INGO Small Bussiness Owners

[hoosierdoc]

If anyone wants some custom coupons to give to customers who patronize them during the slowdown I can help you out! $5/50 for wood, $7 for acrylic. $5 shipping

 

[MrSmitty]

Don't forget Falls City Firearms, our own Indiucky owns it, Clarksville, In.

 

[DoggyDaddy]

Don't forget Falls City Firearms, our own Indiucky owns it, Clarksville, In.

 

[wethepeople]

I own a sheet metal company. We do industrial and commercial ventilation as well as a ton of railings and custom work from all types of materials. Started 20 years ago with an idea. The last couple of months we kept getting our brains beat out so we lowered rates to try and keep the guys working. Then the Wuhan virus hit. We are an essential business not only due to our craft but also through clients we work for. Not much going on now other than jobs in progress and emergency service calls.

I just carried my men for the most part for 3 weeks then this hit. Can't afford to carry them now.

 

[Super Bee]

Just checking in to see if anyone applied for the EIDL Grant for $10,000.00. If so, has anyone received it yet? It is written into the law no more than a 3 day waiting period but we know how that goes.

 

[Super Bee]

Don't forget Falls City Firearms, our own Indiucky owns it, Clarksville, In.

Really, I had no idea, thats cool. I could use a few extra Glock 17 mags but that 5 hour drive for a couple mags might be a bit much. Especially when I get 10 mpg in the Excursion.

 

[DoggyDaddy]

Really, I had no idea, thats cool. I could use a few extra Glock 17 mags but that 5 hour drive for a couple mags might be a bit much. Especially when I get 10 mpg in the Excursion.

I doubt you'd find Glock mags in Indiucky's shop to be honest. He specializes in more of the vintage firearms. He gets in a few "modern" guns though, but mostly from trades or consignment I believe.

 

[mmpsteve]

I own a sheet metal company. We do industrial and commercial ventilation as well as a ton of railings and custom work from all types of materials. Started 20 years ago with an idea. The last couple of months we kept getting our brains beat out so we lowered rates to try and keep the guys working. Then the Wuhan virus hit. We are an essential business not only due to our craft but also through clients we work for. Not much going on now other than jobs in progress and emergency service calls.

I just carried my men for the most part for 3 weeks then this hit. Can't afford to carry them now.

Are you looking into the SBA loans? I have not looked at the details yet, but I have heard you can get anywhere from one and a half to two and a half times your payroll for eight weeks. And then if you continue paying your employees, the loan is Forgiven. I think that it goes through your bank, in terms of the application process. Supposedly the details are on the SBA.Org website. Best of luck to you, going forward.

.

 

[dudley0]

Have a residential rental biz. No full time employees on payroll. I hire contract labor for help.

So far I have four tenants who have been laid off or lost their jobs. We still paid all the mortgages and most of the credit cards this month. We skipped our personal house payment (we are paid way ahead on it), have plenty of food and fuel so I am not feeling the burn just yet.

I imagine that the next few weeks will bring out some of the bad and I will start having to use the money in the savings that was earmarked for ongoing projects. I am still working on one empty because I have a tenant waiting for it. Just hope that Grant County doesn't try to pull what Kokomo did about buying non-essential items.

 

[snorko]

Are you looking into the SBA loans? I have not looked at the details yet, but I have heard you can get anywhere from one and a half to two and a half times your payroll for eight weeks. And then if you continue paying your employees, the loan is Forgiven. I think that it goes through your bank, in terms of the application process. Supposedly the details are on the SBA.Org website. Best of luck to you, going forward.

I strongly urge anyone who is close to having to fire or furlough workers to look into this. My company is doing well but will likely see a 30-60 day period of minimal to no revenue soon. To bunker against this we applied for the SBA 7a Payroll Protection Loan. As described above, you can apply for up to 2.5 times your average monthly payroll. The loan proceeds must be used over the eight week period following the loan closing and any funds used for payroll, rent, utilities, and mortgage interest are deducted from the balance and forgiven.

We submitted the application Friday and received approval today. Funds will be available in 1-2 weeks.

 

[AtTheMurph]

Just checking in to see if anyone applied for the EIDL Grant for $10,000.00. If so, has anyone received it yet? It is written into the law no more than a 3 day waiting period but we know how that goes.

I applied last week Tues. All I have is a confirm number. Checked with a friend today, all he has is a confirm number.

I still haven't received the actual application for the PPP from my bank. Only filled out what I would call the intention documents online.

I talked to bank Pres this morning. He said it is a CF of epic proportions.

 

[Vigilant]

Just checking in to see if anyone applied for the EIDL Grant for $10,000.00. If so, has anyone received it yet? It is written into the law no more than a 3 day waiting period but we know how that goes.

I applied Monday of last week, NOTHING. One of my customers applied earlier Monday than I, For her 10 stores, still nothing. Now she’s down to 4 stores in a week! Still no relief in sight. It looks as though the .gov wants to kill ALL but the biggest corps, so they can get that much more hold on us! Where I learned math, 72 hours from application meant roughly three days, it’s been 8 days, I called SBA today, I was 798 in queue with an average wait time of 13 HOURS!!!!! **** the government simulus yes I intentionally misspelled it because they are SIMULATING helping small business, and the average Joe. Anyone seen their $1200’s yet?

 

[snorko]

I still haven't received the actual application for the PPP from my bank. Only filled out what I would call the intention documents online. I talked to bank Pres this morning. He said it is a CF of epic proportions.

I applied Monday of last week, NOTHING. One of my customers applied earlier Monday than I, For her 10 stores, still nothing. Now she’s down to 4 stores in a week! Still no relief in sight. It looks as though the .gov wants to kill ALL but the biggest corps, so they can get that much more hold on us! Where I learned math, 72 hours from application meant roughly three days, it’s been 8 days, I called SBA today, I was 798 in queue with an average wait time of 13 HOURS!!!!! **** the government simulus yes I intentionally misspelled it because they are SIMULATING helping small business, and the average Joe. Anyone seen their $1200’s yet?

Here is a link to the application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Maybe it is happenstance, maybe it is scale. But I received a calculation prep spreadsheet and link to the application from my cpa Thursday, redid the then updated application and submitted it to my bank on Friday, received notification from my bank the application had been approved Monday. The loan is funded at the sba & bank levels and funds can be distributed in 7-10 days. Seems to be running pretty smoothly, is your bank experienced with SBA loans?

 

[snorko]

I should add this was only for the PPP, never looked at the EIDL.

 

[AtTheMurph]

Here is a link to the application: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Maybe it is happenstance, maybe it is scale. But I received a calculation prep spreadsheet and link to the application from my cpa Thursday, redid the then updated application and submitted it to my bank on Friday, received notification from my bank the application had been approved Monday. The loan is funded at the sba & bank levels and funds can be distributed in 7-10 days. Seems to be running pretty smoothly, is your bank experienced with SBA loans?

The link form isn't accepted by all or even any banks as they all have their own process for origination the loans. That form is a waste of time. (I have 4 banks I deal with and none accept it for the PPP loan. They all told me to wait until they have their own bank portals.

I talked to 2 other banks my wife works with and no go either.

Have you gotten any confirmation from the lending bank that anything has been done, or registered or anything other than they got your form?

 

[snorko]

The link form isn't accepted by all or even any banks as they all have their own process for origination the loans. That form is a waste of time. (I have 4 banks I deal with and none accept it for the PPP loan. They all told me to wait until they have their own bank portals. I talked to 2 other banks my wife works with and no go either.

Have you gotten any confirmation from the lending bank that anything has been done, or registered or anything other than they got your form?

My banker cc'd me the email from SBA which shows the status as Active-undistributed, has the date it was funded and loan number (NOT application number). It is approved and done. I worked through a local credit union and my cpa is a large firm that had been up on this from the get go. Made all the difference in getting the backup together.

 

[Vigilant]

The link form isn't accepted by all or even any banks as they all have their own process for origination the loans. That form is a waste of time. (I have 4 banks I deal with and none accept it for the PPP loan. They all told me to wait until they have their own bank portals.

I talked to 2 other banks my wife works with and no go either.

Have you gotten any confirmation from the lending bank that anything has been done, or registered or anything other than they got your form?

I deal with 3, one being “ the largest SBA lender” in Indiana according to them, and neither bank has their **** together yet? Applied with Chase today, their website crashed, AGAIN. KeyBank yeps just stare blankly, and Huntington says they haven’t got the proper guidance from big brother yet?

 

[Super Bee]

We received our conformation number for the PPP today from our bank. For anyones whose bank will not do them Old National will do non members applications. Actually very easy to fill out and send.

Found out last night the EIDL loan changed. Every company was supposed to get 10K "free". Now, you get up to 10K. You get 1000.00 per employee up to 10K. So if you have 5 employees you only get 5K. Plus, it is written in the law you would have it in 3 days, now it is 2 to 3 weeks.

I hope something comes through soon. I have not paid my business mortgage for last month or this month. I am buying on land contract. I have a meeting with owner later this week, hopefully we can work something out. If not I will have to close.

 

[Vigilant]

We received our conformation number for the PPP today from our bank. For anyones whose bank will not do them Old National will do non members applications. Actually very easy to fill out and send.

Found out last night the EIDL loan changed. Every company was supposed to get 10K "free". Now, you get up to 10K. You get 1000.00 per employee up to 10K. So if you have 5 employees you only get 5K. Plus, it is written in the law you would have it in 3 days, now it is 2 to 3 weeks.

Im 8 days in, don’t expect a penny. What you have stated even goes against what was written, 1099 folks, who have ZERO employees, were also eligible for this Grant/Loan dealio. I guess they will get 0, which is what I’m expecting as well even with employees. The SBA has “adjusted” what was written 8nto law to fit what they want to do.

 

[mom45]

I strongly urge anyone who is close to having to fire or furlough workers to look into this. My company is doing well but will likely see a 30-60 day period of minimal to no revenue soon. To bunker against this we applied for the SBA 7a Payroll Protection Loan. As described above, you can apply for up to 2.5 times your average monthly payroll. The loan proceeds must be used over the eight week period following the loan closing and any funds used for payroll, rent, utilities, and mortgage interest are deducted from the balance and forgiven.

We submitted the application Friday and received approval today. Funds will be available in 1-2 weeks.

I work in a dental office. One dentist with a fairly large staff of hygienists, assistants and two of us at the front desk. This is what he has done. Initially, he had us all file for unemployment but then got approval and told us he is going to pay our average pay of what we earned for 2019...annual pay including vacation/holiday/bonus pay divided by the number of pay periods. We are all keeping the unemployment claims open and saying no on our weekly vouchers. If our time off extends beyond 8 weeks, we may need to use those claims.