Surly Thread of Business Owners/Managers, Etc. & Current Business Climate

[Lobwedgephil 1,139]

13 minutes ago, Tailgate said:

Are you in Texas? We’ve had a great relationship with Frost for our business for over 20 years. They’ve been sending emails on it and seem to be proactive. 

Thanks, says that they don't accept applications from non customers. 

[riloh05 107]

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

[G650 14,250]

[T’Boo Ted Marshall 2,732]

Don’t doubt it.

[riloh05 107]

13 hours ago, Brew said:

Employee retention credit, credit of 50% of wages per employee up to $10k for each employee in a quarter if your business is closed due to orders or revenue falls below 50% of a comparable quarter. There are a number of stipulations but that is the genesis of it. We had very few clients outside of restaraunts that met revenue stipulation at this point and they all decided to lay off employees so it didn’t help much. You can’t take it and PPP.

Caveat here...if the business is 100 employees or under, wages qualify for the folks who have received wages going back to March 13th. If you paid a severance, end of a cycle, etc..those are qualifying wages.

Once/If they hit wages of $10k per year (not quarter)- the credit is $5k/per each employee. If they dont hit $10k, it percentages down from there.

Larger companies can take advantage of the credit if they are paying employees who are not working. Just delivered an 8 million dollar credit for a company with about 20k employees.

[Cheeseweasel 26,438]

58 minutes ago, Incredulity said:

“On what planet am I competing with unemployment?”

On a planet where those crafting bills don't care or understand the implications of the laws they are passing.

[Eastwood 4,394]

46 minutes ago, riloh05 said:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

My new bank told me on Tuesday that I was "on the list," so I hope that's the list he was talking about.

[TexMex Horn 68]

On 4/22/2020 at 8:22 AM, DefinitelyNotHollywoodColt said:

Sidenote: we’ve banked with Chase for over 15 years and our fucking banker didn’t return a single call or email as we were scrambling to line up for PPP. Fuck you, Chase.

My Chase banker called me today to tell me to keep in there it will only be a few more days. I told her I found the funding through a different bank 10 days ago.

[Incredulity 11,665]

3 minutes ago, TexMex Horn said:

My Chase banker called me today to tell me to keep in there it will only be a few more days. I told her I found the funding through a different bank 10 days ago.

 

Fuck Chase.

[Brew 3,049]

2 hours ago, riloh05 said:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

It will be interesting to see, I think the loan size average drops significantly in this round which increases the number of applicants significantly. I would have expected it to run over into next week at a minimum. We have worked with clients on very few for this round which is a positive I guess.

[pacman 7,355]

2 hours ago, riloh05 said:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

I said from the get go it was not enough, then they went and let the big boys in restaurants and hotels have access to it as well.

We all know the maximum benefit and return for American economy is absolutely through direct funding to citizens in need and to small businesses. That money hits accounts and then immediately hits the economy.

[Js1 85,311]

 

 

[G650 14,250]

21 minutes ago, Js1 said:

 

 

Apparently they shamed Ruth's Chris enough

 

https://www.cnbc.com/2020/04/23/ruths-chris-steakhouse-owner-says-it-will-repay-20-million-in-small-business-loan.html

[VABuckeye 2,472]

It makes sense.  Publicly traded companies have access to ways to raise capital that the small guys can only dream about.

[Cheeseweasel 26,438]

1 minute ago, VABuckeye said:

It makes sense.  Publicly traded companies have access to ways to raise capital that the small guys can only dream about.

Publicly traded small business seems like a contradiction in terms...

[VABuckeye 2,472]

Yeppers.  Couldn't agree more.

[ChiTownDoc 21,152]

Mayo and Northwestern sending out mass furlough notices today.  NW executive leadership team takes a 25% haircut and zero bonuses - usually bonus is 60%+ of total compensation.  So some people typically clearing close to 2M are at 700-800k...no need to cry for them but I respect that a lot more than what many organizations are doing with the top earners taking very little financial pain while the worker bees get destroyed. 

[DefinitelyNotHollywoodColt 12,301]

3 hours ago, riloh05 said:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

of course...there were just under 20MM with apps already submitted that are waiting for this next round of funding. it's fair to assume that not only is this round already gone, the subsequent rounds (and there will definitely be more) are also already spoken for.

[InkaUtexas 25,909]

8 minutes ago, ChiTownDoc said:

Mayo and Northwestern sending out mass furlough notices today.  NW executive leadership team takes a 25% haircut and zero bonuses - usually bonus is 60%+ of total compensation.  So some people typically clearing close to 2M are at 700-800k...no need to cry for them but I respect that a lot more than what many organizations are doing with the top earners taking very little financial pain while the worker bees get destroyed. 

so how does this impact and COVID research? And if not, were they really needed staff? Just wondering. 

[VABuckeye 2,472]

Half of our receivables came in today.  Of course a lot of that money goes towards making other people happy but it was still a good day.

[Cheeseweasel 26,438]

7 minutes ago, VABuckeye said:

Of course a lot of that money goes towards making other people happy but it was still a good day.

Well if giving away money makes you happy, have I got a deal for you

[VABuckeye 2,472]

Right?

[G650 14,250]

18 minutes ago, VABuckeye said:

Half of our receivables came in today.  Of course a lot of that money goes towards making other people happy but it was still a good day.

Good stuff

[VABuckeye 2,472]

Better than what the company bank account looked like yesterday for sure.  

[G650 14,250]

So we got through the house. Once signed, off to the races again.

[cabowabo 4,484]

MaclovioBrown locked and loaded and ready to enter your loan into the SBA PPP portal.

Edited April 23, 2020 by cabowabo

[G650 14,250]

15 minutes ago, cabowabo said:

MaclovioBrown locked and loaded and ready to enter your loan into the SBA PPP portal.

[Brew 3,049]

2 hours ago, Cheeseweasel said:

Publicly traded small business seems like a contradiction in terms...

The majority of the ones that applied met the qualifications laid out on employee size if you look at the numbers. The ones getting the main press qualified under the exceptions in the law. This was a small business product for entities under 500 employees, it wasn’t written to what the press must consider small business. It’s turning into a witch hunt when it should be a simple question of did you qualify under the law or not.

You have a representative coming out now and wanting to rewrite the whole forgiveness calculation. That is going to be a fun one when it ends up in court.

[T’Boo Ted Marshall 2,732]

One of the companies I’m selling got their funding to the tune of $500k this week. It’s going to help prop their cash flow as I expect to close this deal July 1 or August 1. I didn’t know they applied until today.

[MaclovioBrown 100]

Spinning logon of death. Looks like it’s open. 

[Doze 1,322]

Publicly traded companies must pay back loans by May 7

https://www.businessinsider.com/treasury-department-public-companies-give-back-small-business-loans-report-2020-4

Meanwhile, publicly traded "small businesses" with $2M weekly payroll are like:

[BillyGoatHill 4,312]

9 hours ago, riloh05 said:

https://www.cnbc.com/2020/04/23/new-310-billion-in-aid-for-small-businesses-is-likely-already-used-up-banks-say.html

money gone already?

Of course it is! Went to the hospitals this time around....Really just more big business/corporations. Baylor Scott & White. Ascension. Memorial Hermann. HCA. etc..

You small business owners, Walmart and HEB are hiring. Fuck off (insert CR here).

[MaclovioBrown 100]

No luck yet.


Sent from my iPhone using Tapatalk

[Chewbacca 7,773]

The majority of the ones that applied met the qualifications laid out on employee size if you look at the numbers. The ones getting the main press qualified under the exceptions in the law. This was a small business product for entities under 500 employees, it wasn’t written to what the press must consider small business. It’s turning into a witch hunt when it should be a simple question of did you qualify under the law or not.
You have a representative coming out now and wanting to rewrite the whole forgiveness calculation. That is going to be a fun one when it ends up in court.

Shake Shack came out and said they felt they weren't one big business but that every location was its own business. Fuck companies like that. They may have qualified under the letter of the law, but they damn well knew they did not qualify under the spirit of the law. As a fellow CPA, you should have been advising them of that, if any of your clients fell in that bucket.

[MaclovioBrown 100]

False alarm. Going to bed




Sent from my iPhone using Tapatalk

[Brew 3,049]

58 minutes ago, Chewbacca said:

 

 

Shake Shack came out and said they felt they weren't one big business but that every location was its own business. Fuck companies like that. They may have qualified under the letter of the law, but they damn well knew they did not qualify under the spirit of the law. As a fellow CPA, you should have been advising them of that, if any of your clients fell in that bucket.

 

I wasn’t clear on the exceptions portion. Shake Shack clearly didn’t meet the requirement the way I read it. It was written for franchisee’s, not corporate owned locations and I don’t see much interpretation in that. There are a couple of others that fall in that category. However, the vast majority of the publicly traded companies that filed met the criteria of the PPP loan. There is one reference in the first line to separate SBA code that I haven’t read. Assuming no issues there, I would have advised my client to work with a bank and file. The debt free company with 200 employees that filed is no different than the publicly traded company with 200 employees that filed assuming they both met the economic distress provision which had zero guidance around it. This has turned into a “small business” product with no definition after the fact when the law had clear definitions on size but not loss standards.

Edited April 24, 2020 by Brew

[pacman 7,355]

5 hours ago, Doze said:

Publicly traded companies must pay back loans by May 7

https://www.businessinsider.com/treasury-department-public-companies-give-back-small-business-loans-report-2020-4

Meanwhile, publicly traded "small businesses" with $2M weekly payroll are like:

Goes back to the treasury, not back into ppp? So, really, what is the point here othervthan msking these businesses and the govt look like assholes.

[VABuckeye 2,472]

Hoping to see some happiness from posters in this thread before too long.

[Frieda’s Boss 181]

Maclovio (or anyone) - you hearing the same re: E-Tran opening back up on Monday?

[G650 14,250]

7 minutes ago, VABuckeye said:

Hoping to see some happiness from posters in this thread before too long.

Monday is the word.

[MaclovioBrown 100]

Sent from my iPhone using Tapatalk

[MaclovioBrown 100]

Sent from my iPhone using Tapatalk

Edited April 24, 2020 by MaclovioBrown
Double

[troph 24,783]

last few posts super helpful.  it's crazy how much this thread has been a part of acquiring knowledge and expertise.  especially on the innuendo/rumor mill confirmation.  

Edited April 24, 2020 by troph

[Wally Pryor 5,261]

I worked with / contacted five different banks (all local / regional) on the first PPP round for various businesses. 

Each bank had a different set of document requirements - some next to nothing, others overkill. 

[BillyGoatHill 4,312]

54 minutes ago, Wally Pryor said:

I worked with / contacted five different banks (all local / regional) on the first PPP round for various businesses. 

Each bank had a different set of document requirements - some next to nothing, others overkill. 

And you still were left out right?

Same experience here. If I have any money left at all after this, it will be moved to another institution or mattress.

This next time around, the Corporate hospital systems are going to eat it all up. 

[Brew 3,049]

10:30 am EST Monday the fun starts again. 

[cabowabo 4,484]

Curious as to whether any of you small business owners are running into the same issue discussed in this article.  The fact that you can make more on unemployment undermines the entire Paycheck Protection Program. Why not cap unemployment benefits to the person’s pre-pandemic rate?  The fact that unemployment benefits are now a windfall is retarded and just what I would expect from our retarded government. 
https://www.dailymail.co.uk/news/article-8255795/Spa-owner-reveals-staff-angry-got-stiumulus-loan.html

 

[VABuckeye 2,472]

I attempted to hire some extra help this past week to get us through some projects and was turned down both times because they wanted to sit at home and draw unemployment.

[Brew 3,049]

No doubt you are going to see it in some cases, but I’m not sure how widespread it will be. In quite a few states people either still aren’t getting paid anything yet or they are getting the state portion but not the federal additional funds. My clients are having more of an issue with people being fearful about coming back to work right now and wanting to wait a few more weeks to see what happens after reopening. Most of the ones I’ve talked to have called people back in starting Monday and there have been some issues although it is the minority.

It’s going to be an interesting month in this process. Most people will want to go back to work, they just may not be ready yet.

[G650 14,250]

18 minutes ago, cabowabo said:

Curious as to whether any of you small business owners are running into the same issue discussed in this article.  The fact that you can make more on unemployment undermines the entire Paycheck Protection Program. Why not cap unemployment benefits to the person’s pre-pandemic rate?  The fact that unemployment benefits are now a windfall is retarded and just what I would expect from our retarded government. 
https://www.dailymail.co.uk/news/article-8255795/Spa-owner-reveals-staff-angry-got-stiumulus-loan.html

 

I haven't as we haven't really stopped for one so my guys haven'tbeen laid off, and because we are skilled labor, our wages are already equal or better.