No SBA Loan Thread on here?
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Maybe they are all on dental town, but you and I both know that 90% of whatever is said their is generally salt from the same cast of characters lol. Looking at the schedule for the government’s issuing of checks for individuals (separate topic) they are expecting to extend that out into September, so what are the odds of getting that 10k advance within the 3 days? Seems more likely to be much longer, even though from what I understand it is first come first serve until the funds dry up
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I applied for the EIDL on Monday right as the new application portal opened. Been crickets since. Knew their was no chance they were going to send out any money within 3 days.
My 3 days was 3 days ago 🤣
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SBA 3 days is 3 days after the SBA reviews your application. It might take the SBA 3 to 4 weeks to review your application.
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I'll take any free money, don't need the loans nor do I want them unless I can use them for expansionary/investment capital purposes.
I really don't believe the government and their forgiveness, so I'm treading carefully and making sure it doesn't influence my business operations (i.e I'm not looking to hire everyone full time just for the sake of forgiveness unless I have the patient capacity to justify hiring that many people again). I'd also look at the ever changing fine print on these loans/loan forgiveness/grants to see if it's gonna cost me more in the long run.
I really don't believe the government and their forgiveness, so I'm treading carefully and making sure it doesn't influence my business operations (i.e I'm not looking to hire everyone full time just for the sake of forgiveness unless I have the patient capacity to justify hiring that many people again). I'd also look at the ever changing fine print on these loans/loan forgiveness/grants to see if it's gonna cost me more in the long run.
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On a similar tone .... what are you practice owners doing about your office rent? Anyone contacting the owners (landlords) regarding temp rent forebearance? My lessee for my commercial property has already asked for something to be done for the next 3 months. It's complicated since I am also on the hook for the real estate loan.
I continue to pay rents for all my offices. The GP, whom I share the office space with, told me that he would waive the rent payment for this month. He’s a good friend and also my wife’s former dental classmate. He owns the building and he has kept the rent rate the same ever since I moved in. I told him I couldn’t accept his generous offer and wrote him a rent check for this month. I am not the only person who suffers. This GP friend of mine has to close 2 of his offices as well. It’s no big deal because I can write off my rent payments as business expenses. Higher expenses and lower gross (due to the COVID19 shutdown) = lower net = pay less taxes.
A few weeks ago, one of my tenants told me that she got furloughed but she didn’t ask for the rent to be waived or reduced. She has been a tenant for 6 years. She usually sent her payments before the 10th of the month. Today is April 6th and I haven’t yet received her payment.
Most landlords are giving a few months of free rent, but you gotta ask for it. That's the case for my office that is a professional building. My other office is in a building that I own, but still have a mortgage to pay. That practice is continuing to pay rent, but my bank allowed the RE LLC to defer mortgage payment. My practice corps have a few 100K in cash reserved, but my RE LLCs don't, hence my strategy.
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