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Surly Thread of Business Owners/Managers, Etc. & Current Business Climate


VABuckeye

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40 minutes ago, Reagan1k said:

This is no small point in the overall discussion of what the recovery will look like.  For many companies / industries, there is work TODAY as we are still picking fruit from projects planted months before the 'rona hit.  When the slowdown will manifest is in the months to come when there is nothing in the pipeline due to stoppages in project development.

Some of the economy will bounce right back where there is immediate demand, but there are are going to be gaps where there is a break in the work cycle and nothing can fill that but time.

That's a great observation.  Certain industries that have longer lead times, longer receivable terms and bigger backlogs are set up to weather the initial storm, but will feel the impacts of this shutdown months or even years down the line.  The industries that were hardest hit were those with point-of-sale transactions that shut off immediately.  The only plus-side to those business models is cash flow is almost immediate, so when the reigns start to loosen, they should see an immediate boost to revenue and hopefully profits.

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3 minutes ago, Spaulding Smails said:

Certain industries that have longer lead times, longer receivable terms and bigger backlogs are set up to weather the initial storm, but will feel the impacts of this shutdown months or even years down the line.

This is us. Our receivables and lack of payables (no need to buy inventory when you aren't selling anything) will allow us to weather 3 months easily. If things don't pick up in the next 60 days, we are going to have a bad time.

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Same for me. Plenty of work in pipeline right now. New work has been non-existent past month. I’m a wholesale manufacturer that depends on a network of brick and mortar retailers to sell my products. If shit doesn’t start opening up soon, I’m in trouble.

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Independent contractors weren't eligible for the PPP loan until Friday, just in time for most lenders to close their application process. I'm now on the outside looking in. My bank's website reminds me that there are plenty of other banks offering the loan, which feels like a slap in the face because none of them are lending to people who don't have a business account with them. Waiting to hear back on when they'll open the application process back up, but it's starting to look like the path of least resistance is finding a bank that is still taking applications and just switch over to them.

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30 minutes ago, G650 said:

100%. We are actually looking at our best first half of the year in almost 5 years right now, amazingly enough. But I fear this fall on.

We didn't feel the effects of '08/'09 until '10 and '11.

What was already in motion stayed in motion but there were no new projects (for my work) conceived during the upheaval and my time lag from project conception to sale is about 2 years.  I too look strong right now but the layoffs in the oil industry will certainly hurt me down the road and I have precious little visibility into what's going from pen to paper right now with regard to new projects in light of the quarantine and related uncertainty.

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28 minutes ago, VABuckeye said:

Contact MaclovioBrown.  Send him a PM.  I can't say it enough.  He will take care of you.  PP loans are not shut down.

I wonder how many referrals I've sent him at this point.  Has to be around 20.  lol

You're gonna get a sweet golf ball mark repair tool with his bank's name on it.

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1 hour ago, Eastwood said:

Independent contractors weren't eligible for the PPP loan until Friday, just in time for most lenders to close their application process. I'm now on the outside looking in. My bank's website reminds me that there are plenty of other banks offering the loan, which feels like a slap in the face because none of them are lending to people who don't have a business account with them. Waiting to hear back on when they'll open the application process back up, but it's starting to look like the path of least resistance is finding a bank that is still taking applications and just switch over to them.

That’s what I plan to do as well.  I started the process several days before it was even open for independent contractors and my bank -one of the big multinationals- told me they were already capped or weren’t going to offer depending on who you asked (because I could never seemingly get past the first step of talking to anything more than a teller).  I talked to several other banks and they were only offering to current banking customers.

Finally found a good local one late last week which said they would help me with the process. I’ve already told them if it goes through I plan to move all my accounts over with them same day.  

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16 hours ago, VABuckeye said:

With MaclovioBrown?  Applied on Friday.  Two hours later I had loan approval and SBA guarantee.  Loan is funding today.

With PNC?  Deep dark black hole of zero communication.  Guess who's earned my business?

Who is his bank?  I sent him a message.  I'm with Chase and it's like peeing in the wind.

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I also went through MaclovioBrown after working with Chase. Got a SBA loan number on Saturday. Scheduled to fund this week.

Funny Chase story about this. I've been pestering my Chase Rep for weeks about the PPP. Never any answer, but "wait". On Friday, called her again & got similar response. Then an hour later I received an email from a Chase Rep in California stating that they will get with me soon & you'll need this paperwork & that. Get a call about 30 min later from a different Chase Rep in California. Goes through his spiel. I'm thinking that now he's taking over. I tell him about the other CA Rep & he says, "Oh, OK, but I guess I'll take care of you, now". So, I'm OK with that. Then I tell him that I already have applied and received a 05TX#. He says, "You already applied?". He had no idea.  I DM'd MaclovioBrown soon after

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Wow, thank you guys for your interest and, more importantly, patience as we try and ramp up our capacity. At this point I want to pause and work on getting those with approvals through our funding process. This will give the phase 2 (IC and Self Employ) guidance time to season. Believe me, it’s frustrating for both sides. Will update when we’re ready to open the spigot again. 
 

PS: I was called a racist by a person I have only traded a couple of emails with.  That was my sign to pump the brakes. 

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15 minutes ago, MaclovioBrown said:

Wow, thank you guys for your interest and, more importantly, patience as we try and ramp up our capacity. At this point I want to pause and work on getting those with approvals through our funding process. This will give the phase 2 (IC and Self Employ) guidance time to season. Believe me, it’s frustrating for both sides. Will update when we’re ready to open the spigot again. 
 

PS: I was called a racist by a person I have only traded a couple of emails with.  That was my sign to pump the brakes. 

Jesus.  I sincerely hope that it wasn't someone I referred.  You've been fantastic to deal with.  Just let me know when you're ready again.  

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Wow, thank you guys for your interest and, more importantly, patience as we try and ramp up our capacity. At this point I want to pause and work on getting those with approvals through our funding process. This will give the phase 2 (IC and Self Employ) guidance time to season. Believe me, it’s frustrating for both sides. Will update when we’re ready to open the spigot again. 
 
PS: I was called a racist by a person I have only traded a couple of emails with.  That was my sign to pump the brakes. 

Ok, who sent Rocko to him?
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https://bankingjournal.aba.com/2020/04/sba-provides-guidance-ppp-loans-self-employed-independent-contractors/
A little progress made on the contractor/self employment front. What banks are running up against is that may entities have not filed 2019 taxes, hence no Schedule C. 

Well, no shit. Doesn’t every self-respecting business owner file an extension? Seems silly
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Just wanted to plug my buddy at Turf N Surf again. He will be open for pick-up orders at Lavaca street only tomorrow from 4:30-8:30.

This will be his only spot and hours for now. His grub is outstanding. Blackened ribeye tacos and crazy good fish and other Cajun goodies. His Yelp speaks for itself.

\m/

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18 hours ago, MaclovioBrown said:

Wow, thank you guys for your interest and, more importantly, patience as we try and ramp up our capacity. At this point I want to pause and work on getting those with approvals through our funding process. This will give the phase 2 (IC and Self Employ) guidance time to season. Believe me, it’s frustrating for both sides. Will update when we’re ready to open the spigot again. 
 

PS: I was called a racist by a person I have only traded a couple of emails with.  That was my sign to pump the brakes. 

Which cloak roomer was it?

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https://www.cnbc.com/2020/04/15/small-business-rescue-loans-top-296-billion-rapidly-nearing-the-programs-funding-limit.html

Welp, so much for that. Big shout out to RBFCU for closing me out of the process before I could even apply. You lost my business for that when we get on the other side of this. A sincere thank you to those in here who pointed me in directions that could possibly help.

Edited by Eastwood
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