INGO Small Bussiness Owners

[churchmouse]

Oh, I already have believe me. Not sure what they will do, he is a VP in his department. I was told by a friend at the bank he had been spoken too by higher ups.

I thought about posting the e-mails on Old Nationls FB page as I have kept them. The wife asked me to refrain from doing this for the time being.

I would refrain until all moneys you seek are accounted for. Then punt his a$$ to the curb and post up what you have.

 

[Vigilant]

I’m looking at moving business accounts to NFCU, but lack of a branch outside of Campbell or Great Lakes makes it bothersome for a business account. My personal stuff and vehicles are with Navy, just leery of moving my business stuff to them as well? Realistically, if the loan doesn’t come, it won’t matter.

 

[Clay Pigeon]

I’m looking at moving business accounts to NFCU, but lack of a branch outside of Campbell or Great Lakes makes it bothersome for a business account. My personal stuff and vehicles are with Navy, just leery of moving my business stuff to them as well? Realistically, if the loan doesn’t come, it won’t matter.

I use NFCU for personal and business, I will say that all of my deposits for business are electronic and if I get a check personally I use the app ( picture ) for deposit.
With both sons in the service all of us use NF for out banking needs. I find it refreshing when I call to have money moved around I always get a knowledgeable person on the phone.
But I will say its strange to do business with a bank that doesn't have a branch anywhere close to me...

 

[churchmouse]

I use NFCU for personal and business, I will say that all of my deposits for business are electronic and if I get a check personally I use the app ( picture ) for deposit.
With both sons in the service all of us use NF for out banking needs. I find it refreshing when I call to have money moved around I always get a knowledgeable person on the phone.
But I will say its strange to do business with a bank that doesn't have a branch anywhere close to me...

TCU allows my on line access to move funds between accounts at will. I never thought I would like the on line thing but it is a very good plus as the branches are 20 minutes away in either direction.

 

[DoggyDaddy]

TCU allows my on line access to move funds between accounts at will. I never thought I would like the on line thing but it is a very good plus as the branches are 20 minutes away in either direction.

I dragged myself kicking and screaming into online bill paying years ago. It was available, but I got some kind of weird satisfaction out of sitting down and writing out the checks and mailing them. Now I love it. And transferring funds between checking and savings, etc. is just a breeze now.

 

[Ingomike]

This has an explanation of how the big guys got loans while small business got nothing.

There are reasons major companies got massive loans from the Senate’s “small business” bailout while thousands of small businesses that applied the first day funds were available were told there was no money left. Who is to blame, however, is more complicated.



Imagine bankers who won’t deliver you taxpayer assistance unless you already owe them money. Imagine bankers who will put you at the back of the line so that franchises worth hundreds of millions or even a billion dollars can get the aid first. Imagine a law our leaders passed allowing it. Now understand that what you’ve just imagined appears to be exactly what has happened.

https://thefederalist.com/2020/04/2...beats-small-business-but-congress-can-fix-it/

 

[Caleb]

How many month do you guys have set aside in emergency funds prior to this whole covid19 deal? What do you guys plan to do differently after all of this if you stay in business?

 

[Super Bee]

How many month do you guys have set aside in emergency funds prior to this whole covid19 deal? What do you guys plan to do differently after all of this if you stay in business?

We usually have six to twelve months set aside, however, last year was the slowest year we have had in ten years. Depending on how many RVs I have in stock my finance payments will range from $3000.00 a month to as high as $15000.00 a month, that does not include employees, mortgage, utilities, insurance, nothing. Not to mention my insurance will fluctuate. The more units I have on the lot the higher my monthly bill. I may pay $2500.00 a month in insurance. With a year as bad as last year was it does not take long to blow through business savings.

Right now I am keeping inventory at a bare minimum, ten or less to keep cost low. Not that I can get anything anyway as all the RV plants are closed.

 

[Super Bee]

Trump and Mnuchin are going to get Christmas cards from me this year.

Trump signed the new bill Friday and the funds went through today for the PPP. I am hoping they go through soon for everyone else here, I know many are waiting.

 

[Vigilant]

Well, I’m a Trump supporter for now, but the PPP doesn’t help me one little bit, even if it did, I have ZERO faith that my bank puts it through, just as the last. I’m still in limbo over the EIDL. **** the government, doling out loans to keep people from unemployment numbers. I shouldn’t have needed a loan to begin with. But that’s just me. I’ll do a Trump, and declare BK, as soon as I can.

 

[Clay Pigeon]

How many month do you guys have set aside in emergency funds prior to this whole covid19 deal? What do you guys plan to do differently after all of this if you stay in business?

I keep 9-12 months operating on hand that I can loan my company within a few days if necessary. I learned with the housing fiasco that what I was doing then would not pay the bills if the economy tanked again, it was a hard lesson learned. So I cut my costs and moved back to Indiana and got rid of a mortgage and bought a house with a shop behind it and paid cash, two years later I bought a local building on back taxes.
Unlike lots of businesses I don't have to have a storefront full of inventory to pay for and maintain, with putting my eggs in different baskets its worked well this time for me and the few that work for me.

I really feel for the guys with businesses that have had to close and or have had huge losses with all this.

 

[funeralweb]

I applied at 9:30 pm on Friday, April 3, 2 hours after receiving the app link from my SBA lender First Financial Bank.Received confirmation of receipt the following Monday and approval April 9. Still waiting.....

Received this email from FFB yesterday:

We’re following up with some additional information regarding your SBA Paycheck Protection loan application. We know that these funds are very important to your business and want to assure you that we are working extremely hard to complete the loan application process and funding. We appreciate your patience. We have put in place additional resources and have made some changes to expedite the processing and completion of PPP loans. Our goal is to fund your loan as quickly as possible. We plan to deliver closing documents for loans electronically and fund your loan per the guidance provided. This will expedite the process. Depending on your application date, it may be an additional 7 to 14 calendar days before we are able to complete and fund loans currently in process. We hope to complete the processing of many loans more quickly; however, we want you to be able to make plans for your businesses based on this updated information. In addition, we want to make you aware of some new changes the SBA has made regarding the Paycheck Protection Program, as well as provide you with some information regarding the “Forgiveness” aspect of this program. Both will be helpful as you will need to document use of the PPP funds in order for them to be forgiven by the SBA. On April 23, 2020, the SBA announced new guidance regarding business liquidity for PPP loans. The SBA requires borrowers to assess their economic need for a PPP loan and to certify in good faith that their PPP loan request is necessary, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to their business. Additional information can be found here.

​

That last paragraph ticks me off. A week after applying, I received a phone call from my banker and then a letter stating the SBA would cover my P/I payments on my SBA loan for 6 months. No change in my balance thus far.

I've been lucky that 90% of my business in April was prepaid and placed in trust by the deceased as the surviving family members are currently unemployed.

I didn't waste my time with EIDL and would be happy if I didn't NEED PPP going forward but every small biz will need it. I'm sure when this is over, it won't matter whether one used gubmint assistance or not and we'll all be chipping to pay this all back.

 

[KittySlayer]

Phishing Caution!!!

Unlike the INGO Hot Chicks Fishing thread this is probably a link you do not want to click on.

I got an email from no-reply@dropbox.com with the subject: "IRS.GOV sent you "COVID-19 PPP SBA LOAN PAYMENT.pdf"

The text contained an email address for IRS.GOV that was disastercustomerservice@sba-gov-co

To start with the IRS has nothing to do with the PPP program at this time. Also only my boss's email address appeared on the application, not my email address. Not sure what nasties I would find if I clicked on the link but have no plans to find out. Be careful...

 

[Super Bee]

Just in case someone missed it, today the second round of PPP opened up for small business owners. This is just like the first time, you need to go through your favorite bank.

If you are looking at getting into PPP my advice is do not wait. Last time the funds went quickly.

 

[snorko]

Just in case someone missed it, today the second round of PPP opened up for small business owners. This is just like the first time, you need to go through your favorite bank.

If you are looking at getting into PPP my advice is do not wait. Last time the funds went quickly.

Just reread the thread, did you ever get things straightened out with your bank Super Bee?

 

[Super Bee]

Just reread the thread, did you ever get things straightened out with your bank Super Bee?

We lost 3 of our sources for funding. One we used as a back-up has now become our primary. They raised our credit limit and gave us pretty good rates. I had close to a $1 million dollar credit line, down to about half that. Its working for now as we can not get units anyway.

 

[frenchiectfd2203]

I am by no means a huge business owner. I sealcoat asphalt drives on the weekends along with my fire job and other part time gig. However, I was told that this spring if you are not a big fish in the game of sealing it will be hard to get quantity from the supplier. It won’t be much for me because it’s more of a side hustle but I enjoy meeting people and doing good work. I don’t advertise, for me it’s word of mouth. Just hard to hear that it’s getting this bad.. go figure huh.

 

[HoughMade]

Just in case someone missed it, today the second round of PPP opened up for small business owners. This is just like the first time, you need to go through your favorite bank.

If you are looking at getting into PPP my advice is do not wait. Last time the funds went quickly.

My firm used the PPP the first time. We are not doing it again. Everyone is (usually) at work in person and we are doing fine.