Small Business Thread - Advice for Navigating Covid-19

Discussion in 'The Mainboard' started by dallasdawg, Mar 18, 2020.

  1. Whammy

    Whammy Look kids, Parliament!
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    It should say in the portal, think it’s 30 days but not sure
     
  2. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    nice. i applied 4/8 so i should be looking out for approval soon hopefully
     
  3. Room 15

    Room 15 Mi equipo esta Los Tigres
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    The grant should be in even 1K incremements, so I'm guessing that 1800 is the loan. Did you not get a separate $1k anywhere?
     
  4. fsugrad99

    fsugrad99 I'm the victim here
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    nope
     
  5. CUAngler

    CUAngler Royale with Cheese
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    So i recieved EIDL a few weeks ago. Last week I got a letter saying they could not substantiated my economic injury.

    My business shut down for 6 weeks and we are now about 200k behind where we were last year. I called the number on the letter to see what information they were looking for on my appeal but they told me they didn't know and that accountants would review the letter, so craft it to them. Lol Jesus.

    I plan on sending in my day/month collections reports, total customers seen, quarterly/monthly p&l, and loss of projected growth. I only need to prove 16k worth of injury. This seems pretty straight forward but I want to get it right the first time.
     
  6. Whammy

    Whammy Look kids, Parliament!
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    Did you submit docs to them? What is it based on?
     
  7. Mix

    Mix I deserve to be blown before the Jacuzzi
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    Like they disbursed it to you or they approved you?
     
  8. CUAngler

    CUAngler Royale with Cheese
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    I was approved and it was dispersed.

    Now they want it back.
     
  9. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    call a lawyer, that sounds fishy
     
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  10. Whammy

    Whammy Look kids, Parliament!
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    Agreed - the government wouldn't even have anything to base that on....are you sure the email you got it from is legit and not phishing?
     
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  11. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    they are 6+ weeks behind on applications, you'd like to think they're not spending any extra time on anything else. they also aren't a task force lol
     
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  12. NYGator

    NYGator Well-Known Member
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    Yes, that was my first thought. This sounds like a phishing exercise. Everyone should have an SBA login. If there is truly a letter of this type outstanding it should be on the account. Curious to know the sending email address.
     
  13. NYGator

    NYGator Well-Known Member
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    Did everyone else who received an EIDL grant receive this email? My CFO did this and the page says we are eligible for $150K loan.

    [​IMG]


    Create your SBA Economic Injury Disaster Loan Portal Account

    Your SBA Application No. xxxxxxx is ready for the next step. Create your SBA Economic Injury Disaster Loan Portal account to provide additional details or requested documents.
     
  14. dirtybert

    dirtybert Well-Known Member

    Yea, I got it Monday. Haven’t done anything with it yet.
     
  15. Wendel Clark

    Wendel Clark Gambling God
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    Might have been discussed but what how can you fire someone during the 2 month period after receiving the PPP?

    I got to get rid of this lady. Shes awful
     
  16. Whammy

    Whammy Look kids, Parliament!
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    Yes
     
  17. NYGator

    NYGator Well-Known Member
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    I suspect the forgiveness will be easy when all is said and done and you should be good to go ahead and fire. You are allowed to fire if someone is not meeting expectations regardless, but I am on a call with some business leaders and the main guy has been meeting with NY congressmen and they are very positive that a minimum of 18-24 weeks and removal of the 75% requirement will be the outcome for the forgiveness period. I would imagine that would cover most people.
     
  18. NYGator

    NYGator Well-Known Member
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    The new bill passed!

    Businesses who borrowed under the program now have 24 weeks from the date of funding or until 12/31/2020 whichever comes first to spend the PPP Loan. Additionally the 75/25 rule was also amended to 60/40, however there seems to be some concern as to whether that is an “all or nothing” provision. Meaning if you don’t spend at least 60% on payroll costs there may be no forgiveness. Previously there was at least partial forgiveness. Again this is awaiting a ruling from Treasury and the SBA.

    The last point is that the payoff of the loan that is mot forgiven has been extend to 5 years from 2.
     
  19. DAT.ass

    DAT.ass Black Mamba!!!
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    #1419 DAT.ass, Jun 5, 2020
    Last edited: Jun 5, 2020
  20. beerme

    beerme Well-Known Member
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    Just for clarifications sake the only other main qualification is that you retain at least 75% of your FTEs for full forgiveness right?
     
  21. Rusty Shackleford

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    I think it actually got pushed to the end of the year.
     
  22. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    I know this is the small business Covid advice thread but I could use some advice from you fellow business owners about an employee issue. My manager that was supposed to close my store last night just took off about 2 hours into his shift. He didn't contact me to tell me he was leaving he just told the crew his sister was in a wreck and had to be airlifted two hours away from where we live.

    Normally I wouldn't even think twice about this but I recently caught him lying to me about some other stuff. He told me earlier in the week he couldn't stay till close but didn't give a reason and ultimately told me he would stay. He has been on social media all week posting about this big party that happened yesterday. An hour after he left work he was posting about another party that is next weekend. It just seems really odd to be posting about that an hour after you left work because your sister had to be airlifted to a hospital.

    I do not have any real proof he is lying. One of this friends works for me and he just said this is all really shady. He doesn't really have any evidence the kid is lying either though. If any of you have had to deal with something like this before I could use some advice. If I come down on him and I am wrong it would be very shitty. Sorry if this is not the appropriate place for this but this shit kept me up last night. Before the recent lying about other stuff I would have never thought he would do shit like this.
     
  23. Vinegar Strokes

    Vinegar Strokes Fire Dantonio
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    tell him you’re sorry to hear about his sister, and want to send her flowers at the hospital. Tell him to give you the address to the hospital.
     
  24. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
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    Just need to have an honest conversation imo. You can do that without accusing him. You said that X happened and then I saw on social media about Y happening. That raises some doubt in my eyes about why you left early. I don’t want to question people every time they have some sort of emergency but you are making it very difficult. You need to communicate with me directly if you ever have to leave for another emergency reason because I am the one that has to deal with it.

    I never have liked to optics of asking for proof after the fact. You don’t have to be insensitive to him and ask about his sister. Since he now has the expectation of contacting you before he leaves his shift again you ask for proof ahead of time.

    I am just inferring they a shift manager at your place is a position that doesn’t have the most rigorous qualifications. It may just be time to move on to someone else. As PPP and unemployment on steroids run out you are going to have a larger pool of good applicants.
     
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  25. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    Yeah its a count the drawer at the end of the night and make sure the place is locked up. I left out the fact that he left early the day before without telling me. When I confronted him about it he said he didn't want to talk about it. He did at least cover himself by having someone come in. He has been with me for 3 years and this kind of stuff seems out of character but something has definitely changed recently. The other thing he lied about was not being able to work more than two days due to fear of getting Covid 19. He went to a the beach for a weekend and has thrown two block parties since telling me he was only going to work and staying home.

    It sucks because I really like the kid but its not fair to the rest of my staff to let him behave this way. i almost feel like he is testing me to see if I will fire him so he can file unemployement. When we reopend after the shut down he asked if he could lay out of work two more months on unemployment before coming back.
     
  26. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    Thats a good idea.

    Thank you guys for the adivce and letting me vent.
     
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  27. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    The advice I was given on this is as long as you replace the FTE you will be ok.
     
  28. Rusty Shackleford

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    Yea it sucks, people change and become less engaged. You never know if something is going on outside of work or if it is something you are doing. Just make sure you document things really well. I would absolutely give him a written warning on leaving without communicating with you. You either get the change you are looking for or move on without having your unemployment insurance rates go up.

    Maybe the solution is to sit down and talk with him. "We have worked together for 3 years you have always done a great job. I am seeing X, Y, and Z behaviors that have me worried. What is going on?" Maybe he will actually open up to you. If he doesn't and the behavior continues then it sucks but you know what to do.
     
  29. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    You are 100% right. I'm going to call him in this week. He told me he needed the week off to deal with his sister so he should be free at some point.

    Its been a crazy week here. I also had an employee file for unemployement while still being employed. She filed the claim on 5/31 and then worked on 6/1, 6/2. When I asked her about it she said it must have been done fraudulantly. I reported it to the UE office as fraud and they denied the claim. Then on 6/4 she tells me it was her that filed the claim and she is quitting. She wanted to know if I would call UE back and tell them the claim was valid after all :facepalm:. I am not losing any sleep over this one I have been pushing her towards the door for a couple weeks and had already hired someone to replace her.
     
  30. beerme

    beerme Well-Known Member
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    Yeah I’m experiencing the same. I had one employee disappear for 4 days and tell me he had people after him that got out of jail and had to ditch his phone. A week later he left mid shift on a solo warehouse shift and disappeared for 3 more days and then surfaced to tell me his sister passed during child birth. Both unusual for this guy but back to back weeks disappearing with no communication...

    my main officeperson is having trouble finding childcare day to day and we’ve been super lenient but she’s now also disappearing and not communicating and we have dozens of checks not cashed from weeks ago. She’s been taking them home so she can work from home but she’s not depositing them and I can’t get ahold of her. Had a driver also pull similar shit just not showing up to shifts and not offering any real excuses. We’ve had these issues in the past but never at the volume and # of employees it’s happening with now.
     
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  31. Oranjello

    Oranjello Well-Known Member
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    That’s not how it works - you have to maintain 100% employment. If you don’t want to end up stuck repaying a loan, you may want to read up on the rules
     
  32. Chipper>Jeter

    Chipper>Jeter Defund the NCAA
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    Its because unemployment is a great option right now. Alabama is so behind mailing out claims that people are getting approved before I ever see the notice. Once staff found this out from people who used to work here I lost alot of power with several people.

    I know they say rate increases for unemployment will be forgiven during all of this but I was given the impression that not all claims will be automatically.
     
  33. Vinegar Strokes

    Vinegar Strokes Fire Dantonio
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    There is still a lot of grey area though on that part. You just have to prove you spent 60% of loan on payroll, which should be easy to do given the 24 week grace period now. So even if you laid off two workers, and attempted to re hire them, I think they would still qualify for full forgiveness as long as company spent. 60% of that on payroll.
     
  34. Oranjello

    Oranjello Well-Known Member
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    That’s a huge assumption that completely changes the outcome. A lot of employers have non-PPP reasons to fire employees and are somewhat stuck paying them otherwise they’ll have to repay this debt.
     
  35. beerme

    beerme Well-Known Member
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    Are you sure? Both my accountants have said you don’t need to maintain full employment for at least partial forgiveness. And it was by end of 8 week period... now it’s by years end?
     
  36. Oranjello

    Oranjello Well-Known Member
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    Positive. Your accountants are correct in that if you don’t maintain full employment then you’ll only get partial forgiveness. We’re saying the same thing in different ways. If you want full forgiveness, then under current law you need to maintain full employment (subject to narrow exception for employees who quit).

    And the 8 week period changed on Friday when a law was passed that amends the entire forgiveness aspect of the program.
     
  37. gowolverines8

    gowolverines8 Well-Known Member

    Anyone been poking around the feds Main Street lending program? Doing some research on it today and it seems like it may be a good option to refi all of my business debt. Wondering if anyone has heard of any bank offering it, sounds like there is little interest from banks in participating because the fees just aren't there for them to make anything.
     
  38. southside

    southside Well-Known Member
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    Can you apply for the EIDL grant twice (the $1k per employee)? Can't seem to find confirmation whether you can/can't
     
  39. colonel_forbin

    colonel_forbin Well-Known Member
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  40. Gallant Knight

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  41. Hatfield

    Hatfield Charlie don’t surf
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    I’ve not kept up with this 2nd relief bill...anything like a second round of PPP?
     
  42. colonel_forbin

    colonel_forbin Well-Known Member
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    Yep. All these cases seem pretty open and shut, too. Bank fraud carries a maximum sentence of 30 years and a $1 million penalty, in addition to restitution.

    They're going to get hammered.
     
  43. Gallant Knight

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    Eh I don’t really want anyone going to prison
     
  44. Room 15

    Room 15 Mi equipo esta Los Tigres
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    Did the PPP 1B even all get used?
     
  45. Hatfield

    Hatfield Charlie don’t surf
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    IDK, I’m more taking about if you got and used the first time, can you reapply and get another grant. Not like things have improved significantly since April in many sectors
     
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  46. Room 15

    Room 15 Mi equipo esta Los Tigres
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    Good point
     
  47. NoNatty

    NoNatty Keyboard Cowboy
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    Submitted our PPP forgiveness through chase yesterday.

    Anyone gotten theirs forgiven yet?
     
  48. Deuce

    Deuce Well-Known Member
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    I have a few clients who submitted in late Oct and got notice from SBA this week it was approved.
     
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  49. beerme

    beerme Well-Known Member
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    Yeah I think it’s happening fairly quickly. I made the mistake of changing my payroll system in August, i made gathering reports a lot harder on myself
     
  50. NoNatty

    NoNatty Keyboard Cowboy
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    sweet. Now I just need them to fix the tax issue.