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RE: Virus related small business loans

Old 03-26-2020, 07:22 PM
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Default RE: Virus related small business loans

It is starting already,guy says pay him $4000 and they will handle all the paperwork and guarantee the loan.

I wonder if it is going to be set up like hurricanes in the past where it was handled through the SBA and you could only get it if you really did not need it.

I am on the Restruant side of things and thinking most that have opened up in the past couple of years are going to fold and that is a lot.
Old 03-26-2020, 07:26 PM
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Well that $350 billion ain’t gonna spend itself.

Old 03-26-2020, 07:31 PM
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https://www.scribd.com/document/4532...Act-Final-Text

page 9 talks about payroll loans

Section 1106 talks about loan forgiveness.
Old 03-26-2020, 07:57 PM
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Originally Posted by cajflynn View Post
https://www.scribd.com/document/4532...Act-Final-Text

page 9 talks about payroll loans

Section 1106 talks about loan forgiveness.
Thanks,lots of good info,looks like they are covering rent,utilities,payroll etc or what it takes to keep the doors open,no collateral.

I am guessing they will say who is administering it all soon.
Old 03-26-2020, 08:12 PM
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Originally Posted by Rjh1960 View Post
Thanks,lots of good info,looks like they are covering rent,utilities,payroll etc or what it takes to keep the doors open,no collateral.

I am guessing they will say who is administering it all soon.
Banks are issuing the loans. No requirement to prove repayment capacity, other than were open for business in February. Loan is forgiven, not repaid, if used for payroll, benefits, rent.

Us taxpayers, are keeping the small business owners (and some big ones) solvent. Otherwise the system could have significant collapse, and Main Street doesn’t want to see their 401k balances disappear...
Old 03-26-2020, 08:13 PM
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Any information shared by knowledgeable folks here on THT will be appreciated. For my business this looks like it’s going to affect us quite a while. So far I am paying employees but without generating income that will become very difficult quickly.

Have read quite a bit and have general understanding, also have significant concerns about dealing with govt/sba in this process. This whole situation is going to hurt for a long time in cash flow and business function.
Old 03-26-2020, 08:24 PM
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Originally Posted by phigamfsu View Post
Banks are issuing the loans. No requirement to prove repayment capacity, other than were open for business in February. Loan is forgiven, not repaid, if used for payroll, benefits, rent.

Us taxpayers, are keeping the small business owners (and some big ones) solvent. Otherwise the system could have significant collapse, and Main Street doesn’t want to see their 401k balances disappear...
I was thinking they said before that if you used it for payroll it was forgiven,if not then it was a loan with an interest rate.

We are fortunate 80% of our business was take out and we have maintained status quo.

I was thinking of the second option and expanding.

But yes many are being hit hard and without some kind of help we as the small business community would have been in serious trouble.

Over 5 million small businesses do pretty much run the economy to a large extent.

500 employees or less.

I think hitting up the loan manager at the bank should be the first step?
Old 03-26-2020, 10:57 PM
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Well I guess the house has not passed it yet and not in session.

They are saying the workers will get $600 per week with unemployment.


Mine will all quit and make more money by not working.

Heck I do not have any personal bills,I will shut down for a couple of months if I can collect $600 per week to stay home.
Old 03-27-2020, 04:23 AM
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We are looking at all this info right now. Does anyone know how this works with tipped employees? A waitress makes 5.54 an hour and then tips. There is no way they can survive on 5.54 an hour. I have enough business right now to have 2 cooks working full time and one cook working part time and then one waitress per day, rotating, instead of 3-4 per day. All dishwashers, busses and hostesses are laid off. If we go get this loan to pay everybody to sit home the people working will want to sit home and then we will be forced to close. Why can't I make them come to work like normal and then those who have nothing to do can clean, paint, etc.
Old 03-27-2020, 04:26 AM
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Originally Posted by Rjh1960 View Post
Well I guess the house has not passed it yet and not in session.

They are saying the workers will get $600 per week with unemployment.


Mine will all quit and make more money by not working.

Heck I do not have any personal bills,I will shut down for a couple of months if I can collect $600 per week to stay home.
That is also going to be a big problem. And then when it's time to reopen nobody will work until the gov. stops paying them $600.
Old 03-27-2020, 04:55 AM
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Originally Posted by Rjh1960 View Post
Well I guess the house has not passed it yet and not in session.

They are saying the workers will get $600 per week with unemployment.


Mine will all quit and make more money by not working.

Heck I do not have any personal bills,I will shut down for a couple of months if I can collect $600 per week to stay home.
This is incorrect information. It is $600 EXTRA, over normal unemployment, for 4 months In addition, 13 extra weeks.
Old 03-27-2020, 05:15 AM
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Originally Posted by rickboat View Post
This is incorrect information. It is $600 EXTRA, over normal unemployment, for 4 months In addition, 13 extra weeks.
Now employees want to get laid off! What is congress thinking ....or the President??. This is insanity.

Good luck getting employees to having a business left to come back to.
Old 03-27-2020, 05:20 AM
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Originally Posted by GWcpa View Post
Now employees want to get laid off! What is congress thinking ....or the President??. This is insanity.

Good luck getting employees to having a business left to come back to.
Correct. Just shows how out of touch they are with what they like to call "Main Street". At least they put a time limit on it. We are a world economy and we always will be. The
effects of this will be felt for a far longer time than people realize.
Old 03-27-2020, 05:30 AM
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Originally Posted by 38P6 View Post
We are looking at all this info right now. Does anyone know how this works with tipped employees? A waitress makes 5.54 an hour and then tips. There is no way they can survive on 5.54 an hour. I have enough business right now to have 2 cooks working full time and one cook working part time and then one waitress per day, rotating, instead of 3-4 per day. All dishwashers, busses and hostesses are laid off. If we go get this loan to pay everybody to sit home the people working will want to sit home and then we will be forced to close. Why can't I make them come to work like normal and then those who have nothing to do can clean, paint, etc.
Can't answer factually, but it would seem that a worker would have to prove income. Therefore, either paystubs where an employer reports tips for the worker, or tax return where the employee declares the tip income. For those workers that don't report this income, they'd likely be out of luck - and should be.
Old 03-27-2020, 05:43 AM
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Originally Posted by rickboat View Post
Can't answer factually, but it would seem that a worker would have to prove income. Therefore, either paystubs where an employer reports tips for the worker, or tax return where the employee declares the tip income. For those workers that don't report this income, they'd likely be out of luck - and should be.
I agree, but if I am supposed to be paying them through payroll there wont be any tips included in that.
Old 03-27-2020, 06:00 AM
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This is the definition of “the cure can’t be worse than the problem.”
Unemployment insurance is supposed to be enough to get by on, while the incentive to work is greater.

This is the opposite. Now if you don’t lay off someone they will be angry and TRY to get laid off !!

i hope the whole package gets killed. Idiots all around.
Old 03-27-2020, 06:07 AM
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Originally Posted by 38P6 View Post
We are looking at all this info right now. Does anyone know how this works with tipped employees? A waitress makes 5.54 an hour and then tips. There is no way they can survive on 5.54 an hour.
If they filed their taxes correctly and reported all of their income from tips that won't be a problem.
Old 03-27-2020, 06:16 AM
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This loan thing is amazing with no personal guarantee required

so I wonder how many will take the loan pay themselves out of payroll and shut the business and start a new one or go work for someone else?
Old 03-27-2020, 06:23 AM
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Originally Posted by Devil_Inside View Post
If they filed their taxes correctly and reported all of their income from tips that won't be a problem.
And how am I supposed to pay them that way through payroll?
Old 03-27-2020, 06:23 AM
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Originally Posted by crazybeard View Post
This loan thing is amazing with no personal guarantee required

so I wonder how many will take the loan pay themselves out of payroll and shut the business and start a new one or go work for someone else?
I'd speculate there will be a ton of abuse. With the speed at which this lending needs to occur, it's inevitable.

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