PPP Loan

[vuduchile 1,941]

4 minutes ago, cyclone24 said:

Wife just said their OBGYN office got approved.

$500,000.

How can we possibly have the money for all this nationally?

That’s a decent sized practice if their payroll and ops costs are a quarter million per month.  I wonder how many employees they have and how much of that half million will pay the doc’s salaries.  

[Hawkeye21 1,874]

8 minutes ago, cyclone24 said:

Wife just said their OBGYN office got approved.

$500,000.

How can we possibly have the money for all this nationally?

Our business got approved for $520,000.

[Alias Detective 1,181]

1 minute ago, Hawkeye21 said:

Our business got approved for $520,000.

$208,000 a month in average expenses.  Nice business.  Did you build it or inherit it?

[Gladiators 1,906]

2 minutes ago, vuduchile said:

That’s a decent sized practice if their payroll and ops costs are a quarter million per month.  I wonder how many employees they have and how much of that half million will pay the doc’s salaries.  

I don't think it matters too much.  When calculating the eligible loan amount, you can only use up to $100k of wages for each employee.

I'm still waiting for our loan docs to come through.

[parrot 789]

3 minutes ago, Hawkeye21 said:

Our business got approved for $520,000.

We got $420k for our C-corp and $50k for our S-corp.  It was a little unnerving how easy it was to get that kind of money.  

[Hawkeye21 1,874]

2 minutes ago, Alias Detective said:

$208,000 a month in average expenses.  Nice business.  Did you build it or inherit it?

Family business that started in 1928.  I'm fourth generation and part owner with my father, uncle, cousin and his son.

[Hawkeye21 1,874]

Just now, parrot said:

We got $420k for our C-corp and $50k for our S-corp.  It was a little unnerving how easy it was to get that kind of money.  

It was surprisingly easy.

[Alias Detective 1,181]

1 minute ago, Hawkeye21 said:

Family business that started in 1928.  I'm fourth generation and part owner with my father, uncle, cousin and his son.

Awesome!  

[Hardcore troubadour 12,799]

6 minutes ago, Hawkeye21 said:

Family business that started in 1928.  I'm fourth generation and part owner with my father, uncle, cousin and his son.

They don’t exactly hold your feet to the fire it seems.  

[usurpers26 26]

18 minutes ago, parrot said:

We got $420k for our C-corp and $50k for our S-corp.  It was a little unnerving how easy it was to get that kind of money.  

This is so true.  We are only at 100k for 9 employees...and it took me only an hour to provide all the documentation.

[Hawkeye21 1,874]

1 hour ago, Hardcore troubadour said:

They don’t exactly hold your feet to the fire it seems.  

My cousin, his son and myself are the only ones working.  My father and uncle are both retired.  The two are salesmen and I have various jobs that I do almost entirely from my desk.  My job has perks and I'm very lucky.

[Hawkeye21 1,874]

Did any of you have multiple banks get a hold of you about getting the loan.  I think every bank in the area called us asking if we knew about it and if we were going to apply for it.

[Gladiators 1,906]

11 minutes ago, Hawkeye21 said:

Did any of you have multiple banks get a hold of you about getting the loan.  I think every bank in the area called us asking if we knew about it and if we were going to apply for it.

No.  The main bank we work with reached out to us, but that was it.  We had more CPA firms reach out to pass along information (almost daily).

[Hawkeye21 1,874]

23 minutes ago, Gladiators said:

No.  The main bank we work with reached out to us, but that was it.  We had more CPA firms reach out to pass along information (almost daily).

Being a small community we are friends with people that work at all the banks so they reached out to us.

[parrot 789]

1 hour ago, Hawkeye21 said:

Did any of you have multiple banks get a hold of you about getting the loan.  I think every bank in the area called us asking if we knew about it and if we were going to apply for it.

None called us, but  we used two different banks for ours and it was funny how different their standards were.  Our main bank wanted tax returns and some other stuff that wasn't required as we understood it, so we talked to one of the other banks we do business with and they were like "Oh no, we don't need any of that .  Show us your W-3 and a statement for your employee health insurance and you are good to go."  So I went back to our first bank with that and suddenly they didn't need near as much info.  We threw the second bank a bone with our S-corp loan, though it was a lot smaller.  

[Alias Detective 1,181]

47 minutes ago, parrot said:

None called us, but  we used two different banks for ours and it was funny how different their standards were.  Our main bank wanted tax returns and some other stuff that wasn't required as we understood it, so we talked to one of the other banks we do business with and they were like "Oh no, we don't need any of that .  Show us your W-3 and a statement for your employee health insurance and you are good to go."  So I went back to our first bank with that and suddenly they didn't need near as much info.  We threw the second bank a bone with our S-corp loan, though it was a lot smaller.  

I’d wait to see if either loan is required to be paid back before throwing the bone?  Getting the money may be the easy part.

[parrot 789]

3 minutes ago, Alias Detective said:

I’d wait to see if either loan is required to be paid back before throwing the bone?  Getting the money may be the easy part.

We were going to apply for the PPP for both entities regardless.  It was just a matter of which bank or banks we were going to use.  

[cyclone24 1,816]

6 hours ago, vuduchile said:

That’s a decent sized practice if their payroll and ops costs are a quarter million per month.  I wonder how many employees they have and how much of that half million will pay the doc’s salaries.  

Yeah she said it does cover them as well...so you can extrapolate those salaries into it. Essentially it's just a 2 month flotation device for a business. 

IMO there are far needier small businesses. Financially we dont need it as desperately as the guy who runs his small restaurant. But I'm sure this whole program will be a shitshow with this kind of stuff.

[the newb 23]

6 hours ago, Hawkeye21 said:

My cousin, his son and myself are the only ones working.  My father and uncle are both retired.  The two are salesmen and I have various jobs that I do almost entirely from my desk.  My job has perks and I'm very lucky.

The 3 of you make a total of 500 grand in 2 months?

[Hawkeye21 1,874]

11 hours ago, the newb said:

The 3 of you make a total of 500 grand in 2 months?

How are you figuring that?  There are currently 5 shareholders right now, two are retired from working at the business.

[vuduchile 1,941]

1 hour ago, Hawkeye21 said:

How are you figuring that?  There are currently 5 shareholders right now, two are retired from working at the business.

$520K loan is 2.5X your average monthly payroll?  Isn't that how it was calculated? And the 2 retired guys are still drawing a salary?  They were rolled into your calculations too?

 

[Hawkeye21 1,874]

2 minutes ago, vuduchile said:

$520K loan is 2.5X your average monthly payroll?  Isn't that how it was calculated? And the 2 retired guys are still drawing a salary?  They were rolled into your calculations too?

 

We have 35 employees.

[vuduchile 1,941]

1 minute ago, Hawkeye21 said:

We have 35 employees.

Gotcha.  I was confused when you said only 3 of you were working.  Did you lay any off, of were you planning to?

 

 

[Hawkeye21 1,874]

Just now, vuduchile said:

Gotcha.  I was confused when you said only 3 of you were working.

 

Three of the five owners are working and collecting a salary.

[vuduchile 1,941]

Just now, Hawkeye21 said:

Three of the five owners are working and collecting a salary.

Did you lay any of the 35 off or were you planning to?  Did the state deem you an essential biz and have you been operating as usual this whole time?

 

[Hawkeye21 1,874]

Just now, vuduchile said:

Did you lay any of the 35 off or were you planning to?  Did the state deem you an essential biz and have you been operating as usual this whole time?

 

We will not be laying off anyone.  We are essential, especially now with farmers getting ready to plant.  We are operating as usual and have been very busy.

[vuduchile 1,941]

Just now, Hawkeye21 said:

We will not be laying off anyone.  We are essential, especially now with farmers getting ready to plant.  We are operating as usual and have been very busy.

So you've been biz as usual and very busy.  No need to lay anyone off, but you're gonna take a half million dollars of taxpayer money to cover your payroll for 2 months?  

It doesn't sound like your company has been negatively effected by this.  What am I missing here?

 

[Hawkeye21 1,874]

Just now, vuduchile said:

So you've been biz as usual and very busy.  No need to lay anyone off, but you're gonna take a half million dollars of taxpayer money to cover your payroll for 2 months?  

It doesn't sound like your company has been negatively effected by this.  What am I missing here?

 

We weren't sure if we should but were advised to do it.  Our financial adviser recommended that we take advantage of it.  Things could change drastically around here quickly if someone were to get sick.  So far, we've been pretty lucky.

[vuduchile 1,941]

2 minutes ago, Hawkeye21 said:

We weren't sure if we should but were advised to do it.  Our financial adviser recommended that we take advantage of it.  Things could change drastically around here quickly if someone were to get sick.  So far, we've been pretty lucky.

I understand the allure of free money, but this is wrong IMO. 

 As others have said, this is going to be a sh!tshow and this is one of the reasons why.

 

[porkbutt 865]

3 minutes ago, Hawkeye21 said:

We weren't sure if we should but were advised to do it.  Our financial adviser recommended that we take advantage of it.  Things could change drastically around here quickly if someone were to get sick.  So far, we've been pretty lucky.

i was kind of in same boat... business will take a hit for sure, but right now still working and no one laid off. i submitted application yesterday. im not sure how this thing is going to work. every company is going to apply i would think

[Gladiators 1,906]

4 minutes ago, Hawkeye21 said:

We weren't sure if we should but were advised to do it.  Our financial adviser recommended that we take advantage of it.  Things could change drastically around here quickly if someone were to get sick.  So far, we've been pretty lucky.

This, and there's no way to know where things are headed.  If you're deemed non-essential in 2 weeks, what then?  You'd be pisssed that you didn't take the loan.

[porkbutt 865]

2 minutes ago, vuduchile said:

I understand the allure of free money, but this is wrong IMO. 

 As others have said, this is going to be a sh!tshow and this is one of the reasons why.

 

yeah but on other hand...we're keeping people employed. better to just lay everyone off???

ETA...and what Gladiator said

[vuduchile 1,941]

Just now, porkbutt said:

yeah but on other hand...we're keeping people employed. better to just lay everyone off???

He doesn't need to lay anyone off.  He's open and busy.  

[Hawkeye21 1,874]

1 minute ago, vuduchile said:

I understand the allure of free money, but this is wrong IMO. 

 As others have said, this is going to be a sh!tshow and this is one of the reasons why.

 

We didn't just do it because we wanted free money if that's what you're thinking.  We don't like the idea of just taking a hand out if we don't need it.  We were told we should do it by our adviser and we were also connected by multiple banks to apply for it.

We pay a lot of money in taxes just like everyone else so I'm not going to feel too bad about that aspect of it.

[porkbutt 865]

2 minutes ago, vuduchile said:

He doesn't need to lay anyone off.  He's open and busy.  

true. yeah what a d;ck

 

we're somewhere in between. still have work but can see it dropping off

[Hawkeye21 1,874]

3 minutes ago, Gladiators said:

This, and there's no way to know where things are headed.  If you're deemed non-essential in 2 weeks, what then?  You'd be pisssed that you didn't take the loan.

Exactly.  We need to protect our business and our employees.  We have basically guaranteed that our employees will continue getting paid if anything happens.

[vuduchile 1,941]

1 minute ago, Hawkeye21 said:

We didn't just do it because we wanted free money if that's what you're thinking.  We don't like the idea of just taking a hand out if we don't need it.  We were told we should do it by our adviser and we were also connected by multiple banks to apply for it.

We pay a lot of money in taxes just like everyone else so I'm not going to feel too bad about that aspect of it.

If you can't see the difference between your situation and the thousands of restaurants, retailers and other non essential businesses that have been FORCED to close, are producing 0 income, and still don't know if and when they'll be able to re-open, I don't know what else to say. 

[Gladiators 1,906]

3 minutes ago, vuduchile said:

If you can't see the difference between your situation and the thousands of restaurants, retailers and other non essential businesses that have been FORCED to close, are producing 0 income, and still don't know if and when they'll be able to re-open, I don't know what else to say. 

Any idea if stimulus checks being sent to people who are still working?

[Hawkeye21 1,874]

5 minutes ago, vuduchile said:

If you can't see the difference between your situation and the thousands of restaurants, retailers and other non essential businesses that have been FORCED to close, are producing 0 income, and still don't know if and when they'll be able to re-open, I don't know what else to say. 

You don't think I see the difference?  We are a business that qualifies for this loan so we are going to use it.  We are being proactive and not reactive.  We could very easily be forced to close by the next week if we start having employees testing positive.

All businesses that qualify for the loan should be applying for it.

[vuduchile 1,941]

1 minute ago, Gladiators said:

Any idea if stimulus checks being sent to people who are still working?

I don't think that's a fair comparison.  There was a finite dollar amount attached to the PPP program nationwide.   I don't think companies that don't need it should be using it.  There should be some measures in place to prove you suffered or will suffer a loss due to COVID in order to qualify.