June 11, 20214 yr Author I guess we were one of the lucky ones. That little bank in south Texas already got us the paid note for forgiveness #1 and is working on forgiveness for #2. I wish the SBA was as efficient. We are approved for our increased EIDL loan but they seem to have a huge backlog when it comes to the modification of the loan and disbursement.
June 12, 20214 yr I haven’t seen anyone under $2M have any issues or it take any significant time. The only ones I have seen drawn out are the $2M+ ones that had to deal with the questionnaire when it started in late a November. I know of several in the same boat we were in timing although they had not submitted as early as we did.
June 14, 20214 yr On 6/11/2021 at 4:29 PM, VABuckeye said: That little bank in south Texas already got us the paid note for forgiveness #1 and is working on forgiveness for #2. Same. Can't imagine the stress of having both out there and relying on the Government to make it OK.
June 15, 20214 yr 5 hours ago, Chewbacca said: Just submitted my PPP #2 forgiveness app. Let the waiting game begin. I did the same this morning.
June 22, 20214 yr 17 hours ago, VABuckeye said: Round 2 forgiven. Note arrived in today’s mail. Nice. When did you apply?
June 23, 20214 yr 13 minutes ago, VABuckeye said: January as soon as it came out. I meant when you applied for forgiveness on Round 2.
June 24, 20214 yr Just got the letter from SBA for my company's $2.4 mil loan. 100% forgiven. Applied first round in April 2020 and submitted forgiveness 11/30/2020. Did not apply second round.
June 25, 20214 yr Only took 10 days. Got news that my PPP #2 was forgiven and paid off yesterday. Quite a bit different than round 1.
June 25, 20214 yr 5 minutes ago, VABuckeye said: The new hell is funding the second round of EIDL loans. It's a disaster. Thankfully we don't have one of those. i'm done with this mess.
June 25, 20214 yr 12 minutes ago, Chewbacca said: Only took 10 days. Got news that my PPP #2 was forgiven and paid off yesterday. Quite a bit different than round 1. Outstanding. Still waiting on our second notice, but the first one went so well, I assumed we were ahead of the curve.
June 25, 20214 yr Public assistance isn't what it used to be. But thanks for doing your part to get the economy moving.
June 25, 20214 yr Buncha fucking freeloaders with their hands out looking for free money.* *that’s a joke. Glad folks were able to get help when they needed it most.
June 26, 20214 yr 17 hours ago, washparkhorn said: Public assistance isn't what it used to be. But thanks for doing your part to get the economy moving. Actually it is all of what it used to be. Plus all this. Plus, “Human Infrastructure” real soon. Get the fuck out with your bullshit.
June 26, 20214 yr 45 minutes ago, Incredulity said: Actually it is all of what it used to be. Plus all this. Plus, “Human Infrastructure” real soon. Get the fuck out with your bullshit. But seriously, thank goodness we were all able to rely on public assistance to keep us afloat. Started a company with $12k in capital that has generated more than $50MM in revenue. Covid brought us to our knees and thought we were going to lose it all. We bounced back quickly and grew 20% through the pandemic, but as a bootstrapped company that was pouring all profits into our growth (living paycheck to paycheck if you will), we needed help to survive a situation totally outside of our control. Makes me appreciate those who experience something similar and just need help.
June 26, 20214 yr Author Count me among that group. I’m not sure if we’d survive 2020 without PPP. Our 2021 growth is off the charts with no slowing down in sight.
June 27, 20214 yr On 6/25/2021 at 11:19 AM, VABuckeye said: The new hell is funding the second round of EIDL loans. It's a disaster. 1234. I talked with our advisor and the factor driving is that IRS is not responsive to lenders.
June 27, 20214 yr Author We received the DocuSign today so it appears that the process is coming to a close for us.
June 29, 20214 yr Received an email today that our forgiveness app for PPP rd 2 was approved. 2 weeks from app submission. Our loan was small though (<50K) so maybe fast tracked.
June 29, 20214 yr SBA has dropped the questionnaire for loans over $2M which is likely what has started getting some of those processed. The Associated General Contractors of America sued the SBA over it and the SBA relented. Not sure what it means long-term especially related to audits, but it should speed up forgiveness at this point.
August 18, 20214 yr Finally received notice that our PPP (round 1) was forgiven. We submitted back in March, so it took 5 months.
September 21, 20214 yr First time in this thread... very interesting last few pages... wasn't what I expected.
September 21, 20214 yr 6 minutes ago, Snacks said: First time in this thread... very interesting last few pages... wasn't what I expected. What did you expect?
September 21, 20214 yr 17 minutes ago, Cheeseweasel said: What did you expect? I was hoping to find some discussion on the path to freedom via business ownership (and that may be in the previous 30 pages)... I was surprised by the open discussion of welfare (given the politics of our state and this board from time to time). No judgement, just unexpected.
September 21, 20214 yr Just now, Snacks said: Nope... my bad... I see now... this is the "Oh, shit! Covid!" Thread... Yeah, Covid and PPP dominated this thread for the last 2 years, but that's understandable.
September 21, 20214 yr 41 minutes ago, Snacks said: I was hoping to find some discussion on the path to freedom via business ownership (and that may be in the previous 30 pages)... I was surprised by the open discussion of welfare (given the politics of our state and this board from time to time). No judgement, just unexpected. Free money is free money.
September 21, 20214 yr 57 minutes ago, Snacks said: I was hoping to find some discussion on the path to freedom via business ownership (and that may be in the previous 30 pages)... I was surprised by the open discussion of welfare (given the politics of our state and this board from time to time). No judgement, just unexpected. Find something you're good at. Save up money. Start business. Do you have specific questions about starting or running a business?
September 21, 20214 yr Author Right? There are a lot of business owners here and a very hot topic especially throughout a good portion of 2020 was devoted to saving our businesses, keeping our employees employed and keeping them paid throughout COVID. I'm fairly certain most if not all of us accomplished that. Personally we were then able to leverage going from survival mode to what is looking like a 200% increase in business for 2021 and the sky is the limit in 2022 if I can continue to find and hire highly skilled a certified techs and then retain them. We have been working on a retention plan for our little company for several months now and I'm proud to say that we are now offering a company funded HSA, a 401K plan and a profit sharing plan to be reviewed and implemented after the first month of each year. We are also looking to overhaul our health care plan during the first quarter of 2022 when the plan comes up for renewal. It will still be a high deductible plan but we want to offer the best plan we can for our people. The last thing we are working on is improving the support and information flow to our techs in the field to ensure that they have the tools they need to be successful and to keep our projects on point. As to a path to freedom? The decisions and choices rest on me and my management team but if you think it's freedom you are misinformed. The buck still stops with the business owner and if you are looking for stress relief and shorter working hours I suggest you look elsewhere. It's a labor of love but it's also hard work and sometimes you have to make hard decisions.
September 21, 20214 yr 10 minutes ago, VABuckeye said: As to a path to freedom? The decisions and choices rest on me and my management team but if you think it's freedom you are misinformed. The buck still stops with the business owner and if you are looking for stress relief and shorter working hours I suggest you look elsewhere. It's a labor of love but it's also hard work and sometimes you have to make hard decisions. would rep more if could
September 21, 20214 yr 1 hour ago, Chewbacca said: Find something you're good at. Save up money. Start business. Do you have specific questions about starting or running a business? I have interest in buying something that is already running, but isn't just another job. I don't have specific questions, yet, because I'm in "Don't know what I don't know" territory...
September 21, 20214 yr 27 minutes ago, VABuckeye said: As to a path to freedom? The decisions and choices rest on me and my management team but if you think it's freedom you are misinformed. The buck still stops with the business owner and if you are looking for stress relief and shorter working hours I suggest you look elsewhere. It's a labor of love but it's also hard work and sometimes you have to make hard decisions. I'm looking for more financial value in exchange for my time. The difficult part is that I do decently well in what I do, working from home, etc... I've looked at buying different types of small businesses, but the time and money tradeoffs meant I was clearly looking at the wrong types of small businesses.
September 21, 20214 yr 2 hours ago, Cheeseweasel said: Yeah, Covid and PPP dominated this thread for the last 2 years, but that's understandable. That's how the thread started... and pretty much continued.
September 21, 20214 yr 1 hour ago, hornian said: Free money is free money. It's not free money... we pay for it, just like we pay welfare and food stamps. Not judging. It's free to you and I'd take it, too.
September 21, 20214 yr 4 minutes ago, Snacks said: It's not free money... we pay for it, just like we pay welfare and food stamps. Not judging. It's free to you and I'd take it, too. The Government shut businesses down. I'm fine with the Government paying employees/businesses as a result.
September 21, 20214 yr 4 minutes ago, Cheeseweasel said: The Government shut businesses down. I'm fine with the Government paying employees/businesses as a result. Everyone has their reasons for needing assistance when they need it. I'm fine with it, too. But, again, "The Government" isn't paying for it. You and I are paying for it.
September 21, 20214 yr 21 minutes ago, Snacks said: I'm looking for more financial value in exchange for my time. The difficult part is that I do decently well in what I do, working from home, etc... I've looked at buying different types of small businesses, but the time and money tradeoffs meant I was clearly looking at the wrong types of small businesses. In general you are going to make a whole lot less for a while in the hopes the business will thrive to a point to make more. In general people don't sell businesses that are producing lots of financial value for your time. Those businesses sell for $$$$$. If you see potential value in a business it can work, but there will be blood.
September 21, 20214 yr 18 minutes ago, Cheeseweasel said: The Government shut businesses down. I'm fine with the Government paying employees/businesses as a result. Everyone got cents on the dollar. The fuckery unleashed is the suck.
September 21, 20214 yr 2 minutes ago, Incredulity said: Everyone got cents on the dollar. The fuckery unleashed is the suck. No doubt. It's a huge shit sandwich, and we're all going to have to take a bite.
September 21, 20214 yr 23 minutes ago, Incredulity said: In general you are going to make a whole lot less for a while in the hopes the business will thrive to a point to make more. In general people don't sell businesses that are producing lots of financial value for your time. Those businesses sell for $$$$$. If you see potential value in a business it can work, but there will be blood. Your first sentence I get. Your second sentence... If someone is selling a business at 3x EBITDA of $500k, That's $1.5MM sale price.... and if I'm looking at a few rules of thumb: Using 1x Revenue -- expect $1.5MM revenue 20% Net Profit margin = $300k 10% Net Profit Margin = $150k Seems reasonable to me considering low costs of capital... especially if I think I can find ways to +rev/-exp.
September 21, 20214 yr Author I operate at gross profit of 65-80% before labor on a project. I'd kill myself at those margins.
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.