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SBA PPP loan program

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JaseB

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I'm curious if we can bring people back on the books and pay them...and have the loan forgiven 100% for them at the end.

 

(but if they start getting the $600 on top of unemployment it might make more sense for them to stay laid off)

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I got updated info from my bank this AM as well, but Tom's pdf is much more extensive. 

21 mins ago, Tom T said:

I'm curious if we can bring people back on the books and pay them...and have the loan forgiven 100% for them at the end.

 

(but if they start getting the $600 on top of unemployment it might make more sense for them to stay laid off)

From your link:

 

"This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020."

I'll have mine on the rocks.

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I am just hoping you small business guys can hang on. 

You are a vital part of the goings on, and losing the majority of you would be devastating to any recovery in the near future.

Material abundance without character is the path of destruction.
-Thomas Jefferson
There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.
-Soren Kierkegaard

 

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18 mins ago, Tom T said:

I'm curious if we can bring people back on the books and pay them...and have the loan forgiven 100% for them at the end.

 

(but if they start getting the $600 on top of unemployment it might make more sense for them to stay laid off)

FWIW caught an interview with Jon Taffer this morning and he was saying if they really want to help the restaurant industry they need to tweak it to allow business owners to spend the money on things other than payroll.

 

Many have to completely restock their food inventories before they’ll have a reason to open the doors back up, possibly ever.

 

Apparently if they do so then the loans won’t be forgiven?

 

Sounds like the grants are only for payroll expenses.

 

Maybe they want everyone to sit home and collect.

 

Not sure, gonna try to dig into it later.

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55 mins ago, JaseB said:

Anyone got the scoop on this?  When it will go live?   I'm just seeing info trickle out.  

What do you want to know? After talking to our accountant, I'm apparently more of an expert than he is. This document covers everything you need to know. https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

 

I talked to our bank rep this morning. He said they are getting a briefing from the SBA on Friday and then will be working on their internal procedures and hope to begin accepting applications soon thereafter. Most reports said early next week (which is basically what he said), He said he was "putting me on his list of clients that were interested as soon as its available".

 

Now, post your pizza dough recipe! :laugh:

If only I could cast into it, hook up, and be connected to it. My line would be attached to the chaos and, for a moment, I would mainline the power of nature.
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25 mins ago, dena said:

I am just hoping you small business guys can hang on. 

You are a vital part of the goings on, and losing the majority of you would be devastating to any recovery in the near future.

We are going to loose quite a few I'm afraid.  A lot of it will be because we will have a very different economy and way of life.  If you were a marginal business during a good economy, taking a SBA bail out might not be a good idea. 

4 mins ago, Wheeler said:

What do you want to know? After talking to our accountant, I'm apparently more of an expert than he is. This document covers everything you need to know. https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

 

I talked to our bank rep this morning. He said they are getting a briefing from the SBA on Friday and then will be working on their internal procedures and hope to begin accepting applications soon thereafter. Most reports said early next week (which is basically what he said), He said he was "putting me on his list of clients that were interested as soon as its available".

 

Now, post your pizza dough recipe! :laugh:

Yeah, I'd seen that one too.  I'll get it when I get home.   

"all of jase's posts are valid." -Otter

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26 mins ago, Wigeon said:

FWIW caught an interview with Jon Taffer this morning and he was saying if they really want to help the restaurant industry they need to tweak it to allow business owners to spend the money on things other than payroll.

 

Many have to completely restock their food inventories before they’ll have a reason to open the doors back up, possibly ever.

 

Apparently if they do so then the loans won’t be forgiven?

 

Sounds like the grants are only for payroll expenses.

 

Maybe they want everyone to sit home and collect.

 

Not sure, gonna try to dig into it later.

Wording says mortgage/rent can be paid as well.

 

Not sure about other expenses, but that is what stood out to me.

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