Urgent PSA: SBA.GOV Covid-19 Grant info. Not Football related but Important!!!

[UNTMike81]

I know this isn't Football Related. Important Covid-19 Grant Info. that most people don't know about below SBA.GOV assistance program throughout the US.

Everyone is hearing about SBA.GOV Small Business Payroll loan assistance. I'm an independent Business owner/contractor. i represent/Sell Health-Under 65, Not ObamaCare, Life, Medicare Over 65, College planning services. I'm also an Electricity Broker.

I don't qualify for SBA.GOV employee Retention program that started today because I don't have any W-2 employees. There is help for me and anyone across the USA that is self employed or 1099 contract employee. See info. Below. Hopefully board administrators will not move post as important to all on this board that are like me. SEE INFORMATION BELOW. 

All,

If any of you have friends that are self-employed IE contract labor, via 1099’s and don’t have any employees can go to below SBA link. Fill out 5 minute application, then SBA due to Covid 19 will deposit 10K in grant money. No repayment terms just 10K. Money is supposes to be deposited within 3 business days but SBA says it will take a bit longer due number of applications and demand.

 

This info. is on SBA website, but I’ve been dealing with the SBA and I was provided this information verbally by SBA call center employee(s), IE more than 1.

 

https://covid19relief.sba.gov/#/

I hope everyone stays safe and don't have any family, friends, or business associates affect by Covid-19 from serious medical standpoint!!!!

 

[UNTMike81]

 

I know this isn't Basketball Related. Important Covid-19 Grant Info. that most people don't know about via SBA.GOV.

Everyone is hearing about SBA.GOV Small Business Payroll loan assistance. I'm an independent Business owner/contractor. i represent/Sell Health-Under 65, Not ObamaCare, Life, Medicare Over 65, College planning services. I'm also an Electricity Broker.

I don't qualify for SBA.GOV employee Retention program that started today because I don't have any W-2 employees. There is help for me and anyone across the USA that is self employed or 1099 contract employee. See info. Below. Hopefully board administrators will not move post as important to all on this board that are like me. SEE INFORMATION BELOW. 

All,

If any of you have friends that are self-employed IE contract labor, via 1099’s and don’t have any employees can go to below SBA link. Fill out 5 minute application, then SBA due to Covid 19 will deposit 10K in grant money. No repayment terms just 10K. Money is supposes to be deposited within 3 business days but SBA says it will take a bit longer due number of applications and demand.

 

This info. is on SBA website, but I’ve been dealing with the SBA and I was provided this information verbally by SBA call center employee(s), IE more than 1.

 

https://covid19relief.sba.gov/#/

I hope everyone stays safe and don't have any family, friends, or business associates affect by Covid-19 from serious medical standpoint!!!!

[Pavlovs Eagle]

I could lead a symposium on how the Payroll Protection Act is a giant CF.  We've submitted for one of our companies for the 2nd time (first app was complicated by multiple LLC's), and we're waiting on our other bank to submit the 2nd business's application.

I bet G Brint gets richer off of this from a consulting standpoint.  I know the Big 4 guys will for sure have consultants immediately transitioned to the PPA.  I have no idea how the government will actually audit this down to the employee level in regards to who we were supposed to make sure the compensation is "protected" on.  I assume it's all self policing for the time being.

Since I mostly need to protect the pay of employees who were here during the look back period, I actually will end up shuffling around our staffing in such a way it will probably appear externally that I'm laying off or furloughing MORE people.

There a lots of people who will take the money and be on the hook for the payback. I personally don't intend to lose a single dollar that could be forgiven.  The rules a very specific and the generic rules that the news and even some vendors are floating around are just a glimpse of everything you have to consider to qualify for the loan forgiveness.

Quite a mess we've gotten this country into.

[FirefightnRick]

5 hours ago, Pavlovs Eagle said:

I could lead a symposium on how the Payroll Protection Act is a giant CF.  We've submitted for one of our companies for the 2nd time (first app was complicated by multiple LLC's), and we're waiting on our other bank to submit the 2nd business's application.

I bet G Brint gets richer off of this from a consulting standpoint.  I know the Big 4 guys will for sure have consultants immediately transitioned to the PPA.  I have no idea how the government will actually audit this down to the employee level in regards to who we were supposed to make sure the compensation is "protected" on.  I assume it's all self policing for the time being.

Since I mostly need to protect the pay of employees who were here during the look back period, I actually will end up shuffling around our staffing in such a way it will probably appear externally that I'm laying off or furloughing MORE people.

There a lots of people who will take the money and be on the hook for the payback. I personally don't intend to lose a single dollar that could be forgiven.  The rules a very specific and the generic rules that the news and even some vendors are floating around are just a glimpse of everything you have to consider to qualify for the loan forgiveness.

Quite a mess we've gotten this country into.

Praying for our business folks who are the heartbeat of our country to be able to hang on and get thru this.

 

Rick

Edited April 9, 2020 by FirefightnRick

[Quoner]

5 hours ago, Pavlovs Eagle said:

I bet G Brint gets richer off of this from a consulting standpoint. 

 

Quote

On Tuesday Lt. Gov. Dan Patrick announced a task force to begin coming up with recommendations for restarting the economy, once stay at home orders are lifted. The group will be led by Brint Ryan, CEO of the Dallas-based tax consulting firm Ryan.

https://www.dallasnews.com/news/politics/2020/04/08/d-fw-company-will-make-2-million-masks-a-week-for-texas-gov-abbott-says/?utm_source=Newsletter&utm_medium=email&utm_content=Coronavirus+Update%3A+D-FW+company+to+make+masks+for+state%2C+Dallas+County+reports+63+new+cases&utm_campaign=CoronavirusUpdate_04082020

[FirefightnRick]

2 hours ago, Quoner said:

 

https://www.dallasnews.com/news/politics/2020/04/08/d-fw-company-will-make-2-million-masks-a-week-for-texas-gov-abbott-says/?utm_source=Newsletter&utm_medium=email&utm_content=Coronavirus+Update%3A+D-FW+company+to+make+masks+for+state%2C+Dallas+County+reports+63+new+cases&utm_campaign=CoronavirusUpdate_04082020

Excellent.

 

 

Rick

[Pavlovs Eagle]

2 hours ago, FirefightnRick said:

Praying for our business folks who are the heartbeat of our country to be able to hang on and get thru this.

 

Rick

Thank you Rick.  

The first week or two after the bottom dropped out (March 16th forward) I can't count the amount of times I sat down in my car in the evening after leaving the office and just breaking down in tears over this.  Hundreds of employees and families depend on our business to put food on the table, a roof over their head, and clothes on their backs.  We have weathered bad years, natural disasters, etc.  But the safety net systems aren't built for the government to restrict commerce entirely.  And leave it up to our career politicians to be surprised that a business can't be all expenses with no revenue, and shocked by unemployment numbers and shrugging off claims of a incoming depression.

Alot of marketing depts in America were putting on a good face about "taking care of their number one asset: the employee" the 3rd and 4th weeks of March, but it was clear a lot of companies in every industry were about to have to get rid of much of their workforce by the first weeks of April.

Most of my days now are indistinguishable from the day before and after.  I knew tomorrow was Thursday because the neighbors had their trashcans in the alley for Thursday trash day when I got home from the office tonight (yes, I still go daily even though I told everyone else to work from home.  I can focus on the task at hand better).  It's all crisis mitigation calls, staffing calls, running our cash, talking to the bank, etc. 

Our one business who still is waiting on the bank to submit the PPA paperwork will run out of money by Friday afternoon.  We have a commitment from the bank for a bridge loan till the PPA money comes in, hopefully that funds by Thursday... At worse our other business can loan it money, or the investor group will kick in more cash to not see their original $15m go up in smoke.

I don't doubt the COVID-19 is bad, but Dallas county with 2m people has 20 deaths and less than 1500 cases.  I personally have furloughed or laid off hundreds and reduced the pay of those of us left between 5% all the way to 30% (depends on salary and title).  I have watched people weep from losing their jobs and wondering how they'll pay their bills and I've also had people thank profusely for "sparing" their position from a layoff or furlough. 

None of this is right.  I would say I generally support Trump, but I do not agree with him when he says there pent up demand and this will come roaring back.  Maybe in 2022... The unemployed Americans will have a lasting ripple affect all the way up the economy for the next 12-18 months.

Sorry to rattle on. Haven't looked at GMG since basketball was taken and this all started.  Was a good release today reading it for 15 mins.

Stay safe, stay employed.

 

[UNTLifer]

Yep, this is a cluster all the way around. The way hospitals are having to prepare for potential patients is ruining them financially. It is ridiculous. 

[Pavlovs Eagle]

On 4/16/2020 at 5:44 PM, UNTLifer said:

Yep, this is a cluster all the way around. The way hospitals are having to prepare for potential patients is ruining them financially. It is ridiculous. 

I have a family member who is a traveling doctor and currently working in a hospital in a medium sized midwest town. He was texting me about my recent experiences with my business and went on to say they staffed up their hospital and then have had almost no C19 or upper respiratory patients.  He was quick to say "that could change" but he was clearly surprised by their current predicament. 

Just one person's experience, but interesting none the less.  No elective surgeries will sink many of hospitals that aren't part of huge hospital networks.  No where to spread the losses to if you're a single hospital operator.

[FirefightnRick]

I thought of you @Pavlovs Eagle when I saw this.  

Parton’s Pizza on Cherry Ln, one of west side Fort Worth’s longest operating pizza joints is in trouble.  

I bet @UNTFan23 and @Censored by Laurie may remember them too?  

The folks are good people serving a wide variety of custom pizza and have always treated our department great. I’m hoping the community responds and they are able to pull out of this nose dive before it’s too late

 

 

Rick.  

Edited April 20, 2020 by FirefightnRick

[Censored by Laurie]

9 hours ago, FirefightnRick said:

I thought of you @Pavlovs Eagle when I saw this.  

Parton’s Pizza on Cherry Ln, one of west side Fort Worth’s longest operating pizza joints is in trouble.  

I bet @UNTFan23 and @Censored by Laurie may remember them too?  

The folks are good people serving a wide variety of custom pizza and have always treated our department great. I’m hoping the community responds and they are able to pull out of this nose dive before it’s too late

 

 

Rick.  

plenty of practice rounds at Z Boaz ended at Parton's. hopefully round two of the SBA gets approved. and Ruth's Chris has to give back 75% of their loan. 

[Censored by Laurie]

9 minutes ago, Censored by Laurie said:

plenty of practice rounds at Z Boaz ended at Parton's. hopefully round two of the SBA gets approved. and Ruth's Chris has to give back 75% of their loan. 

or all of it, like Shake Shack did

[ColoradoEagle]

2 hours ago, Censored by Laurie said:

plenty of practice rounds at Z Boaz ended at Parton's. hopefully round two of the SBA gets approved. and Ruth's Chris has to give back 75% of their loan. 

I know I don't have to tell you, but this was by design. A certain side of the aisle really insisted that even if a company employs tens of thousands of people, each location that employs less than 500 people should be considered its own 'small business'. So here we are with big business/banks getting nearly all of the bailout without any consequences, same as in 2008.

[FirefightnRick]

15 hours ago, ColoradoEagle said:

I know I don't have to tell you, but this was by design. A certain side of the aisle really insisted that even if a company employs tens of thousands of people, each location that employs less than 500 people should be considered its own 'small business'. So here we are with big business/banks getting nearly all of the bailout without any consequences, same as in 2008.

How so?

 

Rick

[Coach Andy Mac]

On 4/20/2020 at 10:47 AM, ColoradoEagle said:

I know I don't have to tell you, but this was by design. A certain side of the aisle really insisted that even if a company employs tens of thousands of people, each location that employs less than 500 people should be considered its own 'small business'. So here we are with big business/banks getting nearly all of the bailout without any consequences, same as in 2008.

Sadly I think you are right.  And Trump can say that was not his intention at the press conference yesterday.  He said they would try to get the money back from those that didn't need it but come on is that really going to happen?

[ColoradoEagle]

2 minutes ago, Coach Andy Mac said:

Sadly I think you are right.  And Trump can say that was not his intention at the press conference yesterday.  He said they would try to get the money back from those that didn't need it but come on is that really going to happen?

Yeah, that's just deflection. A platitude to make people feel like it was an honest mistake. "We totally didn't mean for that to happen! Well, maybe they'll give it back out of the goodness of their hearts." It was absolutely meant to happen, otherwise the language wouldn't be in the bill. It wasn't a mistake, or "whoops, we forgot to exclude corporations." It was the intent to fund corporations under the guise of helping small businesses.

Quote

(iii) BUSINESS CONCERNS WITH MORE THAN 1 PHYSICAL LOCATION.—During the covered period, any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a North American Industry Classification System code beginning with 72 at the time of disbursal shall be eligible to receive a covered loan.

And no company is going to let go of free money unless they're dragged through the media like Shake Shack was. Even then, most companies would go the Ruth's Chris route and either hope people forget or rely on the hope that their customers don't care.

[Pavlovs Eagle]

In regards to our SBA loans... They did end up coming through.  We had one that wasn't what anyone would consider to be done/final when the news came through that the SBA round 1 was one was out of money.  The our bank for that business assured us it was approved and it did fund a few days later.  That ended up being for our better funded venture, so we were prepared to not get it.

Overall, the restaurant companies you saw giving it back... they are public companies and their disclosures gave them away.  The amounts Ruth's, Shake Shake, Potbelly, and J Alexander's took on a per unit basis was no where near the max they could have requested based on what I'd guestimate their payrolls are at each location.  My businesses are somewhere between Parton's and Shake Shake in revenues.  Shake Shake only drew 10m for a 150+ unit business.  My revenues and headcounts are a small fraction of theirs and my two businesses were eligible to draw a 3rd of that amount.  I say that to show that Shake Shack may have said "we feel so bad and we saw all of you social media shaming us" but the real reason I'd guess they returned that, is the amount of oversight it will take them to administer that $10m in funds with any chance of getting it forgiven is probably not worth the time for a successful public company like them.  The PPP money didn't exactly come with an easy to use manual.

I've been able to put people back to work.  I have sincere concern with how sustainable it is to keep payrolls at the PPP infused levels past the 8 weeks defined in the PPP.  I sincerely hope people attempt to get the country rolling in some measurable fashion in the next 6-7 weeks.  If not you will see businesses probably re-furlough employees that were put back to work with PPP money.  If I don't see business back to some semblance of normalcy (down negative teens or better) by August I will possibly be looking at a Chapter 11 reorg of one of our businesses.  It would probably be irresponsible of me to try to get cash infusion without using bankruptcy to gain some more favorable terms.  If you had asked me in Jan/Feb if I though Chapter 11 was in store for any of our business I would have laughed.  

I'd personally love to hear the rationale why the Feds decided that the Banks needed to be the gate keepers on the SBA loans to start.  The SBA would tell you that it's not their fault the banks weren't prepared for the onslaught of requests, and the banks will tell you that the SBA didn't adequately prepare them for the amount of traffic that would be thrust into a system where many bank branches were shut and a good number of employees were furloughed.  I have a vendor who told me someone at the SBA told him banks would be open and accepting applications 1 min after midnight day one.  This guy went to his bank branch at midnight and of course found it closed, and a note on the door saying the branch was closed due to C19.  That story is all too representative of the experiences I've heard personally from many other business owners and on the news from the talking heads panic mongers.

Is it football season yet?

Edited April 29, 2020 by Pavlovs Eagle