Covid 19 - Resources for small businesses

Kenny Hayes

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Joined
Apr 17, 2009
Messages
8,595
Location
Yukon, Oklahoma
Name
Kenny Hayes
Nope, zip, nada!! March! Application was successful, but zero. No stimulus either. I can be successful with a whole new career by the time I get it, and I’m 68.
 
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Terry

Supportive Member
Joined
May 18, 2007
Messages
574
Location
Wrentham, MA
Name
Terry O'Brien
Applied for PPP on April 3rd and finally got notice that SBA has ok it with loan number today.
 

Terry

Supportive Member
Joined
May 18, 2007
Messages
574
Location
Wrentham, MA
Name
Terry O'Brien
Inc. Magazine and US Chamber of Commerce have a town hall meeting every Friday at noon to 1pm that's very informative on the PPP, EIDL and other issues related to what's happening right now. sign up and if you can't get on live they'll send email with recording.
 

Terry

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Joined
May 18, 2007
Messages
574
Location
Wrentham, MA
Name
Terry O'Brien
Lastly if you do get PPP it's best to get your accountant involved early to help navigate the reporting and accounting process which is still be finalized.......
 
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D Luke

Supportive Member
Joined
Apr 12, 2015
Messages
1,015
Location
MI
Name
Derek
Just read that forgiveness will be taxable per the IRS. Still obviously worth it to do, but at least takes a bit of the sting out if you miss out on it.
 

Jim Williams

Member
Joined
Oct 8, 2006
Messages
1,462
Location
Bynum N.C.
Name
Jim Williams
Just got a message from Square saying I was approved for the PPP today. It would be nice to find out if it's really forgivable if I pay myself before I go and use it. Since business is starting to pick up I hate to go in debt if I don't need to.

I think I'll contact my tax lady before I get stuck with a $600 a month payment for 2 years.
 
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Kenny Hayes

Member
Joined
Apr 17, 2009
Messages
8,595
Location
Yukon, Oklahoma
Name
Kenny Hayes
It (ppp) has caused some contention between my partner and I that we’ve never had in 30 yrs. of being in biz together. I’m like, what the hell, we don’t seem to be getting it anyway, so what difference does it make.
 

Kenny Hayes

Member
Joined
Apr 17, 2009
Messages
8,595
Location
Yukon, Oklahoma
Name
Kenny Hayes
Maybe I’m confused by the word advance. I know what advance means, not sure about application. I’m slow, and obviously the pipeline is too.
 

Kenny Hayes

Member
Joined
Apr 17, 2009
Messages
8,595
Location
Yukon, Oklahoma
Name
Kenny Hayes
We got our stimulus money today. It was $243. short. I’m gonna have to go to Bob Mills Furniture here in OKC and let him help me stretch it!🤷🏼‍♂️
 

Jim Williams

Member
Joined
Oct 8, 2006
Messages
1,462
Location
Bynum N.C.
Name
Jim Williams
Ya'll think about this thing awhile before you spend that PPP money. The government has a history of saying they are going to forgive loans and not coming through. The way loan forgiveness works is the government pays the bank off. I have a feeling there ain't going to be that much government money to pay back all these loans.

I'm going to let my loan money sit in the bank a few weeks and if business stays busy I'll probably go ahead and pay it back. I sure don't want to be stuck with a $600 a month payment for 2 years.
 
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Kenny Hayes

Member
Joined
Apr 17, 2009
Messages
8,595
Location
Yukon, Oklahoma
Name
Kenny Hayes
I’m with you there, and as I posted earlier, it caused a little contention between me and mine. But I had 25 employees, and the risk was too great
and too gray for me. The problem I have is half or more are usually off for 2 months in summer, so I could see gray all the way. Just collect unemployment and I won’t worry. I’m too old for that.
 
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