$10,000 EIDL GRANT

Blackhorse77 · Apr 21, 2020

O

Scooter Jones said: ↑

Following up on the PPP loan my bank funded to me yesterday.

The rep followed up by sending me a simple spreadsheet to document the use of the loan/grant over a period of the next 8 weeks as follows:

Utilities
Payroll Costs
Mortgage Interest Payments
Rent
Continuation of group health care/insurance premiums
Refinance Eligible EIDL
Interest on Debt Incurred Prior to 2/15/20

He emphasized to me that the funding 8 week clock starts the date funds were released to me, and as long as 75% of funds were used towards "Payroll Expenses" within that 8 weeks, the whole amount is forgiven.
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nly given eight weeks?

Blackhorse77 · Apr 21, 2020

DUNE-T said: ↑

When you open another new business, before the opening,spend half a year on a forum, read, learn and ask questions. You will be much better prepared, than you are now.
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I didn’t have much choice. Things happened unexpectedly—not planned:life situation.

Scooter Jones · Apr 21, 2020

Blackhorse77 said: ↑

O

nly given eight weeks?
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Correct. The money is primarily meant to provide revenue on the books for 1 month average X 2.5. Average of monthly payroll related costs, plus utilities, rent, mortgage, etc.

BoostedTeg · Apr 21, 2020

I’m not against people getting help if they really need it but come on. The economy was good for how many years before this virus started and it’s only Been a month if that of slow downs and people are already talking about it loosing trucks and can’t stay parked for a bit. What were they doing with the money that was coming in when things were good? I agree with the posters back about giving the small companies or single truck O/O a break of some sort for NOT using government aid.

Blackhorse77 · Apr 21, 2020

Cat sdp said: ↑

The money is gone. The stimulus package intended to help small businesses has been officially depleted. Like so many fellow entrepreneurs, I had hope. I feel like a fool admitting that now, though.

I’ve spent these past few weeks filling out endless applications, scanning documents, and waiting on hold for hours. When the stimulus package passed with specific funding for the self employed, I was on it. I applied for just enough to cover our overhead for a couple months, and then waited patiently. With funds being made available to businesses employing as many as 500 people, our little family business felt like a relative drop in the bucket. I felt optimistic... I felt validated... I should have known better.

Thanks to a successful lobbying campaign, the federal government's idea of a small business includes corporate owned restaurant franchises, hedge fund managers, and companies owning multiple hotel chains. Businesses of this size often employ full time chief financial officers and already have existing lending relationships with banks. It’s no wonder there was nothing left for the little Mom and Pop shops like us. But take heart, America:

Potbelly Corp, a chain of over 400 restaurants, got $10 million.

Wave Life Sciences, a biotech company incorporated in Singapore, secured $7.2 million.

Ruth’s Hospitality Group Inc., a company with more than 5,000 workers, received $20 million in forgivable loans.

Hersha Hospitality Trust, a hotel company that had over $1.5 billion in revenue last year, has applied for more than 50 loans, listing each of their locations as a separate entity.

Apparently, our representatives need a reminder of what small business really looks like. I know I am not the only one feeling abandoned and unappreciated right now. The problem is that the sole proprietors and entrepreneurs of this country tend to be too proud to speak up. We’re a fiercely independent bunch. I’ll admit, just writing these words has been a difficult challenge for me.

But right now America needs to hear from us. All of us. I want to see the faces of the shopkeepers, the restaurateurs, and the salon owners who are being affected by this pandemic. I want to look right into the eyes of the artists, musicians, and event promoters who have lost their livelihoods. I want to hear from the farmers, seamstresses, and personal trainers who are struggling to make ends meet. We need to know the plight of the butchers, the bakers, and yes, the candlestick makers. Because we are the true faces of small business.

So please feel free to copy & paste this with your own picture, so all of America can see what is truly at stake here.

#thefaceofsmallbusiness
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Thank you! So well written it brought tears to my eyes.

Blackhorse77 · Apr 21, 2020

superhill56 said: ↑

I haven’t caught completely up on this thread but I applied on April 8 through Wells Fargo and I was told to wait on them to send me an application. They finally sent me an application Wednesday night at 21:00 and I went ahead and applied as soon as I got it. Low and behold the money ran out Thursday morning so I never even had a snowballs chance in hell. Our government and big businesses are in bed together and all of them are snakes. Man it’s sad they pit us against each other. Black vs white, Democrat vs Republican, when it’s really Rich vs Poor and we can’t even get our acts together collectively and make a change. A company with 5,000 employees just got a “Small Business” loan for $20 million when the cap is $10 million. We never even stood a chance guys.
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Well said

Blackhorse77 · Apr 21, 2020

Scooter Jones said: ↑

My situation is not the same as all other small owner operators, obviously.

I'd rather just pull freight at a reasonably profitable rate.

Because I personally have experienced such a precipitous drop (almost overnight) in available freight and rates that make sense to run, I adapted and went into the rope-a-dope position.

Fortunately, because I have been saving some money during good times, not living beyond our personal and business means, paying forward on certain expenditures, I can survive for a season without having to work.

The efforts I have put in regarding PPP and other available financial assistance, are helpful and will keep me in the game of musical chairs for a longer period of time, I hope.

The reality is (for me) it makes no sense to add unprofitable wear and tear miles to my equipment.

I'll wait out the storm for a bit and reassess and adjust accordingly.

Good wishes and Godspeed to you all.
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I thought exactly the same thing. I was attacked even by thinking the same way. People were telling me to keep those wheels turning no matter what. Also, told me I am a bad business owner because I didn’t prepare myself for this kind of life situation. Nobody was prepared, not even country leaders. I survived a season lately when setting things up. Couldn’t operate for two months before the MC number was activated. We also survived last year a couple of months when my spouse was bed ridden because of sustained injury. It seemed they wanted to take a new guy out of the operation. I was told I neglected the business because I am considering a loan. Well, people here want to survive. And many here operated for a long time, and the are applying for loans.

snowwy · Apr 21, 2020

I want to know how this ends up.

CNN just scrolled on their message ticker of a lawsuit against the big banks for reshuffling the loans to bigger public traded clients. Apparently they got bigger fees.

Why should they be collecting fees in the first place?

Scooter Jones · Apr 21, 2020

snowwy said: ↑

I want to know how this ends up.

CNN just scrolled on their message ticker of a lawsuit against the big banks for reshuffling the loans to bigger public traded clients. Apparently they got bigger fees.

Why should they be collecting fees in the first place?
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The SBA set a processing rate of 3.5 to 5 percent for the banks who process the loans. The bigger the loan, the smaller the processing %.

However, one doesn't need to be a Warren Buffet to figure out that it's more profitable to process big loans at 3.5% than hundreds of small loans at 5%.

Blackhorse77 · Apr 21, 2020

I will apply for unemployment. Before, our unemployment office wasn’t serving owner operators. That changed yesterday or today. Keep checking within your state.
I will apply for the PPP loan tomorrow as well. It might be a long line before it gets to me. Hopefully, there will be something left for me. Even if I don’t use it for the payroll I might pay off the truck or trailer, changing a much higher rate to 1%.

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