Just read that Trump Admin. plans to make loans to employers of less than 500 people for up to two months payroll plus some overhead. If you keep all of your employees the loans will be forgiven....that is real help. Glad he's president.
Small business survival...
- Thread starter tigdad
- Start date
Only your payroll portion is forgiven and it is a percentage of workers this year through June compared to last. Some sort of carve out for employees making over $100,000 that isn’t forgiven as well, but not clear exactly.
Read the draft on Friday.
Still good news. Will give people a chance.
Absolutely. I've been very concerned about how to take care of my fifteen employees and how to make equipment lease payments.
This part of the bill is also bipartisan and isn’t something the parties are squabbling about like the large corporation bailout piece.
Should go through when the bill passes.
Can send people the draft of the bill If you send me your email in a PM. Will be later today / tomorrow
Should go through when the bill passes.
Can send people the draft of the bill If you send me your email in a PM. Will be later today / tomorrow
This looks like a far left move so I'm glad they were able to get this done.
The SBA has programs in place to help deal with these situations and we’ve got more coming that will aid even further in helping small businesses survive these crazy times. Here’s a link with some info but feel free to DM me if you have any questions.
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Most think the loans in the new bill are going to be better than any SBA Loans or SBA Disaster Relief Loans primary because a portion of this will be forgiven and available in larger amounts.
Sure, this is a small crumb, but it really just saddles me with more debt. Same with lines of credit my bank is offering. I don’t need another loan with years to payoff. I need help for my employees. I need money for them.
That may be the case.....if/when the bill gets passed. That's unknown though. If you have an immediate need the SBA Disaster Program is an available option.
I get it, and I feel for you. IF, and it's a big if, the SBA waives the guarantee fee for their loan program for the rest of the year that's a big incentive to look into the SBA program. Yes, having to take on more debt to survive this time is not a great solution to the problem, but if it's the only one that keeps you afloat in the interim then it's worth looking at.
Agree.
If you need money now then go ahead and apply for Disaster Relief. Up to $2 Million paid back over up to 30 years at a favorable rate. Friend applied for it yesterday and they said 4-8 weeks to get first check, but that if you don't need it you don't have to take it.
Basically just be proactive.
lol, so you’re glad that the government is back dooring laws to force employers to not make staffing changes?
I’m fine with you liking Trump, just admit you’re an interventionist liberal.
Not the entire loan.
Just money used on the payroll portion of the loan. Also depends on the number of employees last year versus now and number of employees that make over $100,000.
Once government trashed the constitution and started telling people they can't go to work to feed their families then other government intervention is sadly necessary. The left would be claiming to fund workers and employers by pouring money into planned parenthood,other left wing "non-profits" and paying people who won't work to continue not working. I'm really glad you're "fine" with me liking Trump by the way...very benevolent of you.
Will be interesting to see what sort of completely unconnected demands the Democrats try to attach to this relief funding.
When I read about the disaster relief loans it said you are not eligible if you are able to access capital somewhere else. Is that the case?
I believe this was in response to Dem's demanding increased funding for Planned Parenthood and forgiveness of student loans as part of the package.
Random question here. Any talk of current SBA loans being forgiven in partial or full?
LOL...good try, I appreciate the efforts though. The Senate had an agreement until Pelosi showed up!
It appears even Trump shares some of the concerns that the dems have on this bill.
Democrats have complained the bill assembled by Senate Republicans gives too many benefits to corporations with little oversight of how the money is spent. Trump on Sunday seemed to acknowledge Democrats’ concerns, while insisting he did not want to offer bailouts.
“I don’t want to give a bailout to a company and then have somebody go out and use that money to buy back stock in the company and raise the price and then get a bonus,” Trump said Sunday at the White House. “So I may be Republican, but I don’t like that. I want them to use the money for the workers.”
No but payments on previous SBA disaster loans are being deferred until the end of 2020.
I am as conservative as they come and I agree with the president on this point completely. You lose the right to decide how money can be spent when you ask the government for it. That being said the crap the Democrats are playing today is utterly ridiculous. This is a big, steaming turd we're all going to be forced to eat and I just want to get it over with.
Strip the verbiage of this bill and only focus on stimulus to families and small businesses. Then you can spend a week arguing over bailouts. This is fvcking ridiculous.
Both sides are playing politics. There are still bipartisan negotiations going on, but McConnell is forcing votes that he knows won't pass b/c it makes the dems look bad. Come to an agreement, then vote. Do it quickly. The arbitrary votes are not helping.
You mean trying to slip in USPS debt forgiveness, same-day voter approval, and solar / wind subsidies?
What do those have to do with attempting to save our economy from imminent collapse?
Stolen from a friend... Dear FB:
McConnell has a long history of pushing things through that oppose the interests of the American people but he’s tweeted dozens of desperate tweets trying to get the stimulus pushed through. Before you mourn the lipstick on a pig that is a stimulus check that doesn’t even cover “market rate” rent in almost every state, ask yourself why he’d push so hard. Think about it. Yes, bonus money is great, but at what cost? Glad you asked. This is the cost:
• McConnell’s bill includes a $500,000,000,000.00 slush fund for CEOs and the ultra rich — while leaving workers, families and children out to dry.
• The bill provides little transparency of the lending done by Treasury (amount and to whom?).
• There are no specific provisions to protect from individuals from eviction, foreclosure or forbearance.
Other Major Problems:
• No money for state and local governments.
• No additional SNAP funds.
• No OSHA language to protect workers.
• No expanded emergency leave provisions.
• Only 3 months on Unemployment Insurance – this is an insufficient length given the scope of the crisis.
• Direct Payments are not available to the millions of people who did not file a return in 2018 or 2019.
• No money to help with the treatment of the uninsured.
• The bill does not provide adequate relief for the 44 million federal student loan borrowers.
