crane operator
Senior Member
I know some of you guys are small business owners, so I thought I'd share.
I have applied for the federal payroll protection program. It goes through my local bank, there's a couple pages of info/forms, they need copies of my current payroll expenses.
The program essentially gives a loan to me, equal to the amount of 2 months of my total payroll. If I keep my payroll the same- i.e. I don't put anyone on unemployment, the loan is 100% forgiven if I prove that I spent the $$ on payroll.
I had the loan documents to my banker earlier this week, he has given me a verbal confirmation.
We are considered a "essential" business, and are currently still busy. I don't know how long that will last, so I thought I should get in early before the funds are gone to the airlines and the casino's.
For me- I really think my business hit is going to be in 3-6 months from now, because no one is currently signing papers to start any projects. The work I'm doing right now, was all decided on 3-6 months ago, so I think for my work load, there's a certain amount of lag.
I figured it was essentially buying my business and employees- a two month "reset", and I will see what happens after that.
I have applied for the federal payroll protection program. It goes through my local bank, there's a couple pages of info/forms, they need copies of my current payroll expenses.
The program essentially gives a loan to me, equal to the amount of 2 months of my total payroll. If I keep my payroll the same- i.e. I don't put anyone on unemployment, the loan is 100% forgiven if I prove that I spent the $$ on payroll.
I had the loan documents to my banker earlier this week, he has given me a verbal confirmation.
We are considered a "essential" business, and are currently still busy. I don't know how long that will last, so I thought I should get in early before the funds are gone to the airlines and the casino's.
For me- I really think my business hit is going to be in 3-6 months from now, because no one is currently signing papers to start any projects. The work I'm doing right now, was all decided on 3-6 months ago, so I think for my work load, there's a certain amount of lag.
I figured it was essentially buying my business and employees- a two month "reset", and I will see what happens after that.