Gavin Posted April 2, 2020 Posted April 2, 2020 If thinking about an SBA Disaster Loan contact an SBA Lender ASAP. Lots of good guidance on the US Chamber of Commerce page and SBA.gov. 39T of potentially free money up for grabs. N9BOW, nomolites and snagged in outlet 3 3
N9BOW Posted April 2, 2020 Author Posted April 2, 2020 FYI - Some stations have decided TDS is more important..So if you missed it..Here it is! Stuff is getting accomplished... THANK YOU MR PRESIDENT! and all working to sort this crap out.. Sarc shields up......(TNX CCP WUHAN BSL4!) Impressive!
Terrierman Posted April 2, 2020 Posted April 2, 2020 19 hours ago, Gavin said: If thinking about an SBA Disaster Loan contact an SBA Lender ASAP. Lots of good guidance on the US Chamber of Commerce page and SBA.gov. 39T of potentially free money up for grabs. We're debating applying for such a loan. Fortunately do not need it immediately. But, as Jim Morrison famously said, the future's uncertain, and the end is always near. Gavin 1
Gavin Posted April 3, 2020 Posted April 3, 2020 There is a cap on the amount of loans, so file ASAP if you intend to keep most of your FTE’s. Did 5 applications today. Every bank is asking for different stuff, but I can send you the forms and a spreadsheet to calc the max loan and what is expected to be forgiven. At home now, but could post it or PM in the AM. fishinwrench, N9BOW, nomolites and 2 others 2 3
N9BOW Posted April 3, 2020 Author Posted April 3, 2020 1 hour ago, Gavin said: There is a cap on the amount of loans, so file ASAP if you intend to keep most of your FTE’s. Did 5 applications today. Every bank is asking for different stuff, but I can send you the forms and a spreadsheet to calc the max loan and what is expected to be forgiven. At home now, but could post it or PM in the AM. Good Info! Thanks for your experience!.....I'm sure other Business Owners appreciate the Offer to get them this Knowledge! I know its all out there but sometimes its our personal connections that get us to the info quicker! snagged in outlet 3 1
Terrierman Posted April 3, 2020 Posted April 3, 2020 It's kind of a moral dillemna for me. I'll spare everyone the bloody details.
Gavin Posted April 3, 2020 Posted April 3, 2020 Most of mine look at the Payroll Protection loan as 100% free money, but it’s not 100% free. Loan forgiveness is lesser of allowable costs in the 8 weeks after the date of your loan, or the loan amount. Likely allowable costs limited by decrease in FTE. You will get some free money, and a loan to pay off at a super low rate. Figure nobody is going to get the max up front (2.5x allowable payroll expenses, cuz likely to drop FTE’s). No authority on this statement, but figure you are more likely to get the expected forgivable amount to spread loans to more businesses and limit the fraud. Will see how fast they process this stuff. N9BOW 1
Gavin Posted April 3, 2020 Posted April 3, 2020 Has anyone received the $1,200 per adult and $500 per kid advance credit yet? If you do I would like to know when. Thanks. N9BOW and snagged in outlet 3 2
fishinwrench Posted April 3, 2020 Posted April 3, 2020 2 hours ago, Terrierman said: It's kind of a moral dillemna for me. I'll spare everyone the bloody details. I'd really like to upgrade some diagnostic tools and buy a fresh truck, but for the first time in my life I am debt free (except for student loans which the kid has covered I think)......and I am truly enjoying the feeling of that. I just need to cut some spending and save, which is easier said than done. My credit score is still low from the tornado/divorce fallout, but all of that will be falling off within the next 16 months. Terrierman 1
slothman Posted April 3, 2020 Posted April 3, 2020 2 minutes ago, fishinwrench said: I'd really like to upgrade some diagnostic tools and buy a fresh truck, but for the first time in my life I am debt free (except for student loans which the kid has covered I think)......and I am truly enjoying the feeling of that. I just need to cut some spending and save, which is easier said than done. Definitely easier said than done( especially with kids). Being completely debt free is an incredibly amazing feeling though. fishinwrench 1
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