The bill passed Friday, now what?

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So what's everyone doing?

It looks like I will be taking advantage of the $10,000 grant for small businesses as well as unemployment.

Sorry for not including non US folks earlier. Feel free to share what your country is doing.
 
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TES3S said:
So what's everyone doing?

It looks like I will be taking advantage of the $10,000 grant for small businesses as well as unemployment.
Click to expand...

Let us know how long it takes to actually get the grant money in. ...I am hearing that Bank of America is denying small business owners access to the SBA loans unless they already held a BOA credit card for business, OR they had taken out a small business loan with BOA before. What a great banking system we have!
 
Here is the application for the $10,000 grant:

You do NOT need to have employees for this one.

covid19relief.sba.gov

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov covid19relief.sba.gov


Still trying to look into the other type of loan, and if it is applicable, what it even means.

1. Can I apply for the loan if I don't have a payroll?
2. More importantly, will I have to pay it back.
3. Can I apply for the $10,000 grant, the other applicable loan, and unemployment (all 3)?
 
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TES3S said:
Here is the application for the $10,000 grant:

You do NOT need to have employees for this one.

covid19relief.sba.gov

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov covid19relief.sba.gov


Still trying to look into the other type of loan, and if it is applicable, what it even means.

1. Can I apply for the loan if I don't have a payroll?
2. More importantly, will I have to pay it back.
3. Can I apply for the $10,000 grant, the other applicable loan, and unemployment (all 3)?
Click to expand...

Sorry to keep asking questions..............so $10k is a grant that doesn't need to be paid back? Boy, that sure would help tie me over on this venue money I put out (without a way to make it back currently).
 
Correct, and don't be sorry!!

I am astonished everyone on here is not talking about what they will be doing and how it related to them.

This should be the main topic being discussed here as it is very important and plays a big role in each of our businesses.
 
TES3S said:
Correct, and don't be sorry!!

I am astonished everyone on here is not talking about what they will be doing and how it related to them.

This should be the main topic being discussed here as it is very important and plays a big role in each of our businesses.
Click to expand...
I don’t need a grant to keep my business afloat... I hardly have any expenses for my business except like 600 a month between rent and some subscriptions. It’s also In the interest of my part time employees to collect unemployment than for me to keep them on the books when there is no work coming in.
 
The intended purpose of the grant is to make up for the lost revenue from all this, specifically the last month or so.

The loan (something different) is to keep business afloat, including paying employees.

It's still unclear if the loan (something separate from the $10,000 grant) will even be allowed if you don't have a payroll.

Since you have no work coming in, your revenue is a lot less, and should be thankful we can makeup the loss income, or at least some of it--of course that is still what we are all trying to figure out.

I don't know if any of you follow other forums and facebook groups, but it's all anyone is talking about, and we all should be trying to help figure out the best solutions in these tough times where income is at a halt.

It's all rather confusing, and it's very useful to jump on a group or forum to help one another. We are all in the EXACT situation- meaning no income.
 
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sawdust123 said:
Based on this chart, additional stimulus packages will be needed to but figuring out how to fund them will be impossible. Can you say quantative easing? Get ready for inflation when this is over.
View attachment 50774
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Yes, And who will be paying for all of this?

Wait until the shut downs are over, and landlords and management companies across the country file millions of cases for eviction in the court system, and banks are ready to start the foreclosure process on millions of peoples houses, and the government tells the public to work it all out themselves. It's going to get ugly!
 
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TES3S said:
The intended purpose of the grant is to make up for the lost revenue from all this, specifically the last month or so.

The loan (something different) is to keep business afloat, including paying employees.

It's still unclear if the loan (something separate from the $10,000 grant) will even be allowed if you don't have a payroll.

Since you have no work coming in, your revenue is a lot less, and should be thankful we can makeup the loss income, or at least some of it--of course that is still what we are all trying to figure out.

I don't know if any of you follow other forums and facebook groups, but it's all anyone is talking about, and we all should be trying to help figure out the best solutions in these tough times where income is at a halt.

It's all rather confusing, and it's very useful to jump on a group or forum to help one another. We are all in the EXACT situation- meaning no income.
Click to expand...
Just to provide an update, coincidentally after you posted this, my accountant called me and explained it similarly. It's essentially designed to make up for lost revenue... and as a grant, will not not need to be paid back. The PPP is a different story, and being that I have employees and an LLC, I could technically apply for that too, and pay myself... as well as my employees. So like TES3S, I have applied for both the federal unemployment of $600/week, as well as the $10,000 grant.
 
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Can't wait to get that FREE MONEY the government is handing out to help us little business people out! WOOT WOOT! :djparty::cheers2:
 
Proformance said:
$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.
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If i remember correctly....you mow on the morning before a gig... you seemed quite proud of that because you dont waste time relaxing... maybe you can pick up some lawncare jobs...

I havent lost a dime from my day job.... nor has my beautiful wife...who i now get to see run around the house all day working from home...lolol... So our 2400 goes back in the vacation fund... which is overflowing from a 10,000 influx of returned money from our Italy trip...

Now if i can just keep my parents ...friends...wife...and my fat arse alive through this it will have been a pretty good spring.

cc
 
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