MD and SBA Relief Grants

[Gilligan]

Welp...got the MD application all done. Fairly easy on-line app that took me less than 2 hours to complete. However....they requested "evidence" of business loss or disruption and I was at a loss how to provide "evidence" of our inability to consolidate a system shipment in California and move it to Taiwan.

As for the SBA and the Paycheck Protection Program...nothing. Suntrust still has no clue how to process those applications and, yet, the SBA says that you should apply through your regular business bank.

Fun times.

 

[Hank]

Welp...got the MD application all done. Fairly easy on-line app that took me less than 2 hours to complete. However....they requested "evidence" of business loss or disruption and I was at a loss how to provide "evidence" of our inability to consolidate a system shipment in California and move it to Taiwan.

As for the SBA and the Paycheck Protection Program...nothing. Suntrust still has no clue how to process those applications and, yet, the SBA says that you should apply through your regular business bank.

Fun times.

Come up with a quote & submit that... Just a thought.

 

[Gilligan]

Come up with a quote & submit that... Just a thought.

I included a copy of an email exchange with the shipyard contracts person. Hopefully that will then trigger some questions from the MD person handling the app and I can provide a copy of the shipyard purchase order etc.

We deliver 3-4 expensive systems in a normal year. So each one is a bunch of money out..bunch back in. Wash, rinse, repeat. We can't ever point to "weekly sales" or "monthly sales" receipts because we have no such thing. Besides, our sales have not fallen off...it's our ability to deliver our product that has been interrupted.

 

[Hank]

I included a copy of an email exchange with the shipyard contracts person. Hopefully that will then trigger some questions from the MD person handling the app and I can provide a copy of the shipyard purchase order etc.

We deliver 3-4 expensive systems in a normal year. So each one is a bunch of money out..bunch back in. Wash, rinse, repeat. We can't ever point to "weekly sales" or "monthly sales" receipts because we have no such thing. Besides, our sales have not fallen off...it's our ability to deliver our product that has been interrupted.

Gotcha.. I am in the middle of the same application. I have seen quotes from people frustrated with the app. Seems cut and dry to me. It will at least weed out the businesses that aren't legit businesses. I think they are the main culprits of the bitching & moaning...

 

[Gilligan]

Gotcha.. I am in the middle of the same application. I have seen quotes from people frustrated with the app. Seems cut and dry to me. It will at least weed out the businesses that aren't legit businesses. I think they are the main culprits of the bitching & moaning...

Yeah, I thought the app was fine. Didn't ask for anything that was not readily at hand. Good luck with yours!

 

[GURPS]

Good Luck ...... to both of You.

 

[Scat]

We deliver 3-4 expensive systems in a normal year. So each one is a bunch of money out..bunch back in. Wash, rinse, repeat. We can't ever point to "weekly sales" or "monthly sales" receipts because we have no such thing. Besides, our sales have not fallen off...it's our ability to deliver our product that has been interrupted.

I think the ticket is gonna be sales receipts or a P&L. My dilemma is a little worse now, my bank was bought out and now the new bank is withholding my LOC pending “income verifications”. MFers...

 

[Gilligan]

I think the ticket is gonna be sales receipts or a P&L. My dilemma is a little worse now, my bank was bought out and now the new bank is withholding my LOC pending “income verifications”. MFers...

P&L does not show the nature of our business. We get a system order and down payment. We spend 3-4 months building that system to deliver. We do that 3 times a year, on average.

 

[Bann]

Good luck, guys!

 

[Scat]

P&L does not show the nature of our business. We get a system order and down payment. We spend 3-4 months building that system to deliver. We do that 3 times a year, on average.

yea, sorry, I didnt mean to imply in your particular situation. I was thinking more about ease of getting through the red tape, but didnt articulate the thought properly.

 

[Gilligan]

yea, sorry, I didnt mean to imply in your particular situation. I was thinking more about ease of getting through the red tape, but didnt articulate the thought properly.

No apologies necessary. The standard small business model is "money in and money out" on a daily or weekly basis. I get that. It's just not us.

 

[frequentflier]

My business has no debt and I am unsure I want to take a loan out that I may not be able to repay. There was a packet delivered to me today with a lot of info for what's being offered. Having gone from seven to three employees (me being full time, another full and one part time) in a matter of weeks (and I am currently not being paid), the paycheck protection program doesn't seem to apply. I do not have work for the others and several are laid off due to the virus and fear of catching it. (understandable)
I just wish the landlord would give me a break. But they did send a work sheet and a reminder that I still owe the rent in full as terms of my lease.

 

[Bann]

My business has no debt and I am unsure I want to take a loan out that I may not be able to repay. There was a packet delivered to me today with a lot of info for what's being offered. Having gone from seven to three employees (me being full time, another full and one part time) in a matter of weeks (and I am currently not being paid), the paycheck protection program doesn't seem to apply. I do not have work for the others and several are laid off due to the virus and fear of catching it. (understandable)
I just wish the landlord would give me a break. But they did send a work sheet and a reminder that I still owe the rent in full as terms of my lease.

Hasn't the state mandated that landlords can't enforce that right now? Or was it just a suggestion?

 

[Gilligan]

My business has no debt and I am unsure I want to take a loan out that I may not be able to repay.

The state grant (max $10,000) and the SBA Paycheck Protection Program grant (max 2.5 months of salaries and fixed overhead expenses) are grants MB..technically loans but 100% "forgivable" as long as you abide by the terms of what the money is used for.

My business has almost zero credit debt too...would like to keep it that way.

 

[Hank]

My business has no debt and I am unsure I want to take a loan out that I may not be able to repay. There was a packet delivered to me today with a lot of info for what's being offered. Having gone from seven to three employees (me being full time, another full and one part time) in a matter of weeks (and I am currently not being paid), the paycheck protection program doesn't seem to apply. I do not have work for the others and several are laid off due to the virus and fear of catching it. (understandable)
I just wish the landlord would give me a break. But they did send a work sheet and a reminder that I still owe the rent in full as terms of my lease.

I'm guessing you aren't protected from your unemployment tax rates rising due to claims, right? Is there relief from that?

 

[frequentflier]

The state grant (max $10,000) and the SBA Paycheck Protection Program grant (max 2.5 months of salaries and fixed overhead expenses) are grants MB..technically loans but 100% "forgivable" as long as you abide by the terms of what the money is used for.

My business has almost zero credit debt too...would like to keep it that way.

I will have to read it over and decide. Does "forgivable" mean free??
This whole thing and the hours I have been working have me mentally exhausted. Making decisions is draining~!

 

[Gilligan]

I will have to read it over and decide. Does "forgivable" mean free??
This whole thing and the hours I have been working have me mentally exhausted. Making decisions is draining~!

Yes, it means "free" or "grant" but they keep the loan condition caveats in place so they can claw it back if you do not use the money for what its intended for. Lay people off after using those labor costs in your loan app...have to repay. Buy new outboard motor instead of paying rent, insurance and electric bill...have to repay.

 

[Chris0nllyn]

Welp...got the MD application all done. Fairly easy on-line app that took me less than 2 hours to complete. However....they requested "evidence" of business loss or disruption and I was at a loss how to provide "evidence" of our inability to consolidate a system shipment in California and move it to Taiwan.

As for the SBA and the Paycheck Protection Program...nothing. Suntrust still has no clue how to process those applications and, yet, the SBA says that you should apply through your regular business bank.

Fun times.

Just going to have to include as much detail as possible. I doubt the folks reviewing even know what to do at this point. If you know your quarterly income maybe the best is to just split it up based on that.

The Paycheck Protection loans aren't being processed until April 3 so it makes sense about Suntrust.

 

[Gilligan]

Just going to have to include as much detail as possible. I doubt the folks reviewing even know what to do at this point. If you know your quarterly income maybe the best is to just split it up based on that.

The Paycheck Protection loans aren't being processed until April 3 so it makes sense about Suntrust.

Good points.

 

[Bann]

I will have to read it over and decide. Does "forgivable" mean free??
This whole thing and the hours I have been working have me mentally exhausted. Making decisions is draining~!

Yes!

From what I've been hearing, those expenses - at first is a loan - but if you use that money towards the specified, approved expenses like salaries, etc. it will be wiped clean - dollar for dollar.