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Stimulus money

ScottSecor
ScottSecor Member Posts: 547
Like many of you we are a small company with three employees plus myself. I've been debating shutting down temporarily due the current pandemic. We have some work, but many residential customers are now unemployed, many commercial customers are shut down, CDC does not want us to shut off dhw for any reason, especially at senior citizen housing sites, churches are basically shut down, etc.

I am considering applying for some grant money to keep my employees payroll going (at least partially). Has anyone done this or considering applying? How about state unemployment? Since my father started the business in 1976, we've never really laid anyone off the lack of work (or a pandemic in this case). A few former employees collecting unemployment, maybe three in forty four years.

Please share your ideas. My goal is to take care of my employees as best I can, and bring them back as soon as things get better here.

Comments

  • HVACNUT
    HVACNUT Member Posts: 4,590
    Check your state's Department of Labor website. There should be info concerning benefits due to Coronavirus.

    Just for your understanding I would think. The employee would have to register the claim.

    You're a good guy.
    STEVEusaPAIntplm.
  • EBEBRATT-Ed
    EBEBRATT-Ed Member Posts: 11,985
    From what I have herd (and I could be all wet) unemployment is supposed to pay workers for 4 months. If a small business needs a load they can get one so they can stay open. The feds want small business to stay open as much as possible and retain employees.

    From what I have herd this will be run by each states unemployment office so @HVACNUT 's advise sound right to me
  • Erin Holohan Haskell
    Erin Holohan Haskell Member, Moderator, Administrator Posts: 1,862
  • STEVEusaPA
    STEVEusaPA Member Posts: 5,687
    Yes check all levels of gov't. Not much for me with federal, but today PA just announced 0% interest loans for small businesses.
    steve
  • ScottSecor
    ScottSecor Member Posts: 547
    Thank you for all the information. My accountant and bank both sent me something along the same lines. Looks like I have a few phone calls to make tomorrow.
  • DYI
    DYI Member Posts: 12
    Here's a link to a site that describes in detail what is available for " All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries"
  • mikeg2015
    mikeg2015 Member Posts: 1,187
    It’s gotten slow here. Normal for spring. But a lot slower than las year. But not sure if anyone will do spring PMs or if it’s socially responsible to do so right now.

    We also only have only 5 employees including the owner. But I’m sort of the go to service tech other than the boss. Haha even though I’m technically an “apprentice”. He’s taken this whole month off for vacation.

    Sort of wish the boss would just lay us off for a month. Weather is nice and I have plenty of home projects I could knock out so I’d at least earn some “equity “ on home remodeling projects.
  • MarkMurf
    MarkMurf Member Posts: 25
    I dunno boys , but on the job at age twelve and still at it at 63 , the old man's voice and the voice of my old boss out here in Mt. still ring true . Both men were classics . Depression babies , WW2 vets , business owners , family men , workaholics and both a couple of the most honest and knowledgable techs any customer would be so lucky to have answer their call or a young man to work under . To quote them both," When times get tough and things slow down . New construction dries up . It's the service end of things that'll keep you afloat." And being the consummate trouble-shooter and repair guy , at this point I'm gonna have to agree with those old timers . Granted , I'm out here in Mt. a bit removed from the worst of the virus SO FAR ! ! But people need heat and hot water . My phone never stops . And I know that in these days of take the money and run most guys couldn't fix a one horse race or trouble-shoot their way out of a wet paper bag ! but once again I'm scaring myself as to how much I sound like those two old times these days . Maybe more of us should . Neither one ever had a boast, brag or a complaint out've em . Both were on the front lines as boys . Neither ever cashed in on a well deserved VA benefit . "Leave it for the people who really need it ." Neither ever complained about a mid-night service call . And both would be the first to say,"Catch me next time." to an old friend or someone in need . We should all have a bit more of those old timer's gumption in us in uncharted times as these . To show and maintain a look of normalcy to our customers and neighbors DOES mean a lot to a local community . A familiar voice answering a call for assistance MEANS something to people .
    I hope my boys think me half the man they were .
    lchmbratioIntplm.
  • psb75
    psb75 Member Posts: 563
    Thanks to the original poster ScottSecor for raising this issue. And thanks to Erin H. and all others for posting the links.
    Its time for those that would be "squeaky wheels" to SQUEAK.
    2008 and 2009 saw unbelievable amounts of "corporate bail-out" monies "made available" at expense of the Federal Govt.
    Now it is time for "Uncle Sugar" to support ESSENTIAL SMALL BUSINESSES. Do your research and get the assistance. You are valuable as an essential small business. Economically VIABLE small businesses are better than ones that can no longer operate! Help, yourself and your few employees. Keep America great.
  • GW
    GW Member Posts: 4,536
    Mark excellent story, I tip my hat. Those men are dying off, not too many people being raised like that anymore. I can relate to you and them. Worker bee. I do free stuff here and there too.

    The government is simply printing dough. I pay so much in taxes it makes my head hurt. I filled out the 10k app and the ppp application. I have paid dearly into the system, I’ll gladly take the feds freshly printed money
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • hot_rod
    hot_rod Member Posts: 16,272
    Read through all the plans carefully, some are loans that need to be repaid, some are forgiven if certain criteria is met. Not all banks will process them, it may need to be a bank you have business with already.
    Bob "hot rod" Rohr
    trainer for Caleffi NA
    Living the hydronic dream
  • GW
    GW Member Posts: 4,536
    Yes but “free payroll “ and rent/mortgage, utility bills, property tax for 2 months or whatever is pretty good. I’ll take it. The 10,000 seems more loan like.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • hot_rod
    hot_rod Member Posts: 16,272
    It looks to be the better of the various programs. Doesn't it require something like 8 weeks of employment for your guys to allow it to be forgiven?
    Bob "hot rod" Rohr
    trainer for Caleffi NA
    Living the hydronic dream
  • GW
    GW Member Posts: 4,536
    I understand there’s a formula, if you had eight guys on payroll last year, and this stimulus money pays for six guys, I believe you divide 8 by 6, Or, 20% would have to be repaid. Or something like that. It’s not all free money that’s for sure, the money must be used for certain things. If it falls outside those certain things, it’s no longer free. It’s got to be paid back. Even then, the interest is crazy low and I think you have two years to pay back.

    These employees must’ve been on payroll in 2019. New hires cannot be considered under this stimulus, free money.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • hot_rod
    hot_rod Member Posts: 16,272
    I know there is some fine print.
    My wife had an attorney financial expert go over all the ins and outs with her franchisees. I overheard some of it. Seems like as many questions as answers and the Government and banks may not be on the exact same page on how to administer this.

    Forms were available yesterday but bankers are a bit in the dark as to how this $$ moves? Probably most concerned about how the $$ arrive in the banks checking account :)

    The farm bailout turned into a fiasco with millions going to out of country to some suspected crime cartels. 28B of the taxpayers $$ has been paid out to farms. Who got what??
    Bob "hot rod" Rohr
    trainer for Caleffi NA
    Living the hydronic dream
  • GW
    GW Member Posts: 4,536
    yes the toils of living in the richest nation on earth (or whatever ranking we are)
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • SlamDunk
    SlamDunk Member Posts: 1,282
    GW said:

    yes the toils of living in the richest nation on earth (or whatever ranking we are)

    The US is the 12th richest country as of July, 2019.