that, it's been a while since I had to use one of these, and I think if I ask here I'll get better feedback than trial and error. I'm looking for an app that can automate (as max as possible) the generation of the income statement, balance sheet, and cash flow. Some sort of sales tracking in a CRM environment to develop leads and learn how to convert them etc. And lastly, it'd be great if it would help them keep track of the inventory as currently, they realize they're out of X product and they are constantly rushing from one thing to another, without having much time to focus on stabilizing the business and putting plans in place to grow it. We'll be developing the website (so far they sell it through Instagram one by one...) with Stripe. Given this background, what app/service would fit the best here according to your experience? We can pay something reasonable. [link] [comments]  |
| Government Forcing a Business to Close - Same as 5th Amendment Eminent Domain? Posted: 06 May 2020 10:53 PM PDT And should they be required to pay just compensation? My wife (she's the smart one) asked me this last night and I said hmmm, I'll ask the small business community what they think" [link] [comments]  |
| Ready Capital PPP loan My saga Posted: 06 May 2020 04:26 PM PDT Applied April 8th with Ready Capital direct on their website. Docusigned a PPP application. April 16th. Congratulations! Ready Capital got you a loan number from SBA. Ready Capital assigned an app # 1108XXX, but did not tell me my SBA assigned loan #. April XX. I will leave out the various futile attempts to call or email someone, anyone. April 24th Friday. Email with generic we took on 40,000 loans and are slow. Hang in there. It did have my app number on the email at least. April 30th Thursday - Generic email with "we screwed up" (my words) but we have hired help and enlisted another bank to help. At least it still had my application number May 5th !!!! Email finally...saying thank you so much to the front line COVID workers. (that allow Ready Capital to sit back and make bank on these loans!) (my words) May 5th - My hair is getting grayer and longer but haircuts are not available May 6th. Email from a specific person with Ready Capital email address, (a man of few words. Make that none) with a docu-sign loan agreement with Customer Bank, which I sign and attach a voided check. May 6th - May ?? - Wait for money to be deposited? Late July 2020 - Apply for forgiveness with whom? Sept 30th, 2020 - Do they have 40,000 loans to forgive? Are their 60 days up to forgive the loan? Did they forgive it? Who do I ask about it? Wait, I don't want a loan. [link] [comments]  |
| Posted: 06 May 2020 10:23 PM PDT So reading the loan documents to sign, I see the collateral section. So they are getting a general UCC against everything a company owns? Our current equipment and assets are valued at many times the loan amount. But they get a blanket over everything? Our main concern in the wording of the agreements is that we have to get permission to sell Any of our equipment before we do it. Say we want to sell off one of our trucks, we have to ask permission from the SBA first? Not just anything we own right now but anything we buy in the future as well, I guess as long as we have the loan open. I don't see anything in the docs to specify what they will have a lean against. not fair for them to lean against more than $1 million in equipment just for a $150k loan. Yes I know we can refuse the EIDL if this is a concern. Here is the wording in the docs to sign: COLLATERAL · For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest in and to any and all "Collateral" as described herein to secure payment and performance of all debts, liabilities and obligations of Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and expenses (all hereinafter called "Obligations"). The Collateral includes the following property that Borrower now owns or shall acquire or create immediately upon the acquisition or creation thereof: all tangible and intangible personal property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. · For loan amounts of $25,000 or less, SBA is not taking a security interest in any collateral REQUIREMENTS RELATIVE TO COLLATERAL · Borrower will not sell or transfer any collateral (except normal inventory turnover in the ordinary course of business) described in the "Collateral" paragraph hereof without the prior written consent of SBA. · Borrower will neither seek nor accept future advances under any superior liens on the collateral securing this Loan without the prior written consent of SBA. USE OF LOAN PROCEEDS · Borrower will use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code (UCC) lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount stated above. [link] [comments]  |
| Posted: 06 May 2020 04:22 PM PDT Like many of you, I applied at Chase as soon as everything opened up only to never get through the first round of SBA lending. On the second round I wised up and enter that PayPal, Bluevine, and QuickBooks capital. Well, everything funded today and QuickBooks capital won! Super happy because I can carry-on and keep my 11 employees employed and the future looks a little brighter than it did two days ago. Thank you to this forum and everybody who helped! Didn't see a lot of love for QuickBooks capital on here, but they came through in the end! Chase can go screw themselves. [link] [comments]  |
| You are subscribed to email updates from smallbusiness: Questions about starting, owning and growing a small business. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment