04-05-2020, 12:11 PM
(04-05-2020, 10:27 AM)GMDino Wrote: I think our bank was changing forms because they weren't sure what they needed.
I understand the repayment part and that it's not to replace profit but rather cash flow. I'm just saying that in three months if our sales stay low there will be no cashflow on the other end instead and we will suffer then instead of now. And, again, not slamming the program..just that it may need extended if that is it's purpose.
I agree it will probably need extended. The max a business can receive is 2.5 times their average monthly payroll (including all payroll expenses) from January 2019 through February 2020. So the most it will cover is 10 weeks of payroll, but considering businesses can also use it to cover rent/mortgage and their utilities, it will realistically only cover half that worth of payroll.
I'm thankful my bank is giving anyone who asked a 90 day deferment on principle and interest on any loan payments (personal or business) as well as permitting us to waive any fee a client claims is hardship do to the coronavirus (we don't have to ask for proof and we certainly aren't going to question anyone who asks). Plus we're suspending lease payments for any merchant service machine we provide to businesses. I mean I'm sure all banks (especially of our size) are doing this, but it's good that we're willingly doing what many are saying the government should start making us do.
That still doesn't solve all a businesses problems, but I think it will make some difference for many.
![[Image: Cz_eGI3UUAASnqC.jpg]](https://pbs.twimg.com/media/Cz_eGI3UUAASnqC.jpg)