STIMULUS CHECK ARRIVED!!!

[Lungpopper]

We don’t know his situation. So not my place to talk about him.

I can tell you my situation.
I have 6 employees. That I’m struggling to find work for.
Three weeks ago it looked like I had enough work to keep everybody working deep into next year 2021. Then in one day I had over 1.5 million dollars in work from multiple contractors tell me they were either not doing the work at all, or putting the work on hold.
I have applied for the small business loan. But with a payroll of 25,000 a month and no guarantee that I will get any of that stimulus money back.
The work that I have can’t sustain all my employees. Right now I am paying people to do work that I could do, but just trying my best to keep them going. I don’t want to send guys home.
Unfortunately I’m going to have to or my business will be so deep in debt I can’t get out of it.

Like I said earlier. I don’t know his situation. But I bet it’s not good.

 

[TheGDog]

Had a brief discussion with Mama. Who for her co. has been furiously trying to digest all this crap. Understandably, because there are several programs this could fall under, she didn't want to venture to attempt to give a definitive answer on this. Also because they keep making/changing things as they go along.

Things for you to dive into: CARES, FFRCA, PPP, SBA.

Sounds like there are different rules for under 50 employees and above 500 employees.

As an example, all their employees are experiencing a pay cut. She is still able to provide them with needed work to be done since she's HR, so her pay cut, understandably is less. For the other employees for which there just isn't any work right now, the pay cut is deeper. If a remember an earlier talk with her, they like had a certain percentage pay-cut they purposefully dropped it down below to so that the employees could also apply for EDD, if I'm remembering it correctly.

 

[GUNDOGLOVER]

any guys on here business savvy. Here ya go...
So if the SBA ( small business admin) is giving this...

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

So right now I'm unemployed since business is to a crawl. I asked my boss if he applied for this and he said yes. Then he said if he gets the money he won't bring us back because there is no work and he will save the money incase it gets busy and then he will use that free money to pay us because he has until Dec 31 2020 to use it up.

Does that sound like chicken shit or I am just tripping out? It just didn't sound right, sounded a little it's about me and not you type of owner.
I was thinking he could help out the employees and keep paying them instead of having us use the EDD office for funds .

There is a catch to the loan. The program is meant to insure that businesses have the funds to pay employees and to prevent layoffs. Loans offered through the program are forgivable if used for their intended purpose. As long as a business receiving a loan maintain the average size work force, it will only have to pay back the interest accrued, and the principle will become a grant. So I guess it's up to you boss as too how much he wants to pay back, all of it plus interest or just interest.

 

[TheGDog]

Mama was saying when they apply they have to provide documentation showing what they've been paying all along for all the things they are stating they will be using it for. And I *think* she said payroll ?has? to be part of it? and that if you're not using the loan for it's indicated purposes on the application, it's fraud. Hard to remember all she said, but I don't think there is a stipulation requiring them to pay you what would be full salary if there isn't any work to be had. Again, you'd have to scour through those acts/programs texts to find out and be sure what the dealio is.

 

[Lungpopper]

You have to show what your payroll is/was.
most of the money has to be used for payroll. 25% can be used for rent, utilities.

 

[TheGDog]

I came home yesterday with a bundle of flowers, I was thinking I was gonna get lucky. Walked through the door and she was flying around on her broom.....

maybe next time.

Pssh... At least you got to go out of the home away from the broom! Yeah... mama's now stuck at home all day, stressing out about trying to learn about all these changes in HR law for her employer, and representing this in Payroll in their pay.com account and the on-edge "broom-factor" or "trip-wire" factor... ugh, is definitely there and intense.

 

[HATCHET1]

Just remind her Larry how lucky she is to have you buddy...

 

[TRICER]

any guys on here business savvy. Here ya go...
So if the SBA ( small business admin) is giving this...

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

So right now I'm unemployed since business is to a crawl. I asked my boss if he applied for this and he said yes. Then he said if he gets the money he won't bring us back because there is no work and he will save the money incase it gets busy and then he will use that free money to pay us because he has until Dec 31 2020 to use it up.

Does that sound like chicken shit or I am just tripping out? It just didn't sound right, sounded a little it's about me and not you type of owner.
I was thinking he could help out the employees and keep paying them instead of having us use the EDD office for funds .

You do not have to use the money for bringing back employees. It is only forgivable if used for payroll, benefits, mortgage, and rent. If you choose to keep it it turns into a very low interest loan. Every company is different and every situation is different.

If the work isn’t there it wouldn’t be a smart business decision to bring back employees. Right now businesses are having to cash flow with no income. Then when things open back up they will be expected to cash flow that work as well. Every case is different.

 

[GUNDOGLOVER]

Pssh... At least you got to go out of the home away from the broom! Yeah... mama's now stuck at home all day, stressing out about trying to learn about all these changes in HR law for her employer, and representing this in Payroll in their pay.com account and the on-edge "broom-factor" or "trip-wire" factor... ugh, is definitely there and intense.

I got the old bat a new broom this past Christmas. She was having issues with vertical stabilization over two hundred ft.

 

[HATCHET1]

With lime!

 

[Dawnandusk]

We don’t know his situation. So not my place to talk about him.

I can tell you my situation.
I have 6 employees. That I’m struggling to find work for.
Three weeks ago it looked like I had enough work to keep everybody working deep into next year 2021. Then in one day I had over 1.5 million dollars in work from multiple contractors tell me they were either not doing the work at all, or putting the work on hold.
I have applied for the small business loan. But with a payroll of 25,000 a month and no guarantee that I will get any of that stimulus money back.
The work that I have can’t sustain all my employees. Right now I am paying people to do work that I could do, but just trying my best to keep them going. I don’t want to send guys home.
Unfortunately I’m going to have to or my business will be so deep in debt I can’t get out of it.

Like I said earlier. I don’t know his situation. But I bet it’s not good.

I am in your same situation. I
Am trying my best to keep my whole Crew working. We have cleaned and organized the shop twice. I also have applied for both loans but no luck yet. Since we are considered essentials we can still come to work. We had cars to repair until last Friday. Monday started and no cars came in. We will see how the week turns out but it is a day by day kind of deal.

 

[TheGDog]

Just remind her Larry how lucky she is to have you buddy...

Hehe... you're just the devil on the other shoulder today aren't cha!

Let's just say Rodney Dangerfield comes to mind. In a bad way. She's lucky she's so damn fine.

 

[Snake Charmer]

.....
[/QUOTE]

 

[Bowman]

at my old employer 8 guys got the axe, they can not afford to lose the talent. they should have furloughed them. then they could have applied for EDD.
one guy I known for 40 years being there for 38 years, when home to be safe, then they laid him off. 38 years with the company.
this situation sucks the big one.
the problem is companies will not spend money until production continues. that includes consumers who live from paycheck to paycheck.
I'm holding on with my customer but I don't know for how long, I may have to lay my self off.

 

[stikbrandon]

I got the old bat a new broom this past Christmas. She was having issues with vertical stabilization over two hundred ft.

Same issue,

that’s when I purchased the Nimbus 2000

 

[GUNDOGLOVER]

Same issue,

that’s when I purchased the Nimbus 2000View attachment 43687

Better not show that one to the wife, she'll want a upgrade. Might get that model next Christmas.

 

[GUNDOGLOVER]

Got our check today. I think I'll look into a new hand gun and a wild life painting. The rest I'll just waste

 

[Deleted member 27310]

Money in the bank this morning.. Looking for new hand gun also but skipping on the wild life painting since I suck at painting. GDL, what gun you thinking about getting? I'm looking for something in a 9mm, only caliber I don't own that I've always wanted.

 

[HATCHET1]

Must be nice fellas to get stimulized...guess im a 1% that does not qualify...but if i did, my check would go to the Joe Exotic Legal Defense fund for sure!

 

[TheGDog]

Hrmm... just thought of something. We KNOW that whenever they elect to give you back some of the publics money... that's considered "income" come tax time, and you have to be taxed on it.

SO... hmmph... gotta wonder... if this has been a maneuvering ploy in order to "move" a sizeable chunk of the budget that's in a certain bucket that is only to be used for X or Y.... over into other brackets of their budget of tax dollars that don't have such restrictions on them? This would be a sweet way to do that.

Not only that... they'd be able to use the need for this "STIMULUS" as a "valid" excuse to ask for a tax increase at the next budget meeting. And they don't like putting things like that on what they call "job creators"... so guess what, better be ready to bleed next year!