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Old 04-05-2020, 04:23 PM   #121
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Re: Sticky For Covid Businees Info


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Originally Posted by Warren View Post
Andrew(Overanalyze) and myself were discussing this as well. Neither of us has an immediate need for the money, but none of us knows what happens 6-12 months from now. I would rather take the loan, than wish I had. If nothing else, you could make a large contribution to a charity of your choosing, help out a friend/neighbor, etc.

A once in a lifetime opportunity to personally have some say in how the government spends the money.
I'm torn on it. I get where you're coming from. I give those jackwagons enough money I can completely justify without question getting a loan from them for nearly zero dollars. The problem I do have with it is becoming a part of the traffic flow for those it will help and to be in debt to the government.

The government is so bad at what it does, it has probably grossly misappropriated capital already and there are many companies/people who this would help get out of a sticky situation through no fault of their own. If I apply for a loan that is not dire for me to keep my doors open, am I contributing to some of those businesses not coming back because a lag in them gaining the capital needed?

That's the ethics side I am erring on the side of caution for.

Then there is the owing government money side. We have seen government will change its side of the bargain in the blink of an eye. Who would have believed even a month ago that the entire government will shut down virtually half the economy simply because it thinks it should and public pressure? I know I didnt think that was possible. It isnt as far as China but it is every bit as far as the EU. The government already has too much control and it scares me to get tied any closer to them than I absolutely have to.

Just the thought process I was running through and I've had a couple people I highly respect tell me I should take it and still am not going to. One of those things that if it's too good to be true it probably is. I just cant believe anything is free and at .5%... it's essentially free...
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Old 04-05-2020, 05:19 PM   #122
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Re: Sticky For Covid Businees Info


I'm not wanting, taking or signing up for jack.

For us, worse case, I lose my truck in 2 or three months. Other than that we live relatively frugally. Not eating out, makes it even more frugal.

Lose my truck, or end up in some administrative nightmare they throw on the money after the fact?

Remember who is handing out the money. It never goes well.

Nope. Not worth it.

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Old 04-05-2020, 05:23 PM   #123
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Re: Sticky For Covid Businees Info


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I'm not wanting, taking or signing up for jack.

For us, worse case, I lose my truck in 2 or three months. Other than that we live relatively frugally. Not eating out, makes it even more frugal.

Lose my truck, or end up in some administrative nightmare they throw on the money after the fact?

Remember who is handing out the money. It never goes well.

Nope. Not worth it.

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If you get the loan it is handled by the bank. If you default, the SBA covers it.

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Old 04-05-2020, 05:41 PM   #124
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Re: Sticky For Covid Businees Info


It's not about whether I need the money or not, it's about the government cost me money by shutting the economy down. Even if I get the 10k it won't cover my losses.

Do I feel like I'm taking from those that need it? Hell no. They are already talking about another bill so everyone is covered.


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Old 04-05-2020, 05:57 PM   #125
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Re: Sticky For Covid Businees Info


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It's not about whether I need the money or not, it's about the government cost me money by shutting the economy down. Even if I get the 10k it won't cover my losses.

Do I feel like I'm taking from those that need it? Hell no. They are already talking about another bill so everyone is covered.


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If the second bill does pass and I can apply again I will.

The estimated amount I may get has already been moved out of the businesses account. As I mentioned earlier the use of these funds is very specific, if adudited I want to make sure the funds never got moved execpt to pay approved burdens.

If I get nothing moving the funds back is easy. Just make sure you tag it so it does not show as income.

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Old 04-05-2020, 06:22 PM   #126
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Re: Sticky For Covid Businees Info


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Originally Posted by VinylHanger View Post
I'm not wanting, taking or signing up for jack.

For us, worse case, I lose my truck in 2 or three months. Other than that we live relatively frugally. Not eating out, makes it even more frugal.

Lose my truck, or end up in some administrative nightmare they throw on the money after the fact?

Remember who is handing out the money. It never goes well.

Nope. Not worth it.

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I applied for it. I figure if I can get a 20k loan as a very low interest rate I can consolidate a few smaller loans with, and at the very least save some money on interest.
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Old 04-05-2020, 06:47 PM   #127
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Re: Sticky For Covid Businees Info


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I'm torn on it. I get where you're coming from. I give those jackwagons enough money I can completely justify without question getting a loan from them for nearly zero dollars. The problem I do have with it is becoming a part of the traffic flow for those it will help and to be in debt to the government.

The government is so bad at what it does, it has probably grossly misappropriated capital already and there are many companies/people who this would help get out of a sticky situation through no fault of their own. If I apply for a loan that is not dire for me to keep my doors open, am I contributing to some of those businesses not coming back because a lag in them gaining the capital needed?

That's the ethics side I am erring on the side of caution for.

Then there is the owing government money side. We have seen government will change its side of the bargain in the blink of an eye. Who would have believed even a month ago that the entire government will shut down virtually half the economy simply because it thinks it should and public pressure? I know I didnt think that was possible. It isnt as far as China but it is every bit as far as the EU. The government already has too much control and it scares me to get tied any closer to them than I absolutely have to.

Just the thought process I was running through and I've had a couple people I highly respect tell me I should take it and still am not going to. One of those things that if it's too good to be true it probably is. I just cant believe anything is free and at .5%... it's essentially free...
Take the money. Sure on it. If you don't use it pay it back.
This is not only offering us this and next month but the 1-2 quarter's. I can't build up my back log or jobs in pipe now. I'm am doing virtual appointments and s ok fT so good. 6 just yesterday afternoon. Already sent 3. Let's see what happens. I typically book up most of yr in April and drag out closing business into may. I'm fortunate enough that I've built a decks addi6and master sutes on almost e every possible condi6and logistical challenge that j can estimate almost all of the leads via google earth. But j need volume of appointments for residential. They take a while to make decision, agree on budget etc get financing and then I have 1-3 month wait on permits from city. I always need to maintain my pipeline of leads estimates out there. I'm applying for potential future gaps/ loss of income. Not needed money now or over the next 60days. It's the after effect.

Get off the fence take the money.

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Old 04-05-2020, 06:49 PM   #128
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Re: Sticky For Covid Businees Info


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I applied for it. I figure if I can get a 20k loan as a very low interest rate I can consolidate a few smaller loans with, and at the very least save some money on interest.
Yiu see the opportunity. Doors always open with capital. Even you guys just sit on it for 6 months and decide your good send it back.

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Old 04-05-2020, 07:06 PM   #129
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Re: Sticky For Covid Businees Info


This is my thinking as well. An unemployment check would be nice but it's taxable so I will resist. Plus I'm still cobbling together busy work to get by

I applied for the loan on the notion it's cheaper interest than my line of credit with the bank. I prefer not needing it all if course but don't want to kick myself in the ass not acting when I could have

Part of me is also concerned that too big to fail mentality has become a culture and if I end up not taking my share I'll miss out on money I'll still be forced to pay back in other ways.
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Old 04-05-2020, 07:07 PM   #130
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Re: Sticky For Covid Businees Info


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Yiu see the opportunity. Doors always open with capital. Even you guys just sit on it for 6 months and decide your good send it back.

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Exactly.
Like having an instant line of almost free credit. If things get worse, your chances of getting a credit line may be lost.
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Old 04-05-2020, 07:12 PM   #131
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A travesty of the last twenty years is the liberal easy credit..
It used to mean something to have great credit, survival to be responsible.

Now there's little consequence and low interest is a equalizer.
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Old 04-05-2020, 07:14 PM   #132
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Exactly.
Like having an instant line of almost free credit. If things get worse, your chances of getting a credit line may be lost.
This is provided it even goes through in a timely fashion.

I'm going to guess, like with most things that government rapidly rolls out, it's going to get bloated and take forever.

By the time anyone that's applied actually sees the money it's likely they will have either swam or sunk months ago.

One thing that is kind of pissing me off about all this, is that the state has shut us down, not allowed to work, but "Don't worry, we have grants and loans available"

Great, sign me up. Then a week of radio silence, then who knows how long for approval and release of funds.

The bills don't stop just because the work does, you can't just shut everyone down and then say "well, good luck".
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Old 04-05-2020, 07:19 PM   #133
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Re: Sticky For Covid Businees Info


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This is provided it even goes through in a timely fashion.

I'm going to guess, like with most things that government rapidly rolls out, it's going to get bloated and take forever.

By the time anyone that's applied actually sees the money it's likely they will have either swam or sunk months ago.

One thing that is kind of pissing me off about all this, is that the state has shut us down, not allowed to work, but "Don't worry, we have grants and loans available"

Great, sign me up. Then a week of radio silence, then who knows how long for approval and release of funds.

The bills don't stop just because the work does, you can't just shut everyone down and then say "well, good luck".
Wife's company is going for this too.
Actually funds are supposed to be released really fast and that's because it isn't like going for a regular business loan. About the only thing they will be checking is that you are in fact a business with a history that has been operating vs somebody started a business on paper last night and now wants money.
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Old 04-05-2020, 07:29 PM   #134
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Re: Sticky For Covid Businees Info


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This is provided it even goes through in a timely fashion.

I'm going to guess, like with most things that government rapidly rolls out, it's going to get bloated and take forever.

By the time anyone that's applied actually sees the money it's likely they will have either swam or sunk months ago.

One thing that is kind of pissing me off about all this, is that the state has shut us down, not allowed to work, but "Don't worry, we have grants and loans available"

Great, sign me up. Then a week of radio silence, then who knows how long for approval and release of funds.

The bills don't stop just because the work does, you can't just shut everyone down and then say "well, good luck".
The part that bothers me is the state is shutting things down, but wants the federal government to pay for it's rammifications...

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Old 04-05-2020, 07:44 PM   #135
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Re: Sticky For Covid Businees Info


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To me it's a no brainer.


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The loan or Deckhead?
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Old 04-05-2020, 07:45 PM   #136
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Re: Sticky For Covid Businees Info


Ouch
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Old 04-05-2020, 07:47 PM   #137
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That was intentional!
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Old 04-05-2020, 08:11 PM   #138
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Re: Sticky For Covid Businees Info


Figuring out how to administer the paper trails after the money gets routed to a bank account is the time consuming matter. Congress screwed around for a couple of weeks loading pork then tweeking stuff. Bankers are not in the dam banks or call centers, plus the accountants are sifting through it. Its not a one size fits all
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Old 04-05-2020, 09:10 PM   #139
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Re: Sticky For Covid Businees Info


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The loan or Deckhead?
I cant get mad at that.

That was a solid thumping
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Old 04-05-2020, 09:15 PM   #140
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Re: Sticky For Covid Businees Info


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Figuring out how to administer the paper trails after the money gets routed to a bank account is the time consuming matter. Congress screwed around for a couple of weeks loading pork then tweeking stuff. Bankers are not in the dam banks or call centers, plus the accountants are sifting through it. Its not a one size fits all
I'll be surprised if anyone sees money in less than 30 days. This is the govt here. They **** everything up.

Afterward, in a year theyll tell you that you have 6 months of penalties from not paying and will charge you 3% interest and ding your credit after the market starts to come back. No thanks, not interested.

You are a business. They are interested in taking your money, not giving it to you. I want no excuse for them to come claim more than they already do.

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