[RickFLM4]

Anyone who owns a small business (including sole proprietors), or even people who work for small businesses, should look into paycheck protection loans. I haven’t reviewed in detail yet, but it looks like it is worth some time to do so.

[kanovic]

Originally Posted by Dpc2u

Murfreesboro. 30 miles south of downtown Nashville. So far another pretty nice day today as well (weather wise)!

Not that far. I am in chattanooga. Yea you are right it’s beautiful today. Suppose to rain tomorrow though. Stay safe out there, Nashville getting a bad.

[jgoens]

Originally Posted by MKSixer

Essential on the consulting side. Using my connections as well as operations and logistics knowledge.

Yes, Not sure what Bimmerpost would do without your skillset.

[MKSixer]

Originally Posted by jgoens

Yes, Not sure what Bimmerpost would do without your skillset.

I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people in BP-OT. Witnesseth:

[King Rudi]

Still going in to work, but all projects have been postponed. Thus my increased post count here as of late. Gotta fill those hours somehow. Thanks BP!

[Mr Pete]

Originally Posted by RickFLM4

Anyone who owns a small business (including sole proprietors), or even people who work for small businesses, should look into paycheck protection loans. I haven't reviewed in detail yet, but it looks like it is worth some time to do so.

Yes, it is. At least it appears to be. Anyone has questions on this, let me know. When I get a chance, I can post links with good info.

[RickFLM4]

Originally Posted by Mr Pete

Yes, it is. At least it appears to be. Anyone has questions on this, let me know. When I get a chance, I can post links with good info.

Yes, please post some good links. I have read it can benefit sole proprietors but am unclear on exactly how it can turn into a grant if there is no payroll other than the sole proprietor’s own income.

[Mr Pete]

Originally Posted by RickFLM4

Yes, please post some good links. I have read it can benefit sole proprietors but am unclear on exactly how it can turn into a grant if there is no payroll other than the sole proprietor's own income.

Well, my understanding, there are 2 parts. One is the economic disaster loan, which is a $10k advance that can be a grant. You can apply for this on the sba.gov site.

What I am waiting for is the Payroll Protection Plan as part of the CARES act of the stimulus bill. It will cover whatever your average operating costs were from 12 months prior to when you closed your business/your business was impacted by the covid outbreak.

It will cover payroll costs (up to $8333/month per employee, based on a max annual reimbursement of $100k/year. So if you made $150k last year, the PPP will only cover up to $100k), rent, utilities, and possibly interest on debt you had (mortgage, business loans, etc). You will essentially have overhead cost protection for 8 weeks.

This is through the sba, but you will have to apply through whatever financial institution you bank with. You should contact your bank and speak to your small business banker.

I don't think you being a sole proprietor should matter, as long as you are incurring payroll costs. You'll most likely have to show 941 documents to show payroll costs incurred, and possibly profit/loss and balance sheet. My banker mentioned this today, as he thinks this isn't your typical business loan that goes through 3-4 levels of underwriting.

I think the main goal of all this is to get money back into your employees, so they can continue to waste their money on iPhones, yoga pants for selfies and social media posts, eating out, buying 4K tv's because it's much cheaper now than 3 years ago, and lots of amazon 'today is a lazy Sunday type of day' spending, vs saving it.

I'll pm you some webinar links I've watched.

[RickFLM4]

Originally Posted by Mr Pete

Well, my understanding, there are 2 parts. One is the economic disaster loan, which is a $10k advance that can be a grant. You can apply for this on the sba.gov site.

What I am waiting for is the Payroll Protection Plan as part of the CARES act of the stimulus bill. It will cover whatever your average operating costs were from 12 months prior to when you closed your business/your business was impacted by the covid outbreak.

It will cover payroll costs (up to $8333/month per employee, based on a max annual reimbursement of $100k/year. So if you made $150k last year, the PPP will only cover up to $100k), rent, utilities, and possibly interest on debt you had (mortgage, business loans, etc). You will essentially have overhead cost protection for 8 weeks.

This is through the sba, but you will have to apply through whatever financial institution you bank with. You should contact your bank and speak to your small business banker.

I don't think you being a sole proprietor should matter, as long as you are incurring payroll costs. You'll most likely have to show 941 documents to show payroll costs incurred, and possibly profit/loss and balance sheet. My banker mentioned this today, as he thinks this isn't your typical business loan that goes through 3-4 levels of underwriting.

I think the main goal of all this is to get money back into your employees, so they can continue to waste their money on iPhones, yoga pants for selfies and social media posts, eating out, buying 4K tv's because it's much cheaper now than 3 years ago, and lots of amazon today is a lazy Sunday type of day spending, vs saving it.

I'll pm you some webinar links I've watched.

Thanks. I wanted to catch the EY webcast today but didn’t get a chance. The only thing is I’m schedule C, no 941s. Also work from home office so other than car lease, monthly overhead isn’t that much. So maybe I’m out. But it sure does sound appealing if I can get something since I know I’ll be paying for it later whether I get some funds now or not. Not to mention if business slows it would helpful.

My own interests aside, any small business with employees should definitely be looking into this ASAP.

[Mr Pete]

Originally Posted by RickFLM4

Thanks. I wanted to catch the EY webcast today but didn’t get a chance. The only thing is I’m schedule C, no 941s. Also work from home office so other than car lease, monthly overhead isn’t that much. So maybe I’m out. But it sure does sound appealing if I can get something since I know I’ll be paying for it later whether I get some funds now or not. Not to mention if business slows it would helpful.

My own interests aside, any small business with employees should definitely be looking into this ASAP.

Maybe you can at least look into the $10k grant that's out. Sba.gov, quick 5 min application.

[IllSic_Design]

Didn't know how to vote since I was off for 1 week paid while my work found out if they are an essential business(we build brand new locomotive and also inner city trains). As of this week we are back to work as CA deemed us an essential business.

[lab_rat]

I work for a Fortune 200 company as a Field Service Engineer in South Texas. I service, install, and maintain Chemistry and Immunochemistry analyzers in clinical and research laboratories.

So far, work hasn't been out of the ordinary-other than increased precautions. One definite plus: traffic (or lack of?) has been OUTSTANDING.

My company has been very proactive in taking care of employees, and we have nearly daily updates via the normal phone/web meetings, both at CEO and local levels.


Some good news:
•We have developed a rapid test kit for COVID

•We are well into development of antibody tests that will be performed on our immunochemistry analyzers.

•A team of our FSEs has recently installed a few analyzers on the USNS Comfort while docked in NYC.

(As a retired military guy, that last one gets me right in the feels.)

[ny325]

Originally Posted by MKSixer

I do have are a very particular set of skills. Skills I have acquired over a very long career. Skills that make me a nightmare for people in BP-OT. Witnesseth:

I would definitely practice social distancing if I saw her coming. And it would be a lot more than 6 feet. In NYC, we would think she’s on something.