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05-12-2020, 02:00 PM | #287 | |
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1.When paying your staff an average of previous wages, are you calculating this on a full year basis or seasonal basis and selected a particular quarter? 2.Since only 1 of her 2 offices applied for PPP, and she has 1.5 days a week at this office, the answer is yes, unemployment (with the extra $600 weekly) will pay more than her 1.5 days at this office. Unfortunately the 1.5 days of pay is enough to disqualify her for unemployment in NY State as well as a result. If both her offices 're-opened' with PPP funds, then that amount would be greater than collecting UI. 3.For your colleague’s office – the staff that chose to remain on UI rather than return to work, were they actually able to continue receiving UI benefits? If suitable work has been offered to them and they declined, I wonder if their UI benefits were jeopardized as a result. 4.Now in terms of returning to work, the dental office is asking that they work remotely for the next 8 weeks (attend some B.S. webinars and coursework to constitute ‘work’). The manager did send out a vague email just now asking staff to physically go into the office to clean it up and other administrative duties (not seeing patients till July however, at the earliest). However the staff will most likely push back as NY is still under closure orders, and commuting to the office means taking public transportation. Right now, i think our only option really is to accept the offer to return to work for this one office. We will be losing out on some money but thankfully it is not an amount that will make or break us. More concerning however to us is how the office is handling the specifics of the PPP, as they seem to be deviating from what other business owners have been doing. |
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05-13-2020, 01:26 PM | #288 | |
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For the third question in regards to my colleague with the employees that refused to return to work, I guess if he notified EDD that they were given the opportunity to work and refused, they could lose their unemployment benefits but then he would probably lose them as employees for tattling. In the Bay Area, we have not been given the official ok to reopen. Some dental offices are starting up but are opening themselves up to great liability not only if Covid is spread from the dental office, but for any claim not even related to Covid. Any type of malpractice claim would be indefensible because the dentist was not supposed to be practicing dentistry at that time. As of last weekend, 22 states have allowed dentists to reopen. California and NY will be among the last. I heard a report that the 4 most dangerous occupations in regards to Covid were 1) Dental hygienists, 2) Respiratory therapists, 3) Dentists, 4) Dental assistants. Wish you and your wife the best of luck. Stay healthy.
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05-13-2020, 02:26 PM | #289 | ||
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06-05-2020, 11:39 AM | #290 |
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The Senate Wednesday evening passed a bill modifying the Paycheck Protection Program of forgivable coronavirus relief loans to small businesses. The bill, which sailed through the House last week in a 417-1 vote, now goes to President Trump’s desk for his signature.
Among its provisions, the new Paycheck Protection Program Flexibility Act extends from eight weeks to 24 weeks the period that small businesses have to spend their emergency funds while still qualifying to have their loans forgiven. It also provides more flexibility in how the loans can be used, lowering the minimum percentage required to be spent on payroll from 75% to 60%. See more details here. https://finance.yahoo.com/news/senat...230905433.html
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06-05-2020, 03:12 PM | #291 | |
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06-12-2020, 10:13 AM | #293 |
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I waited until cash hit my account before posting...
I submitted an application for EIDL back in March. I later got an email telling me the max grant would be $1K / employee up to $10K rather than a flat $10K. As a sole proprietor I assumed that meant I might get $1K but would probably get nothing. More time went by, I heard nothing and figured the funds were probably exhausted. Anyway fast forward 2 mos. and I got zero grant but qualified for a good sized loan. I took about 60% of what they offered. Not forgivable but repayable over 30 years @ 3.75% interest beginning in June 2021. Funded today and moved into an MMA to sit there for working capital as some clients have been slow paying. Other than slow pays business has held up mostly ok for now but not sure what lies ahead. So having the extra cash just in case is good. I can prepay with no penalty if I so choose to do so.
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06-12-2020, 10:17 AM | #294 |
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My understanding is you have to have the same number of employees on 12/31 that you had when you got funded, or prove you've been trying to fill vacated positions.
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06-12-2020, 10:17 AM | #295 | |
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06-12-2020, 10:25 AM | #296 | |
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06-12-2020, 10:52 AM | #297 | |
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06-12-2020, 10:54 AM | #298 | ||
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The news and health officials have lost so much credibility since this thing started that I don't really pay much attention to them anymore. |
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06-12-2020, 10:55 AM | #299 | |
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06-12-2020, 10:57 AM | #300 |
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I meant the other terms of the contract. Being able to have anything you own as collateral, having to only use the money for specific things and not others etc. That's my understanding anyways, could be wrong.
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06-12-2020, 11:01 AM | #301 | |
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We have been fortunate in that my wife’s job has held up, as that is our health insurance source. Losing that would hurt worse than losing her salary.
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06-12-2020, 11:08 AM | #302 |
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Anything owned by the business is collateral, not you personally. I did not provide a personal guarantee. In my case, the only asset of my LLC is A/R and the loan proceeds sitting as cash, so no big deal. I can understand if a business has other assets and doesn’t want to use them as security because they are used for security of other debt. Yes, you have to agree to not use the money except for the business but doubt there will be any audits or issues as long as payments are made. In my case, I have no intention of using it for anything other than an extra cushion and will probably repay it early when the economy is in a better place in a year or two.
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06-12-2020, 11:24 AM | #303 |
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No on quick service and drive thru. Last year our take-out/delivery accounted for 11% of sales. Since re-opening dining room on May 11, it (take out) is a full 1/3 of sales. Totally agree on taking the cash and sitting on it unless it is needed.
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06-12-2020, 11:30 AM | #304 |
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This is per the new explanation of rules? So even if on Feb 15 I had 43 employees, and now that number is 21, if funded PPP today I would only need to maintain 21 on 12/31?
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06-12-2020, 11:32 AM | #305 | |
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06-12-2020, 11:39 AM | #306 |
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Me too. I have pretty much just stuck with what the governor of Az has been saying. Yesterday in his presser he said that we were spiking, but that we were very well prepared for it in terms of hospital beds, ventilators, etc. He was asked if there would be another shut down, and he was pretty adament "no". That said, we are staying put on social distance rules and degree to which businesses can open up. Some of the "gotcha" questions from reporters are really getting old...
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06-12-2020, 11:48 AM | #307 | ||
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Again that's just my opinion for my business. While I have had some clients cancel I'm still ok for now. Only concern is since my business is more of a subscription type service there is a delay between my clients businesses being impacted and them canceling. If it was life or death you best believe I would take the money regardless of any terms. |
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06-12-2020, 01:00 PM | #308 | |
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