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Small Business Support Group (1 Viewer)

ericttspikes

Footballguy
Thought I'd start a thread for the many of us with small businesses where we can share ideas and plans going forward as we all try to navigate this crisis. I vacillate between panic and optimism as I'm trying to steer my family business through some rough, and uncharted waters. Sometimes questioning if my ideas of economic triage are the right move. Hopefully this can be a place to share some positive options on weathering this storm and hopefully pull together some of the knowledgeable FBGs from all industries to offer some suggestions and tips.

 
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One thing that's going to be paramount - if you aren't yet, use this time to get comfortable with Skype, Zoom, etc. Make sure you have a good microphone and camera, too. I work with a lot of small business owners, and in general, unless they are in a tech-type biz, they are not that comfortable with this stuff. 

 
One thing that's going to be paramount - if you aren't yet, use this time to get comfortable with Skype, Zoom, etc. Make sure you have a good microphone and camera, too. I work with a lot of small business owners, and in general, unless they are in a tech-type biz, they are not that comfortable with this stuff. 
Not a business owner, but can you elaborate on this? 

 
My situation; 26 year old business. Graphic design and marketing company; print design, web, multimedia, video and marketing among other services. Our clientele is directly impacted by the travel and gathering restrictions. The uncertainty of when any semblances of "normal" appear is really what is hamstringing me (and everybody else).

We've been as large as 8 and consciously moved to a leaner operation several years ago. I didn't like being over leveraged and having to chase billables just to be "big". Now a true family business of just myself and my wife. Both of us are the designers and operators. Luckily we don't have staff concerns at this time. We own a separate property that housed our operation. We actually had it on the market by owner and were planning on downsizing to our residence as we are getting older and didn't need really need the extra space. 

What we've done so far: The past week has basically been all about moving our operation from our other property to our home. Our main client so far is continuing operations and preparing for events in late October. As of now we have some projects with them and working together to help reinvent their business to be online instead of an in person event, should that be needed. One of our retainer clients, a YMCA, has cut us loose. Maybe temporary, but who knows. 

Being able to jettison our other property would help immensely in the short term. I just don't want to make a panic decision. We owe $199,000 on it. Zillow has it at $299,000 and I was asking $325,000 hoping to land on $300,000. My question is should I just get out from underneath it at any cost? I'd think someone with cash would take it at a market discount, but not sure. It is a residence by a small college so I had interest from property owners who rent, but it was actually too nice for several of them as they were looking for a beater. This is one of my things to pursue next week. Ideally would like to make some cash on the transaction, but we'd save over $20k a year in expenses by not having it. If there is no buying interest in it I'm looking for ideas. I've never had a bankruptcy or a foreclosure in my life. Just throwing the keys in it feels like a panic move, but my main goal right now is to reduce expenses, increase cash reserves and maintain as much business as we can. Calls to mortgage holders also happening next week to see where they are at.

 
One thing that's going to be paramount - if you aren't yet, use this time to get comfortable with Skype, Zoom, etc. Make sure you have a good microphone and camera, too. I work with a lot of small business owners, and in general, unless they are in a tech-type biz, they are not that comfortable with this stuff. 
Not a business owner, but can you elaborate on this? 
Videoconferencing / online collaboration software. Unless you do blue collar / in-person work exclusively, this will be a big part of your post-Corona work future. 

 
My situation; 26 year old business. Graphic design and marketing company; print design, web, multimedia, video and marketing among other services. Our clientele is directly impacted by the travel and gathering restrictions. The uncertainty of when any semblances of "normal" appear is really what is hamstringing me (and everybody else).

We've been as large as 8 and consciously moved to a leaner operation several years ago. I didn't like being over leveraged and having to chase billables just to be "big". Now a true family business of just myself and my wife. Both of us are the designers and operators. Luckily we don't have staff concerns at this time. We own a separate property that housed our operation. We actually had it on the market by owner and were planning on downsizing to our residence as we are getting older and didn't need really need the extra space. 

What we've done so far: The past week has basically been all about moving our operation from our other property to our home. Our main client so far is continuing operations and preparing for events in late October. As of now we have some projects with them and working together to help reinvent their business to be online instead of an in person event, should that be needed. One of our retainer clients, a YMCA, has cut us loose. Maybe temporary, but who knows. 

Being able to jettison our other property would help immensely in the short term. I just don't want to make a panic decision. We owe $199,000 on it. Zillow has it at $299,000 and I was asking $325,000 hoping to land on $300,000. My question is should I just get out from underneath it at any cost? I'd think someone with cash would take it at a market discount, but not sure. It is a residence by a small college so I had interest from property owners who rent, but it was actually too nice for several of them as they were looking for a beater. This is one of my things to pursue next week. Ideally would like to make some cash on the transaction, but we'd save over $20k a year in expenses by not having it. If there is no buying interest in it I'm looking for ideas. I've never had a bankruptcy or a foreclosure in my life. Just throwing the keys in it feels like a panic move, but my main goal right now is to reduce expenses, increase cash reserves and maintain as much business as we can. Calls to mortgage holders also happening next week to see where they are at.
Hey erictt...I don't believe i've ever ran into you on here. I own a graphic design studio too, but its just me and I work out of my house. I'm not nearly as big as you, not ready to have an office just yet, but I feel you, one of my biggest client's puts on meetings all over the world and is moving to video meetings in the short term and then "who knows" about the rest of their calendar. 

As for your situation, I guess selling the office could save you money, but is anyone buying right now? I'd look to cut whatever other expenses I could and list it, if you get a buyer then move everything back, otherwise (like you have next week) maybe you can work with your bank to defer the loans. 

Do you have any business right now? If you want, PM me, id love to chat about business in general

 
Great thread idea.  Question - I am the owner of a small retail store.  Only been open about 3 months so we're going through the expected and planned growing pains, not making any profit and barely covering billsb(before COVID-19).  With all of the SBA and other programs offering interest free or very low rate loans, should we take advantage of this?  Seems to me its not the time to be taking on even more debt.  Yes, nice idea but this will just deepen the hole we are in, and if in 6 - 9 months we have to declare bankruptcy the hole will just be deeper.  Advice? Suggestions?

 
Partner and I own a local MSP/IT Consultant w/ 13 FT employees in PA. We support about 50 clients all on monthly contracts. We were in a very good place before the virus hit. Great team of employees and great group of clients. We've purposely built our business so that 80% of our expenses are directly tied to employees (salaries, healthcare, mileage, monthly software subscriptions). Everyone is mobile, so we have a very small office and practically no inventory. We always keep enough cash in the bank to cover one full payroll cycle. We were designed to be flexible.

At this point, the virus hasn't even effected us directly. The past few weeks have been the busiest we've ever had. Every single client has needed our assistance preparing for WFH. Our helpdesk has been receiving requests non-stop. We have received more accolades from clients this past week than we have the past 5 years combined. Business is BOOMING.

However, I am not naive enough to think this will continue. We deal primarily with small biz and the last recession (2008?), about 1/3 of our clients asked to renegotiate. Some of these are higher-risk (local YWCA, local United Way, local car dealership) and may not make it. The majority of our clients are manufacturing and professional services (law, engineering, accounting, etc). Most of these are remaining operational to some degree, but not full blown operations. Unless something changes fast, it's only a matter of time until they too start asking to renegotiate.

We're taking things a day at a time at this point. Our original thought was that we'd cut our salaries and start lay-offs next week, however it sounds like the stimulus package may change that. They said on 60-minutes last night that the government will do whatever it takes to keep small businesses from laying off. Unemployment is currently very low and they want to keep it as low as possible (all things considered). Their fear is that once people go into the unemployment system, its hard to get them back out. They even mentioned small business loans that would be absolved after a period of time if an employer didn't lay anyone off. I hope this comes to fruition, because Id love nothing more than to keep our team intact for when things return to normal. Will definitely be watching this closely today.

Good luck to other small biz owners out there.  :thumbup:

 
Great thread idea.  Question - I am the owner of a small retail store.  Only been open about 3 months so we're going through the expected and planned growing pains, not making any profit and barely covering billsb(before COVID-19).  With all of the SBA and other programs offering interest free or very low rate loans, should we take advantage of this?  Seems to me its not the time to be taking on even more debt.  Yes, nice idea but this will just deepen the hole we are in, and if in 6 - 9 months we have to declare bankruptcy the hole will just be deeper.  Advice? Suggestions?
Yes, definitely keep an eye on the stimulus package and the programs that are being offered, but I agree that I wouldnt be taking on more debt unless you're confident that things are going to rebound in your market and/or you'll meet the requirements to be absolved (or receive a lower rate or whatever they offer) of the loans. Good luck. 

 
Thanks, my sentiments exactly.  My wife - the eternal optimist wants to take the loans, but I am more of a realist and am very wary.   I'll wait it out a while but the wife is going to be pissed, ha!

 
Thanks, my sentiments exactly.  My wife - the eternal optimist wants to take the loans, but I am more of a realist and am very wary.   I'll wait it out a while but the wife is going to be pissed, ha!
You should be wary, but don't write it off altogether either. I have no interest in taking out a "loan" right now, but it almost sounded more like a bailout if you can meet the requirements. I guess it depends how viable you think your retail business will be post-virus. Unfortunately, they aren't painting a rosey picture for the future of small biz retail right now in general.

 
A huge problem I am seeing/forecasting is those with some type of business insurance are being told that nothing is covered over 'virus' outbreaks. A buddy just posted a letter he received on his "loss of business" insurance basically telling him and the other policy owners to pound sand and they are not covering any loss of income, supply chain, or business shutdown even if ordered by the gov't. 

Insurance cos need to be ready for a revolt if this gets any worse. 

 
Here are the highlights and key provisions of the Families First Coronavirus Response Act H.R. 6021...

That bill includes benefits that must be provided to employees impacted by COVID-19 such as emergency paid sick leave, expanded FMLA, and health plans must offer employees no cost sharing coverage for COVID-19 diagnostic testing. Reimbursements to employers will come in the form of payroll credits.

The Emergency Paid Sick Leave Act: 

This section requires employers with fewer than 500 employees and government employers to provide employees two weeks of paid sick leave, paid at the employee’s regular rate, to quarantine or seek a diagnosis or preventive care for coronavirus; or paid at two-thirds the employee’s regular rate to care for a family member for such purposes or to care for a child whose school has closed, or child care provider is unavailable, due to the coronavirus. •Full-time employees are entitled to 2 weeks ( 80 hours) and part-time employees are entitled to the typical number of hours that they work in a typical two-week period. The bill ensures employees who work under a multiemployer collective agreement and whose employers pay into a multiemployer plan are provided with leave. The Act, and the requirements under the Act, expire on December 31, 2020.

Amendments to the Family and Medical Leave Act:

This section provides employees of employers with fewer than 500 employees and government employers, who have been on the job for at least 30 days, with the right take up to 12 weeks of job-protected leave under the Family and Medical Leave Act to be used for any of the following reasons:•To adhere to a requirement or recommendation to quarantine due to exposure to or symptoms of coronavirus; •To care for an at-risk family member who is adhering to a requirement or recommendation to quarantine due to exposure to or symptoms of coronavirus; and To care for a child of an employee if the child’s school or place of care has been closed, or the child-care provider is unavailable, due to a coronavirus. After the two weeks of paid leave, employees will receive a benefit from their employers that will be no less than two-thirds of the employee’s usual pay

Coverage of Testing for COVIS-19:

This section requires private health plans to provide coverage for COVID-19 diagnostic testing, including the cost of a provider, urgent care center and emergency room visits in order to receive testing. Coverage must be provided at no cost to the consumer

Payroll Credit for Required Paid Sick Leave:

This section provides a refundable tax credit equal to 100 percent of qualified paid sick leave wages paid by an employer for each calendar quarter. The tax credit is allowed against the tax imposed by section 3111(a) (the employer portion of Social Security taxes). Qualified sick leave wages are wages required to be paid by the Emergency Paid Sick Leave Act. The section makes a distinction between qualified sick leave wages paid with respect to employees who must self-isolate, obtain a diagnosis, or comply with a self-isolation recommendation with respect to coronavirus. For amounts paid to those employees, the amount of qualified sick leave wages taken into account for each employee is capped at $511 per day. For amounts paid to employees caring for a family member or for a child whose school or place of care has been closed, the amount of qualified sick leave wages taken into account for each employee is capped at $200 per day. The aggregate number of days taken into account per employee may not exceed the excess of 10 over the aggregate number of days taken into account for all preceding calendar quarters. If the credit exceeds the employer’s total liability under section 3111(a) for all employees for any calendar quarter, the excess credit is refundable to the employer. Employers may elect to not have the credit apply. To prevent a double benefit, no deduction is allowed for the amount of the credit. In addition, no credit is allowed with respect to wages for which a credit is allowed under section 45S. The Secretary of the Treasury is given broad authority to issue regulations and guidance necessary to carry out the purposes of the section, including regulations and guidance related to avoidance, penalty waivers with respect to deposit amounts, compliance and record-keeping relief, and benefit recapture. The Social Security OASDI trust funds are held harmless by transferring funds from the General Fund. The section applies only to wages paid with respect to the period beginning on a date selected by the Secretary of the Treasury (or the Secretary’s delegate) which is during the 15-day period beginning on the date of the enactment of this Act, and ending on December 31, 2020.

Payroll Credit for Required Paid Family Leave:

"This section provides a refundable tax credit equal to 100 percent of qualified family leave wages paid by an employer for each calendar quarter. The tax credit is allowed against the tax imposed by section 3111(a) (the employer portion of Social Security taxes). Qualified family leave wages are wages required to be paid by the Emergency Family and Medical Leave Expansion Act. The amount of qualified family leave wages taken into account for each employee is capped at $200 per day and $10,000 for all calendar quarters. If the credit exceeds the employer’s total liability under section 3111(a) for all employees for any calendar quarter, the excess credit is refundable to the employer. Employers may elect to not have the credit apply. To prevent a double benefit, no deduction is allowed for the amount of the credit. In addition, no credit is allowed with respect to wages for which a credit is allowed under section 45S.The Secretary of the Treasury is given broad authority to issue regulations and guidance necessary to carry out the purposes of the section, including regulations and guidance related to avoidance, compliance and record-keeping relief, and benefit recapture. The Social Security OASDI trust funds are held harmless by transferring funds from the General Fund. The section 10 applies only to wages paid with respect to the period beginning on a date selected by the Secretary of the Treasury which is during the 15-day period beginning on the date of the enactment of this Act, and ending on December 31, 2020."

 
Every small business owner should be keeping a close eye on the stimulus package and the payroll protection act in particular. Lots of money about to be available. My understanding is that that you can take a "loan" equal to 8-weeks of payroll (employees only, not owners) + rent/mortgage + utilities and that money would be forgiven as long as you spend it on payroll + rent/mortgage + utilities over the next 60-days and don't lay off (or reduce salaries of) any employees. Unbelievable if true. 

 
We applied for an SBA Disaster Loan. It is/was a complete cluster#### of a process, as one would imagine. They had an online application system in place where I opened an application last week, got a case number, filled out online forms and had to upload information. The site was slow and flaky. It took me a week, usually at late hours, to follow the process. The online forms were slow, but worked. But whenever I tried to upload something, it would crash. The last thing I needed to do was upload my tax return. Then, they added capacity and blew up the old system that I was 90% complete with and had to start over. Now, you download the forms, nothing done online. Fill them out, and upload them. I didn't get a case number. I didn't even get a confirmation emailed to me that they received it. You just shoot it up to their Box uploader. Can't call anyone for help or ask them if they received it as the phone lines are jammed. Just hoping it works out I guess. I realize it's kind of early (although I feel like I'm a week too late) as I don't even really know if the bill is signed, but there will be a huge bottleneck and time delay in getting any relief in the hands of people.

My plan is to sign up for as much relief options as I can and see if anything pans out. States are supposedly offering their own relief as well.

We have a fraction of our workload, but do have some work. Praying receivables come in. We are a 2 person, family company, with a couple hundred thousand in personal cash. It's tough to know how to deploy personal cash vs. company debt. I'm leaning toward debt at this point and holding cash. No employees, just two 50% owners. I'm hopeful we can weather this, but have no idea what the landscape looks like on the other side.

 
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Not sure where I fit in for the recent government aid package. I am considered self-employed, and I mostly write resumes and prepare job search materials for people. I have an office with overhead and business expenses (but no employees). On occasion, I also consultant for companies and schools.

Where I am, we are under a shelter in place order until 5/4 (for now). I believe I qualify to stay open as an essential business and can also work from home. The problem is not many people here are going out or looking for work. Jobs are going away, in-person interviews are not an option, many places closed, etc.. Most of the jobs that are available are manual labor / package handling / driver jobs (which is not the type of clientele I typically deal with).

I believe I qualify for the unemployment portion of the stimulus package. My state has really watered-down unemployment payouts that will be based off of net income. If what I read is accurate, self-employed people will only be eligible for half the regular rate of unemployment. The max in my state is $427 a week (so I could only get half of that). Is everyone entitled to the extra $600 a week? Even with that, I won't be enough to cover my business and home expenses. Since I have no employees, I am not sure what assistance would be available on the small business front. Does anyone else have any ideas what else I could qualify for from the stimulus package?

 
Not sure where I fit in for the recent government aid package. I am considered self-employed,
My understanding is that you and erricttspikes both would qualify for the extended unemployement portion of the federal stimulus, but the small business portion is mostly for businesses with employee payroll. You are also eligible for low interest loans from the SBA.

 
Every small business owner should be keeping a close eye on the stimulus package and the payroll protection act in particular. Lots of money about to be available. My understanding is that that you can take a "loan" equal to 8-weeks of payroll (employees only, not owners) + rent/mortgage + utilities and that money would be forgiven as long as you spend it on payroll + rent/mortgage + utilities over the next 60-days and don't lay off (or reduce salaries of) any employees. Unbelievable if true. 
I'm on the board of a non-profit and we're teetering on the edge.  This can't come soon enough.

Is it your understanding that once employees file for unemployment, that the bold is off the table?

 
I'm on the board of a non-profit and we're teetering on the edge.  This can't come soon enough.

Is it your understanding that once employees file for unemployment, that the bold is off the table?
I believe you can go back and re-hire employees that were laid off recently and still qualify, but yes, in general you need to maintain Jan/Feb payroll through June to qualify for max relief. Exact/certain details won’t be out until package is fully released.

 
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My understanding is that you and erricttspikes both would qualify for the extended unemployement portion of the federal stimulus, but the small business portion is mostly for businesses with employee payroll. You are also eligible for low interest loans from the SBA.
I don't expect you to be knowledgeable on everything, but do you have any idea how unemployment works with regard to income in this situation? Usually, if someone is getting unemployment and earns some money somewhere, that is supposed to be reported and the amount of unemployment recalculated and reduced based on that income.

I filed an unemployment claim today, and they are going to calculate my check based on my net income. And being self-employed, they apparently are going to give me only half of whatever they calculate my benefit to be (half of their max benefit would only be $213.50 a week). I assume I would also get the $600 per week kicker from the stimulus package, so my max weekly check would be $813.50.

I expect that I will still have some sort of GROSS income, just nowhere near my usual. Since they are using my net income, in theory, should I only inform DES of any NET income? Meaning, I would not have to report anything to unemployment as income until I had enough income to show a profit?

It's probably easier to show some math. Let's make up some numbers . . . $5,000 monthly business expenses. $3,500 monthly unemployment payout = -$1,500 per month.

Any thoughts on if I would I be required to notify unemployment if I took in $1 a month? $1,501 a month? $5,001 a month? Any idea if they are waiving this requirement at all?

 
My understanding is that you and erricttspikes both would qualify for the extended unemployement portion of the federal stimulus, but the small business portion is mostly for businesses with employee payroll. You are also eligible for low interest loans from the SBA.
Thanks. I'm trying to understand how the unemployment option would work in our situation When we were larger and had employees we'd have to let go and understood the mechanics of that. Now that we downsized, my wife and I are the only employees, but also each 50% owners in our S corp. Not sure if we can fire each other (although we've both thought about it before!) or if unemployment is even an option with our structure. That is an answer I'll be looking for from our accountant and payroll facilitator. I'll post what I know when I find out incase it helps others in a similar situation.

My financial planner confirmed a second tranche of SBA loans coming online in early April for small biz that will be originated through the banks. These may not be forgivable, but it makes sense to enlist the infrastructure of the banks to get the process smoothed out since there is no possible way the SBA is equipped to facilitate the crush of demand. We're just going to apply for whatever rolls down the pike and hope for the best.

 
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Wouldn’t you wait until you calculate total loss before applying for forgivable loan?. I own daycare that’s closed.  

 
Wouldn’t you wait until you calculate total loss before applying for forgivable loan?. I own daycare that’s closed.  
No. They are supposed to be ready to start paying out money in 2 weeks. The amount they are giving small businesses is not based on profits/loss. It is based on your monthly payroll + rent/mortgage + utilities. If you qualify as a small business, you qualify for the loan. As long as you spend that money on payroll + rent/mortgage + utilities, it is forgiven. Here's another great article (in addition to the one I posted above) that even tells you what documentation to start gathering together. https://www.gibsondunn.com/sba-paycheck-protection-loan-program-under-the-cares-act/

I assume there will be a lot more info available on this next week because this is pretty huge.

eta - the forgivable loans are based on the business keeping the payroll the same, so if you've already layed people off, you need to re-hire them and keep paying them through at least July.

 
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E-Z Glider said:
No. They are supposed to be ready to start paying out money in 2 weeks. The amount they are giving small businesses is not based on profits/loss. It is based on your monthly payroll + rent/mortgage + utilities. If you qualify as a small business, you qualify for the loan. As long as you spend that money on payroll + rent/mortgage + utilities, it is forgiven. Here's another great article (in addition to the one I posted above) that even tells you what documentation to start gathering together. https://www.gibsondunn.com/sba-paycheck-protection-loan-program-under-the-cares-act/

I assume there will be a lot more info available on this next week because this is pretty huge.

eta - the forgivable loans are based on the business keeping the payroll the same, so if you've already layed people off, you need to re-hire them and keep paying them through at least July.
Thanks for the info.  

 
E-Z Glider said:
No. They are supposed to be ready to start paying out money in 2 weeks. The amount they are giving small businesses is not based on profits/loss. It is based on your monthly payroll + rent/mortgage + utilities. If you qualify as a small business, you qualify for the loan. As long as you spend that money on payroll + rent/mortgage + utilities, it is forgiven. Here's another great article (in addition to the one I posted above) that even tells you what documentation to start gathering together. https://www.gibsondunn.com/sba-paycheck-protection-loan-program-under-the-cares-act/

I assume there will be a lot more info available on this next week because this is pretty huge.

eta - the forgivable loans are based on the business keeping the payroll the same, so if you've already layed people off, you need to re-hire them and keep paying them through at least July.
It doesn’t appear daycares /preschools are covered?

 
Good luck guys.

If you are still trying to hold on, perhaps post a little bit of info about your company maybe some FFA looking for that product or service can help support fellow members. 

 
Sent my bank rep an email today about applying for the PPP loan. He said they are supposed to receive instruction from the SBA on Friday and he would add us to his list of clients who are waiting on this program.

So..... hurry-up and wait. 

 
I just wanted to say that I appreciate the entrepreneurial spirit of you small business owners, I feel for you in this unique and trying situation, and I wish the best for all of you and your businesses.
Echoing these thoughts. Wishing you guys all the best and hope you all come out on the other side of this. 

 
I can't even get a hurry up and wait.

This is going to be way more difficult than I expected. I had to set up a user profile with the state unemployment system (which I did). I filled out all the information and forms they asked for. But my unemployment claim got denied. They said they messaged me through their portal. Except there are no messages. The only thing there is a statement that says if I didn't get sent an authorization number, I won't be receiving any money. I have not received an authorization number. So I won't be get any money for last week. Since I have no message to review, I have no instructions or feedback on what the issue is or how to correct it. I have called their 800 phone number and local office numbers 50 times and they are busy and can't leave a message. You can't show up at an office, and you can't send a message through the portal. Basically, I am completely frozen out.

On the banking front, all branches are closed, all 800 numbers are tied up, and trying to track down an actual person to talk to is next to impossible. I finally got a woman working from home, who had very few answers, limited access to any information, and no way to transfer me to a different department. What a cluster.

 
I can't even get a hurry up and wait.

This is going to be way more difficult than I expected. I had to set up a user profile with the state unemployment system (which I did). I filled out all the information and forms they asked for. But my unemployment claim got denied. They said they messaged me through their portal. Except there are no messages. The only thing there is a statement that says if I didn't get sent an authorization number, I won't be receiving any money. I have not received an authorization number. So I won't be get any money for last week. Since I have no message to review, I have no instructions or feedback on what the issue is or how to correct it. I have called their 800 phone number and local office numbers 50 times and they are busy and can't leave a message. You can't show up at an office, and you can't send a message through the portal. Basically, I am completely frozen out.

On the banking front, all branches are closed, all 800 numbers are tied up, and trying to track down an actual person to talk to is next to impossible. I finally got a woman working from home, who had very few answers, limited access to any information, and no way to transfer me to a different department. What a cluster.
Check out the small business sub on reddit. There's a lot more info on there regarding options available for sole proprietorship and you can ask questions in topics specific to your concerns. Good luck.

 
Every small business owner should be keeping a close eye on the stimulus package and the payroll protection act in particular. Lots of money about to be available. My understanding is that that you can take a "loan" equal to 8-weeks of payroll (employees only, not owners) + rent/mortgage + utilities and that money would be forgiven as long as you spend it on payroll + rent/mortgage + utilities over the next 60-days and don't lay off (or reduce salaries of) any employees. Unbelievable if true. 
Had a conference call with the branch manager of my business bank this morning.  If you haven't yet, make sure you "get in line," because it sounds like they are only going to be permitted to process 1-2 of these "loans" per day.  This is a smaller/local bank, so that may not apply to everyone.  He also said they wouldn't have the true structure of them for another 10-14 days, so I wouldn't count on them being forgivable until that's in black and white somewhere.

The SBA disaster loans are 0% or really close for a year, which is nice if you need short term capital, but they ramp up to 12%+ after that initial interest free year. 

I had to furlough all of my employees (45+) and close the doors.

 
Sent my bank rep an email today about applying for the PPP loan. He said they are supposed to receive instruction from the SBA on Friday and he would add us to his list of clients who are waiting on this program.

So..... hurry-up and wait. 
Posted before I saw this. 

 
https://www.pnc.com/en/customer-service/paycheck-protection-program.html

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

......what documentation we believe may be required when applying for the program, upon its availability:

2019 IRS Quarterly 940, 941 or 944 payroll tax reports.

Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months.Payroll report must show the following for the time period above:

Gross wages for each employee, including the officer(s) if paid W-2 wages.

Paid time off for each employee.

Vacation pay for each employee.

Family medical leave pay for each employee.

State and Local taxes assessed on the employee's compensation for each employee.

1099s for 2019 for independent contractors that would otherwise be an employee of your business.

Do NOT include 1099s for services.

Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan.

Include all employees and the company owners.

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee's out of their paycheck deferrals).

Include all employees, including company owners.

401K plans, Simple IRA, SEP IRAs.

Disaster Loans via SBA;

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

 
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My wife quit her job last year to start an event decor business. Spent months getting that started-up with a plan to launch in March for wedding/graduation season. Then, this. Since she's <1 year in business, a single-member LLC, and last year's tax return is over the threshold, she's dead in the water right now, and probably for a long while. Thankfully, my job/income seems to be solid, but this has really been tough for her. 

 
https://www.pnc.com/en/customer-service/paycheck-protection-program.html

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

......what documentation we believe may be required when applying for the program, upon its availability:

2019 IRS Quarterly 940, 941 or 944 payroll tax reports.

Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months.Payroll report must show the following for the time period above:

Gross wages for each employee, including the officer(s) if paid W-2 wages.

Paid time off for each employee.

Vacation pay for each employee.

Family medical leave pay for each employee.

State and Local taxes assessed on the employee's compensation for each employee.

1099s for 2019 for independent contractors that would otherwise be an employee of your business.

Do NOT include 1099s for services.

Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan.

Include all employees and the company owners.

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee's out of their paycheck deferrals).

Include all employees, including company owners.

401K plans, Simple IRA, SEP IRAs.

Disaster Loans via SBA;

https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Where did you find that list of required docs?  Don't see it in your links (they've probably changed a bunch since Monday).

 
So what am I missing? I thought unemployment for self employed people is supposed to be automatic and also part of the $600 weekly add on? I was denied last week and this week as well. They sent me a message saying an appeal under normal conditions would take 2-4 weeks for them to schedule a review. 

There is no way to contact or call them, there is no way to email them, and there is no way to communicate with anyone directly. All I keep seeing anywhere is that the self employed will be eligible just like anyone else and the money will be there ASAP.

 

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