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Joined: Oct 2011
Posts: 4,070
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OP
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Joined: Oct 2011
Posts: 4,070 |
Any small business (defined as 500 employees or less) owners with a decent number of employees? Have you researched what is known now about the Coronavirus Stimulus Package? In a nutshell, from what I can tell, a loan in the amount of 2.5 months of payroll that doesn't have to be paid back if all employees are retained and it is spend it for payroll and select operating cost over a 2.5 month time period. A weekly payroll of $100K would equal a loan in the amount of about $1.1 Million. Anxious to see the final version. You never know whats been edited out until you see the final version.
I don't know how we (taxpayers) can afford it, nor do I see how the Republicans got it through the Democrats.
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Joined: Aug 2003
Posts: 4,249
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I am in construction. I’m have my CPA looking at it now. Once they review all the details we will decide what to do. If there is a benefit we will look hard at it. Good luck.
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Joined: Jan 2010
Posts: 13,269 Likes: 7
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2010
Posts: 13,269 Likes: 7 |
Obey lawful commands. Video interactions. Hold bad cops accountable. Problem solved.
~Molɔ̀ːn Labé Skýla~
Member #547 Join date 3/09/2001
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Joined: Oct 2011
Posts: 4,070
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OP
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Joined: Oct 2011
Posts: 4,070 |
I am in construction. I’m have my CPA looking at it now. Once they review all the details we will decide what to do. If there is a benefit we will look hard at it. Good luck. I'm in construction and a former CPA. Thats how it sits now with the latest information we have. Of course there's more details but this is meat of it and a very understandable condensed version of my interpretation. But again, anxiously awaiting the final version.
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Joined: Aug 2003
Posts: 4,249
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Joined: Aug 2003
Posts: 4,249 |
We haven’t laid anyone off but out work has slowed significantly. We eliminated all overtime but we are keeping everyone in a full weeks pay. Hoping that we can get some or all of it back. Good luck to all the other small business owners out there. It’s gonna be a real challenge for many.
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Joined: Jan 2001
Posts: 7,493
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Joined: Jan 2001
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Yep. 10 employees and business has all but dried up right now. Having to cut pay by 50% to stay afloat, and I’ve not taken a check in 3 weeks. Waiting to see if I qualify and how to apply for relief, otherwise it’s a bank loan to keep the doors open.
To anger a conservative, lie to him. To annoy a liberal, tell him the truth.
Promoted to Turdlike status 03/17/12
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Joined: Oct 2004
Posts: 23,375 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 23,375 Likes: 2 |
As most of you know, I have a dental office. It is shut down as they divert our resources I.e. masks, gloves, and PPE (personal protective equipment) elsewhere.
My office is closed save the odd emergency. Staff is on furlough without pay.
The challenge for my type of business will be to survive the complete depletion of all business cash reserves and then find working capital to survive for 2-3 months it takes to get funds coming in at a normal amount after the crisis passes. Your MD offices will face the same. Restaurants..,, bad news.
The government is going to spend trillions one way or another.
1.) they will spend it on never ending unemployment claims if they let small business (and large) go bankrupt and close. 10-15% unemployment is far more realistic than 1 million dead from the virus as some crack heads have spouted off.
2.) government can give money right to the private sector and people back to work in their SAME jobs, paying taxes and resuming normal spending as soon as possible.
I hate to see the debt jump, but it will one way or another. Putting people back to work in their same jobs is the better alternative.
"The Democrat Party looks like Titanic survivors. Partying and celebrating one moment, and huddled in lifeboats freezing the next". Hatari 2017
"Hokey religions and ancient weapons are no match for a good blaster at your side, kid." Han Solo
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Joined: Aug 2017
Posts: 9,219 Likes: 19
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Joined: Aug 2017
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We kept on but sent a bunch home this week. Looks like you can't layoff folks to qualify for the tax credit eligible loan, but that's just some BS I'm hearing from those who don't probably don't know!?
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Joined: Nov 2015
Posts: 4,859
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Joined: Nov 2015
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3.25 MIL unemployment just realeased.- matched 1980 figures.
Next week, they are projecting 4+ MIL.
Untold business doors shuttered forever......and counting.
All any businessman, with half a brain, has to do, is look at those very same numbers from 1980, to see what the future holds as far as when jobs come back. History books when facts are true don't lie. Look at the decade of the 1980's to chart your course.
No financial modeling needed here, This game has already been played before, and everyone is in the stands ready to watch it again......jobless.
You can't bring millions back to work overnight when the economy has just absorbed this extensive amount of carnage.
It has been 40 years since we have taken a hit this bad. Many alive have no clue, because they aren't old enough or had to work through it.
Many people back then, with advanced degrees, had to swing a hammer to survive. This time around, many of those same people can hardly read a tape measure. They never developed the skills, young boys acquired, as they grew up, and it's about to show.
Last edited by ElkSlayer91; 03/27/20.
"He is far from Stupid"
”person, who happens to have an above-average level of intelligence”
– DocRocket (In reference to ElkSlayer91)
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Joined: Dec 2013
Posts: 23,698 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,698 Likes: 5 |
Im in construction. We are still working 40 hrs a week and will be for the foreseeable future. Even if I'm eligible there's no way I'd think about taking it. Plenty of folks in service and restaurant industry that actually need it, can't imagine many construction companies that should. I will PROUDLY keep on taking care of myself and my employees without taking a handout off the backs of the next 2 generations. I made it through 2008 no problem and will this too. The company carries no debt, 21 employees, 4 pieces heavy equipment, 3 dump trucks, 7 fleet vehicles and no payments, account is flush with cash. Live way beneath our means.
163bc, if you take it, please don't ever criticize any Democrat/liberal/socialists ever again.
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Joined: Aug 2005
Posts: 11,364 Likes: 1
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Joined: Aug 2005
Posts: 11,364 Likes: 1 |
No bailout needed or desired here. Only have 2 employees and we are busy as ever.
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Joined: Jun 2005
Posts: 3,576
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Joined: Jun 2005
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own 2 small businesses.....one has been up in sales, but revenues on the main one are down by almost 50% over the last month.
no employees cut yet, everything still going, but this hurts.....looking forward to reviewing details of the proposed stimulus package.
============================================================
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Joined: Jun 2003
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Im in construction. We are still working 40 hrs a week and will be for the foreseeable future. Even if I'm eligible there's no way I'd think about taking it. Plenty of folks in service and restaurant industry that actually need it, can't imagine many construction companies that should. I will PROUDLY keep on taking care of myself and my employees without taking a handout off the backs of the next 2 generations. I made it through 2008 no problem and will this too. The company carries no debt, 21 employees, 4 pieces heavy equipment, 3 dump trucks, 7 fleet vehicles and no payments, account is flush with cash. Live way beneath our means.
163bc, if you take it, please don't ever criticize any Democrat/liberal/socialists ever again. jackmountain I complement you on your frugal operation. Good Luck Keep up the good fight. Cheers NC
don't judge until you have walked a mile in other persons' moccasins' SUM QUOD SUM........HOMINEM TE ESSE MEMENTO
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Joined: Dec 2013
Posts: 23,698 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,698 Likes: 5 |
3.25 MIL unemployment just realeased.- matched 1980 figures.
Next month, they are projecting 4+ MIL.
Untold business doors shuttered forever......and counting.
All any businessman, with half a brain, has to do, is look at those very same numbers from 1980, to see what the future holds as far as when jobs come back. History books when facts are true don't lie. Look at the decade of the 1980's to chart your course.
No financial modeling needed here, This game has already been played before, and everyone is in the stands ready to watch it again......jobless.
You can't bring millions back to work overnight when the economy has just absorbed this extensive amount of carnage.
It has been 40 years since we have taken a hit this bad. Many alive have no clue, because they aren't old enough or had to work through it.
Many people back then, with advanced degrees, had to swing a hammer to survive. This time around, many of those same people can hardly read a tape measure. They never developed the skills, young boys acquired, as they grew up, and it's about to show. [bleep] off. This is America and we're still the strongest most determined group of people ever collected together. Do we have problems? Yeah, sure we do. Is the millennial generation a bunch of pussies? Yeah. But when the [bleep] hits the fan you still have a bunch of hard working, smart determined, independent people who will do what it takes to get the engine turning again. One thing to remember is were Americans, and we love to spend money. And spending money drives the economy.
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Joined: Dec 2013
Posts: 23,698 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,698 Likes: 5 |
Im in construction. We are still working 40 hrs a week and will be for the foreseeable future. Even if I'm eligible there's no way I'd think about taking it. Plenty of folks in service and restaurant industry that actually need it, can't imagine many construction companies that should. I will PROUDLY keep on taking care of myself and my employees without taking a handout off the backs of the next 2 generations. I made it through 2008 no problem and will this too. The company carries no debt, 21 employees, 4 pieces heavy equipment, 3 dump trucks, 7 fleet vehicles and no payments, account is flush with cash. Live way beneath our means.
163bc, if you take it, please don't ever criticize any Democrat/liberal/socialists ever again. jackmountain I complement you on your frugal operation. Good Luck Keep up the good fight. Cheers NC I have hands down, the best group of guys I've ever had the pleasure of working with. Dedicated, loyal, hardworking... Absolutely awesome crew and couldn't do it without them. They're family.
Last edited by jackmountain; 03/26/20.
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Joined: Oct 2012
Posts: 7,647 Likes: 3
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Joined: Oct 2012
Posts: 7,647 Likes: 3 |
I'm with JackMountain, we won't even look into it. Don't want .gov, don't need .gov
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Joined: Aug 2005
Posts: 11,364 Likes: 1
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Joined: Aug 2005
Posts: 11,364 Likes: 1 |
Nice work Jack. Always fun to hear folks say you should be borrowing money and leveraging your resources to grow businesses. Then when this comes down, a lot of those folks are out looking for relief funds. No thanks. Much smaller than you, but no debt and we'll survive this fine I reckon.
And that relief thing is not directed at anyone here, just an in general statement .
Last edited by 30338; 03/26/20.
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Joined: Nov 2015
Posts: 4,859
Campfire Tracker
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Campfire Tracker
Joined: Nov 2015
Posts: 4,859 |
3.25 MIL unemployment just realeased.- matched 1980 figures.
Next month, they are projecting 4+ MIL.
Untold business doors shuttered forever......and counting.
All any businessman, with half a brain, has to do, is look at those very same numbers from 1980, to see what the future holds as far as when jobs come back. History books when facts are true don't lie. Look at the decade of the 1980's to chart your course.
No financial modeling needed here, This game has already been played before, and everyone is in the stands ready to watch it again......jobless.
You can't bring millions back to work overnight when the economy has just absorbed this extensive amount of carnage.
It has been 40 years since we have taken a hit this bad. Many alive have no clue, because they aren't old enough or had to work through it.
Many people back then, with advanced degrees, had to swing a hammer to survive. This time around, many of those same people can hardly read a tape measure. They never developed the skills, young boys acquired, as they grew up, and it's about to show. [bleep] off. This is America and we're still the strongest most determined group of people ever collected together. Do we have problems? Yeah, sure we do. Is the millennial generation a bunch of pussies? Yeah. But when the [bleep] hits the fan you still have a bunch of hard working, smart determined, independent people who will do what it takes to get the engine turning again. One thing to remember is were Americans, and we love to spend money. And spending money drives the economy. You're a mentally sick prima donna. I never said America could not survive this. I'm simply listing FACTS of what the immediate future holds, so businessman, who have not gone through this, can make educated decisions to position themselves as best they can. The fact you are running around this site presently, bragging about all of your $100,000+ jobs, when people are hurting, shows what a mentally sick prima donna you are, feeding your narcissism. Pizz off clown. I truly highly doubt you have the work you presently claim to have, when everywhere else, jobs are being shuttered, as always happens in a major downturn in its wake. I've been through this before, and I know what happens, and so have others reading this. Go take your bloviating no-respect-for-others-hurting azz some place else.
"He is far from Stupid"
”person, who happens to have an above-average level of intelligence”
– DocRocket (In reference to ElkSlayer91)
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Joined: Apr 2010
Posts: 10,861 Likes: 1
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Joined: Apr 2010
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I had a meeting with the Frankenstud Sling Keeper employees on social distancing and fifty percent threatened to quit.
Maker of the Frankenstud Sling Keeper
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Joined: Dec 2010
Posts: 19,330 Likes: 27
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,330 Likes: 27 |
Im in construction. We are still working 40 hrs a week and will be for the foreseeable future. Even if I'm eligible there's no way I'd think about taking it. Plenty of folks in service and restaurant industry that actually need it, can't imagine many construction companies that should. I will PROUDLY keep on taking care of myself and my employees without taking a handout off the backs of the next 2 generations. I made it through 2008 no problem and will this too. The company carries no debt, 21 employees, 4 pieces heavy equipment, 3 dump trucks, 7 fleet vehicles and no payments, account is flush with cash. Live way beneath our means.
163bc, if you take it, please don't ever criticize any Democrat/liberal/socialists ever again. That's great. Good luck in the coming months. Seriously.
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