To our small business owners here

[jimnyc]

I don't know who has what and don't want to know. But @pete311 I know you talked about things over the years, I think it was @STTAB & anyone else that has any type of small business here....

I'm assuming you all know this already, but in case you didn't. And I don't know exactly the details in how to apply and/or get this quickly, but I'm sure you guys will find it quickly. This will help you stay afloat hopefully and retain employees to an extent.

I have ads on this site and a few more. Make jack shit really. Can I still be a "small business" and maybe get like 75k or so and since it's forgivable???? I kid I kid. Wouldn't even do so if I could. But there are many out there that can't stay afloat, or have like 2-20 employees that aren't making any money right now. And while $349 billion is a lot of money, I imagine it will go by quite quickly.

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Paycheck Protection Program Provides Small Businesses with Resources to Bridge the Crater Between Two Economic Peaks

The current economic crisis differs from any other in American history, so it demands a policy response that’s innovative enough to address it.

The Paycheck Protection Program (PPP), which passed Congress last week and takes effect today, offers unprecedented support for small business owners to help them maintain operations and keep their employees throughout this economic turmoil. It positions small businesses to drive the nation’s economy back to its historic heights once the coronavirus threat is neutralized.

Unlike previous economic crises, when many firms lacked solvency, this downturn has sapped business liquidity as quarantines disrupt supply chains and keep customers at home. We have heard from numerous employers nationwide who were enjoying record business activity just weeks ago and are now on the verge of bankruptcy. With the PPP’s help, these small business job creators will quickly bounce back.

The PPP floats the nation’s drowning small business community with $349 billion worth of forgivable loans to cover operational expenses for the next two months. These loans turn into grants to the extent that employers maintain their payroll and compensation levels.

This stimulus provides small businesses with the liquidity they need at no cost. It keeps much of the nation’s workforce employed. And it allows the heart of the economy to quickly beat again when the virus is defeated.

The PPP’s forgivable loans are available to all types of small businesses with fewer than 500 employees, including partnerships, nonprofits, sole proprietors, and gig workers. Restaurants and hotels, which have been especially hard hit, only need to have fewer than 500 employees per physical location.

The funds are capped at employers’ average monthly payroll costs from last year (excluding employee compensation above $100,000) plus an additional 25%. The maximum payout is $10 million. In addition to payroll costs, this money can be used to cover rent, utilities, and mortgage interest.

Recognizing the hurdles posed by traditional government bureaucracy, PPP payouts are designed to be streamlined and straightforward. They can be obtained through most major financial institutions with a good faith understanding of economic hardship. Small businesses neither must personally guarantee their loans nor first seek credit elsewhere. Economic Injury Disaster Loans, which many small businesses have already taken out before last week’s stimulus passed, can easily be refinanced into PPP forgivable loans.

We believe in capitalism and American ingenuity. It is only a matter of time before entrepreneurial medical researchers come up with clinically proven coronavirus treatments that will allow the current quarantines to end. Until then, the PPP provides small businesses with the resources to bridge this temporary crater between economic peaks. And it will enable the nation’s workforce, half of which is employed by small businesses, to collect paychecks, not unemployment checks.

This stimulus differs from those of the past that tacitly rewarded businesses for bad decisions such as irresponsible and predatory mortgage lending. Today’s small businesses did nothing to deserve their current fate, and they do everything to warrant the public’s admiration. This respect will only grow in the coming months as they begin to catapult the American economy back to its rightful position with an assist from the PPP.

https://www.breitbart.com/economy/20...conomic-peaks/

[STTAB]

I don't know who has what and don't want to know. But @pete311 I know you talked about things over the years, I think it was @STTAB & anyone else that has any type of small business here....

I'm assuming you all know this already, but in case you didn't. And I don't know exactly the details in how to apply and/or get this quickly, but I'm sure you guys will find it quickly. This will help you stay afloat hopefully and retain employees to an extent.

I have ads on this site and a few more. Make jack shit really. Can I still be a "small business" and maybe get like 75k or so and since it's forgivable???? I kid I kid. Wouldn't even do so if I could. But there are many out there that can't stay afloat, or have like 2-20 employees that aren't making any money right now. And while $349 billion is a lot of money, I imagine it will go by quite quickly.

--

Paycheck Protection Program Provides Small Businesses with Resources to Bridge the Crater Between Two Economic Peaks

The current economic crisis differs from any other in American history, so it demands a policy response that’s innovative enough to address it.

The Paycheck Protection Program (PPP), which passed Congress last week and takes effect today, offers unprecedented support for small business owners to help them maintain operations and keep their employees throughout this economic turmoil. It positions small businesses to drive the nation’s economy back to its historic heights once the coronavirus threat is neutralized.

Unlike previous economic crises, when many firms lacked solvency, this downturn has sapped business liquidity as quarantines disrupt supply chains and keep customers at home. We have heard from numerous employers nationwide who were enjoying record business activity just weeks ago and are now on the verge of bankruptcy. With the PPP’s help, these small business job creators will quickly bounce back.

The PPP floats the nation’s drowning small business community with $349 billion worth of forgivable loans to cover operational expenses for the next two months. These loans turn into grants to the extent that employers maintain their payroll and compensation levels.

This stimulus provides small businesses with the liquidity they need at no cost. It keeps much of the nation’s workforce employed. And it allows the heart of the economy to quickly beat again when the virus is defeated.

The PPP’s forgivable loans are available to all types of small businesses with fewer than 500 employees, including partnerships, nonprofits, sole proprietors, and gig workers. Restaurants and hotels, which have been especially hard hit, only need to have fewer than 500 employees per physical location.

The funds are capped at employers’ average monthly payroll costs from last year (excluding employee compensation above $100,000) plus an additional 25%. The maximum payout is $10 million. In addition to payroll costs, this money can be used to cover rent, utilities, and mortgage interest.

Recognizing the hurdles posed by traditional government bureaucracy, PPP payouts are designed to be streamlined and straightforward. They can be obtained through most major financial institutions with a good faith understanding of economic hardship. Small businesses neither must personally guarantee their loans nor first seek credit elsewhere. Economic Injury Disaster Loans, which many small businesses have already taken out before last week’s stimulus passed, can easily be refinanced into PPP forgivable loans.

We believe in capitalism and American ingenuity. It is only a matter of time before entrepreneurial medical researchers come up with clinically proven coronavirus treatments that will allow the current quarantines to end. Until then, the PPP provides small businesses with the resources to bridge this temporary crater between economic peaks. And it will enable the nation’s workforce, half of which is employed by small businesses, to collect paychecks, not unemployment checks.

This stimulus differs from those of the past that tacitly rewarded businesses for bad decisions such as irresponsible and predatory mortgage lending. Today’s small businesses did nothing to deserve their current fate, and they do everything to warrant the public’s admiration. This respect will only grow in the coming months as they begin to catapult the American economy back to its rightful position with an assist from the PPP.

https://www.breitbart.com/economy/20...conomic-peaks/

Thanks Jimmy. Yes, I own a restaraunt. Well , technically I own 60% of a restaurant, my siblings each own 20%, my sister in law runs it, it was her dream to own a restaurant, my wife and I were just the money men so to speak. I'm not going to go into a bunch of detail, suffice to say we have some money.

Anyway, when we made the decision that it just didn't make sense for us to stay open for takeout , we wrote each of our 45 employees a fairly nice sized personal check , called it a loan that we will never collect on and shut the doors until this is over. Everyone should have enough money to make it through this, and will have their jobs when we do reopen.

[jimnyc]

Thanks Jimmy. Yes, I own a restaraunt. Well , technically I own 60% of a restaurant, my siblings each own 20%, my sister in law runs it, it was her dream to own a restaurant, my wife and I were just the money men so to speak. I'm not going to go into a bunch of detail, suffice to say we have some money.

Anyway, when we made the decision that it just didn't make sense for us to stay open for takeout , we wrote each of our 45 employees a fairly nice sized personal check , called it a loan that we will never collect on and shut the doors until this is over. Everyone should have enough money to make it through this, and will have their jobs when we do reopen.

That's awesome that you can do that, and am sure the employees will remember that! That's why I quickly posted this when I did. I thought those in a bad position could hurry up and do what is necessary to try and get this forgivable funding, take care of their families first, then employee, and then keep their business semi afloat until this is over. Looks like you are way ahead of the curve and more than handling this admirably.

Some just shitcanned everyone with nothing. Others put them on furlough with nothing. Lots lots in bad shape. Hopefully many will use this to help the workers and themselves to catch up.

Many didn't do anything in the mean time for their workers, even if they are big time rich. And while not perfect in your situation, you damn hooked them up long before anyone else will be getting relief. So kudos to you.

But damn, when will regular folks be getting that 1200 bucks? Everyone will be in the poor house and months behind rent and owe the grocers a few grand before they get anything!

[STTAB]

That's awesome that you can do that, and am sure the employees will remember that! That's why I quickly posted this when I did. I thought those in a bad position could hurry up and do what is necessary to try and get this forgivable funding, take care of their families first, then employee, and then keep their business semi afloat until this is over. Looks like you are way ahead of the curve and more than handling this admirably.

Some just shitcanned everyone with nothing. Others put them on furlough with nothing. Lots lots in bad shape. Hopefully many will use this to help the workers and themselves to catch up.

Many didn't do anything in the mean time for their workers, even if they are big time rich. And while not perfect in your situation, you damn hooked them up long before anyone else will be getting relief. So kudos to you.

But damn, when will regular folks be getting that 1200 bucks? Everyone will be in the poor house and months behind rent and owe the grocers a few grand before they get anything!

I have heard the date is April 15 for those who have direct deposit on file. I've no idea why they can't just create a web portal so that you can input your DD to the IRS if you haven't already. Of course this IS the government we're talking about.

Yes, I'm fortunate in that we have money. This has hurt though, On top of losing business and writing pretty sizable checks to our employees, we had about $10K in fresh food that we basically just gave away because why just let it go to waste?

[STTAB]

I have heard the date is April 15 for those who have direct deposit on file. I've no idea why they can't just create a web portal so that you can input your DD to the IRS if you haven't already. Of course this IS the government we're talking about.

Yes, I'm fortunate in that we have money. This has hurt though, On top of losing business and writing pretty sizable checks to our employees, we had about $10K in fresh food that we basically just gave away because why just let it go to waste?

Just wanted to say I called it on the portal to give the IRS your DD information.