The bill passed Friday, now what?

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TES3S

DJ Extraordinaire
Sep 18, 2016
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608
It's been or will be a hard time for us full time business owners with almost no income coming in. I have been very fortunate enough to have a good savings, but the noticeable lack of income I would have otherwise received is insane.

The stimulus bill passed Friday might help out. So, now what?

This week, there will be lot's of chatter about what we have access to as business owners.

I am most interested in loans for sole-proprietorship, as I hear it can substitute some of the money you would have earned. I don't have a payroll persay so not sure on that one.

Do we also get Unemployment at $600 a week?

I figured, lets' get a thread going, on this topic only. Mods, please feel free to move or combine.

Here is an article from honeybook:

 
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No need to inject Socialism into your life. As a great DJ, and even better business person, you established a 6 to 12 month emergency fund in savings. Therefore, why accept any money? Let those in need give in to socialism. ...You got this, you can ride out the storm. Plus, other DJs right here on ODJT say this is hardly effecting them, and they actually project they will come out ahead later this year, and earn even more money than they were going to make without this COVID19 shut down.
Don't sweat, you got this! ...Let the Bilion dollar corporations take bail outs. Besides, they need it more than you! :)
 
Yes we should be able to claim $600/week but would wait till your state offers guidance on how to apply.
You’ll also get $1200 check if making up to $75k... none of you make over $100k.

Ricky it’s no difficult to come out ahead if you have have a strong number of inquiries to make up for what you lose, and then continue to book. If you haven’t haven’t had events cancel and are rescheduling all... then how are you not even at the very least,?
 
Ricky it’s no difficult to come out ahead if you have have a strong number of inquiries to make up for what you lose, and then continue to book. If you haven’t haven’t had events cancel and are rescheduling all... then how are you not even at the very least,?

SO far, I am even in the long run. I actually lost one wedding, but picked up 1 from another DJ as well. BUT, last event was on March 6th. My next event on the books is May 24th, and bride says at this point that is going to happen as scheduled, BUT could change. That is 2 months, 3 weeks at a minimum with no events coming in after a nearly DEAD Winter. That is a long stretch with no business income. Thankfully, I have a day time job still in tact at the moment. However, this may be the first time in a very long time where I need to use money from my job to support my business.

Just had to put $220 into my biz checking account today to keep it propped up some bills are about to hit it...that money was not business generated income. It's not good when you need to support your business with your job...even if it's just short term.

...And none of my bills are letting me have a free ride this month, and next month, and the month after that. They all still need to be paid.

...Also, between my wife and I we just lost like $9,000 so far in our IRA/401Ks...in 1.5 months ...Not happy about that.
 
Business has been a little rough lately for me before this whole thing. Now the few invoices I have out aren't getting paid. I'm not that worried as I always keep the house stocked. I'm not going hungry anytime soon. I know my web guy would be the last guy I paid during something like this so I cannot complain.
 
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Yes we should be able to claim $600/week but would wait till your state offers guidance on how to apply.
You’ll also get $1200 check if making up to $75k... none of you make over $100k.

Ricky it’s no difficult to come out ahead if you have have a strong number of inquiries to make up for what you lose, and then continue to book. If you haven’t haven’t had events cancel and are rescheduling all... then how are you not even at the very least,?


Ya, just waiting and wanting others in the industry to chime in.

I know I am stating very obvious but just wanted to make it clear how bad it is for anyone who gigs as their main income (DJ, Photographer, or any other service industry artists):

I have had all my April and May weddings moved to a different date so I have lost the final payment that would have come in for the last and upcoming weeks, and have potentially given up a date that I would have otherwise booked for another gig. So I am essentially transferring the dates to do the gig, while giving up another date, even in the same year.

So far most of them have moved their date just a couple of months back which a heck of a lot better than the ones rescheduling for 2021. It's a lot more likely that I will not book a wedding just a couple of months out (although I have) so I am not too upset about the ones who have reschedule for available summer dates, (at least I could do it) but the November December ones are going to sting a little. It's really ones wanting 2021 that is going to kill my 2021 bookings as they are just transfers from 2020.

Not to mention, no one, and I mean no one is booking or wanting to hire a DJ now, even for 2021. It's just not on people's mind and it almost seems irresponsible to start planning a wedding right now. It's such a strange thing as a DJ as I have never gone so long without a lead, and it could still be months before I get a lead resulting in even further less income. It's all pretty bad and somewhat scary. If this would had been my first few years in business, there would be no way I could keep going, but my father taught me well, and I have a nice cushion to last while I pretty much receive $0.00 in income for quite some time. It's not really any different than closing shop.
 
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Not to mention, no one, and I mean no one is booking or wanting to hire a DJ now, even for 2021. It's just not on people's mind and it almost seems irresponsible to start planning a wedding right now. It's such a strange thing as a DJ as I have never gone so long without a lead, and it could still be months before I get a lead resulting in even further less income. It's all pretty bad and somewhat scary. If this would had been my first few years in business, there would be no way I could keep going, but my father taught me well, and I have a nice cushion to last while I pretty much receive $0.00 in income for quite some time. It's not really any different than closing shop.

I have a lot of friends who full-time musicians. Most of them live hand-to-mouth and, just like photogs/DJs, their gigs all dried up with no idea when they'll restart (if ever). While it's good that you have a cushion and are content to just sit by, idly, and wait, it astounds me that so many fail to realize they have an alternative; pickup a fill-in job until gigs pick up again. I'm watching all my Nashville pickin buds doing FB Live "concerts" (their bar gigs done on camera) and expecting their little show to just cause money to flow into their Venmo accounts (which are always displayed on screen). My wife suggested I keep my mouth shut but I just want to scream "Get a job!". When things change, you adapt or you die.
 
I have a lot of friends who full-time musicians. Most of them live hand-to-mouth and, just like photogs/DJs, their gigs all dried up with no idea when they'll restart (if ever). While it's good that you have a cushion and are content to just sit by, idly, and wait, it astounds me that so many fail to realize they have an alternative; pickup a fill-in job until gigs pick up again. I'm watching all my Nashville pickin buds doing FB Live "concerts" (their bar gigs done on camera) and expecting their little show to just cause money to flow into their Venmo accounts (which are always displayed on screen). My wife suggested I keep my mouth shut but I just want to scream "Get a job!". When things change, you adapt or you die.
can’t do that if you’re gonna file for unemployment though.
 
$1,200 isn't going to change anyone's life.
You'll most likely use it to carry your existing debt which pays it right back to Wall Street Banks.

Even if all my kids were still dependents ($500 x 5 = $2,500 additional) the $3,500 combined total would not even cover a single quarter of the real estate tax. I like receiving checks - but unless you're a 22 year waiter earning $19,000 a year with no student loans - that $1,200 check is a drop in the hat.
 
can’t do that if you’re gonna file for unemployment though.
Sure you can .. the income you get offsets some of the unemployment, so gets factored in.
 
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$1,200 isn't going to change anyone's life.
You'll most likely use it to carry your existing debt which pays it right back to Wall Street Banks.

Even if all my kids were still dependents ($500 x 5 = $2,500 additional) the $3,500 combined total would not even cover a single quarter of the real estate tax. I like receiving checks - but unless you're a 22 year waiter earning $19,000 a year with no student loans - that $1,200 check is a drop in the hat.

Completely agree. The money I get from the stimulus will basically pay our mortgage bill for 1 month, and maybe some of our property tax bill that is due in July.
 
I've never filed for unemployment, ever.
Unemployment will pay you $600/week on top of whatever state benefits you may get which could equal another $600 in states like NJ... so for some they can get $1200 a WEEK. Idk if those jobs you mentioned will pay as well. You happen to have a day job though that you're still working at, so again I dk if you'd be able to qualify for any of this.
 
Sure you can .. the income you get offsets some of the unemployment, so gets factored in.
Most dj's I know make their primary source of money from their day job, with djing not being more than 25% of their total income... or they do it full time, and therefore in states like NJ, qualify for NO state benefits. However, the $600 from the federal government will be applicable.
 
ya, the 1200 payment is somewhat of a joke, but better than nothing.

Taso, it does appear I will be able to apply for unemployment and get around $1000 a week (600 from federal gov, 400 from state). That would help a ton!!!
 
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Got this today from Wedding Wire: It's still not clear (the fine print) if they will be forgiven.

To our WeddingPro partners:

Over the last 48 hours, we have been speaking with top accounting firms and banks to understand how we can best help our WeddingPro community to easily and quickly access critical funds as part of the newly passed federal law, the CARES Act. Our ongoing commitment to you is that we will transfer the relevant information we learn in order to help our industry weather the storm during this crisis.

At this point, the most immediate action to take is to decide whether you are going to apply for the Paycheck Protection Program (PPP), a new potentially forgivable loan under the CARES Act available to businesses that have less than 500 employees (Good news: This includes sole proprietorships, independent contractors, and self-employed persons. Some businesses greater than 500 employees can also apply in certain circumstances). The amount of the loan is based on (and up to) 2.5 months of your average monthly payroll costs from the last year. While the loan is focused on maintaining payroll or rehiring people, it can also be used for mortgage interest, rent and utilities. More information, details, and guidelines on the PPP itself can be found at the US Treasury site and the SBA site.

The Takeaway - If you are Going to Act, Do it Today!
If you plan to apply for a PPP loan you should do so immediately to get placed into the queue as early as possible. Our sources tell us that the PPP loans are on a first-come-first-served basis and the sooner you apply, the sooner funds will be distributed.

Where do I apply for a PPP loan?
The SBA PPP loans will be offered through participating banks around the country, including most of the large national banks. You should contact your bank as soon as possible to see if they are participating in the PPP loan program. Applications are on a first-come-first-served basis, and you may be able to get a loan faster or with an easier application process if you go through your existing bank. A bank may not be able to process your application unless you are a customer and the new customer process could take some time.

If you bank with a large national bank (Chase, Bank of America, Capital One, Wells Fargo, Citibank, US Bank, PNC, TD Bank, BNY Mellon, etc), keep an eye out on any communications you may receive from them on how to apply. We encourage you to also check their website regularly, as many of them will be posting applications there in the next couple of days. If possible, contacting a local branch may also be a good way to gain a better understanding of how they intend to receive and process PPP applications.

If you bank with a local bank, check their website as well and try to: (1) verify that they are a bank that will be able to participate in the PPP, and (2) understand when and how they intend to service applications. Get in the queue as quickly as you can.

How much money can I get through a PPP loan?
PPP loan payouts may equal up to 2.5 times your average monthly payroll costs for the last 12 months (or shorter period if you’re a seasonal or new business).The loan is capped at a maximum of $10 million and payroll costs are capped at $100,000 per year per employee.

When calculating your payroll costs, make sure to include salaries, wages, tips and benefits paid to employees. If you’re a sole proprietor, independent contractor or self-employed, this could include your net earnings or business income.

Calculation cheat sheet: If you are a sole proprietor with $60,000 in business income in the last year, your average monthly payroll costs will be $60,000/12 = $5,000. If you apply for a PPP loan, then you would be eligible for up to 2.5 times that amount, or $12,500.

What is the process for applying for a PPP loan?
Each bank will put in place its own application process and you should check your lender’s website or contact them to get their application. As an example of what it may look like, the SBA recently provided a sample application. It will be important to have your average monthly payroll costs (as described above), number of employees (if any) and documentation to support it on hand during the application process. You will also need to fill in some basic information about your business like your tax ID number, who owns your business, and how you plan to use the money.

The application will require you to certify that:
  • The current economic uncertainty makes the loan necessary for ongoing operations
  • The loan will be used for the permitted purposes (payroll, mortgage, lease, utilities)
  • You have not and will not receive more than one PPP loan
  • You will provide the lender with documentation verifying your number of employees, their payroll costs, mortgage interest payments, rent payments, and utilities for the 8-week period after getting the loan
  • All the information you provided in your application and supporting documents are true and accurate, and be consistent with the information you’ve provided to the IRS for tax purposes
When can I apply?
Applications for small businesses (500 employees or fewer) and sole proprietorships will open on April 3, 2020. Independent contractors and self-employed individuals can apply starting April 10, 2020. However, it may be helpful to contact your bank now to get the process started as these loans are first-come-first served.

How can I stay up to date?
As you may have heard now, the US Stimulus package has many different facets and programs that could be beneficial to you during this time. At WeddingPro, we will continue to provide you with regular updates on the components of the plan to help keep you informed and up to date with any information we receive. Please stay on the lookout for additional information that we will be posting on the WeddingPro blog. There, you will find additional resources like our own PPP Loans FAQ (which is good to bookmark!), as well as information about our own Vendor Assistance Program.

Our team at WeddingPro remains committed to helping you take advantage of all the small business assistance resources and information relevant to our industry so you can maximize the benefit to your business.