Small business loan.

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Lucky

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As the owner of a small business I can tell you that just because a business seems to “never miss a beat” when looking from the outside things may not look the same from the other side of the glass. Most small business owners learn to stretch a dollar and make things work for themselves even during hard times. It’s big business that tends to go broke with a few months of bad sales. We made it through and kept all employees that would work, not sure how many got paid to sit home and wait on test results too. I hear all the time how our business was lucky and just trucked on through like nothing happened when the truth is the amount of sales we lost are more than most in this area will make in 10-15 years. We went for months with zero profit because of this deal
 

kenny thomas

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I know for a fact that this sawmill employs more than one person/has more than 1 job, but that is not what it shows.

Loan Size:
$1.31M
Jobs Retained:
1
Loan Approved:
2020-04-14
Loan Status:
Ongoing Loan
Lender:
Southside Bank

We do need tho, to look closer at the entries before passing too much judgement, by clicking on any questionable or 'curious about' entry.

In this case:

I know that during that period, the mill did shut down for awhile and only 1 employee was left.. security. From talking to some who work there, it's my understanding, that the company used the funds (partly/mostly) for what it was intended for. To continue to pay the laid off workers.
YRMV
The logging businesses got in trouble here for using it to pay laid off workers. But I suspect that they were drawing unemployment also.
 

callmefence

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Just because some abuse something doesn't mean everyone involved is bad. That's the same mentally as gun control because some misuse guns.
Again I think the government needs to not hand out anything, and not have any say in private business. Or require business to perform task like tax collector for free.
But I certainly am better with the money going to small business than than the people who don't work.
I wonder how many people get a tax break on their ag land.??? I know I save 10s of thousands on my ag tax exemption....... pretty good handout right there.
 

callmefence

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As the owner of a small business I can tell you that just because a business seems to “never miss a beat” when looking from the outside things may not look the same from the other side of the glass. Most small business owners learn to stretch a dollar and make things work for themselves even during hard times. It’s big business that tends to go broke with a few months of bad sales. We made it through and kept all employees that would work, not sure how many got paid to sit home and wait on test results too. I hear all the time how our business was lucky and just trucked on through like nothing happened when the truth is the amount of sales we lost are more than most in this area will make in 10-15 years. We went for months with zero profit because of this deal
Our biggest issue was material availability and still is. I've got three jobs complete that I can't bill for because I'm waiting on gates. And have been for three weeks. We just hang cattle panels and go-to the next. When my gates arrive we have to take the time to go back and hang them which cost money.
I've started buying much bigger quantity at one time of all normal stuff. Which means I have more money tied up in inventory.
 

Ky hills

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I have been in the position of owning a small business that did not survive the competition from big box stores long ago so I understand what it’s like to not be able to keep the doors open when the money isn’t there. When the governments ordered the shutdowns and restrictions no doubt that crippled many businesses. In that respect I am ok with those businesses receiving funds to compensate for the loss of income that was completely out of their control. I feel like on a personal level we were left hanging. We never missed out any work on the farm but cattle prices did drop for a while which as usual hit when we needed to sell. My wife was working at the time and was able to draw unemployment, however a glitch in the state’s system caused her to be kicked off back in June or July and she along with 100,000 + could not even get through to the state office to continue, they even set up another line but many including her still could not get through. We also started a business during this time to try to add some income and value to our property, but that would not have qualified either because it is a business started after the pandemic hit. What frustrates me is that some businesses and individuals have likely received large amounts of money both for their business and farms, while others did not receive anything. The way I read it i don’t see how farmers could be eligible, even though I think we are as deserving as anyone else and have been had many times over by the big corporations that control the cattle industry and buy off the politicians so that they have direct unwavering support from the government to continue to manipulate the cattle business all the way along the chain.
 

callmefence

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I have been in the position of owning a small business that did not survive the competition from big box stores long ago so I understand what it’s like to not be able to keep the doors open when the money isn’t there. When the governments ordered the shutdowns and restrictions no doubt that crippled many businesses. In that respect I am ok with those businesses receiving funds to compensate for the loss of income that was completely out of their control. I feel like on a personal level we were left hanging. We never missed out any work on the farm but cattle prices did drop for a while which as usual hit when we needed to sell. My wife was working at the time and was able to draw unemployment, however a glitch in the state’s system caused her to be kicked off back in June or July and she along with 100,000 + could not even get through to the state office to continue, they even set up another line but many including her still could not get through. We also started a business during this time to try to add some income and value to our property, but that would not have qualified either because it is a business started after the pandemic hit. What frustrates me is that some businesses and individuals have likely received large amounts of money both for their business and farms, while others did not receive anything. The way I read it i don’t see how farmers could be eligible, even though I think we are as deserving as anyone else and have been had many times over by the big corporations that control the cattle industry and buy off the politicians so that they have direct unwavering support from the government to continue to manipulate the cattle business all the way along the chain.
Farmers where eligible. I see several of locals I know personal that received money it's listed as cattle/ livestock production. Some received two. One on their ranching and one on their other business.
 

Ky hills

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Farmers where eligible. I see several of locals I know personal that received money it's listed as cattle/ livestock production. Some received two. One on their ranching and one on their other business.
Yes, I was commenting as to how I understood it at first. I couldn’t see how many could justify it in those terms. Several from here received two as well.
 

callmefence

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Yes, I was commenting as to how I understood it at first. I couldn’t see how many could justify it in those terms. Several from here received two as well.
Gotcha. Sorry I missed that.
Going by the rules, if you have two business, it's justified. The loan is to the business. I have my cattle and hay as a separate business from the fence company. The fence company writes me a paycheck. The one from the cattle outfit usually bounces....lol
 

jltrent

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I think one thing people are missing are these PPP loans are suppose to be spend a certain way or they are to be repaid. They are not to vacation on and waste for personal use. I wonder how closely they will monitor these?
 

Lucky

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Our biggest issue was material availability and still is. I've got three jobs complete that I can't bill for because I'm waiting on gates. And have been for three weeks. We just hang cattle panels and go-to the next. When my gates arrive we have to take the time to go back and hang them which cost money.
I've started buying much bigger quantity at one time of all normal stuff. Which means I have more money tied up in inventory.
I know several contractors in the same situation and I think this is something people looking from the outside don’t understand. We are having to close early and had to shut a main part of the business down completely because we can’t find enough help.

We were talking this morning about raising everyones pay and upping our starting hourly rate. That coupled with the loss in sales will definitely hurt. We can raise prices some to cover the pay raises but that will hurt business also. If things don’t change within the next year allot of places will go under. It’s a shame, the demand for the product is there but finding help is next to impossible.
 

callmefence

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I know several contractors in the same situation and I think this is something people looking from the outside don’t understand. We are having to close early and had to shut a main part of the business down completely because we can’t find enough help.

We were talking this morning about raising everyones pay and upping our starting hourly rate. That coupled with the loss in sales will definitely hurt. We can raise prices some to cover the pay raises but that will hurt business also. If things don’t change within the next year allot of places will go under. It’s a shame, the demand for the product is there but finding help is next to impossible.
Minds think alike.
I've raised prices once 39 percent on materials. I've raised the labor 10 percent and I've started figuring in a 8 percent sales commission.
I sold two jobs yesterday and one this morning over the phone.
I meet with my son/partner we've decided everyone is fixing to get paid alot more for their time. Me ,him , my wife and the three hands we can count on to show up. People are willing to pay right now just for someone who shows up and does what they say. And without a bunch of hands if we price our self out of some work and have some slack time. No big deal to keep a couple guys busy cleaning the shop and doing odd and ends...... maybe a silver lining.
 

Ky hills

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Gotcha. Sorry I missed that.
Going by the rules, if you have two business, it's justified. The loan is to the business. I have my cattle and hay as a separate business from the fence company. The fence company writes me a paycheck. The one from the cattle outfit usually bounces....lol
No problem, it’s often hard to articulate how to word contexts of statements with a keyboard, or at least it is for me being as how I got one of those public high school educations. lol
 
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504RP

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Farmers where eligible. I see several of locals I know personal that received money it's listed as cattle/ livestock production. Some received two. One on their ranching and one on their other business.
Farmers were eligible during the last week that there was some money left. The bank told me when they first started giving money out sometime around the first of April through the ppp that farmers were not included. But toward the end of April people applying for the money had slowed way down and they had money left. So the government decided to extend the dead line from the last day of April to May 31st and allow farmers to apply also. But money ran out on May the 4th. That's what the bank told me on May the 7th.
 

callmefence

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Farmers were eligible during the last week that there was some money left. The bank told me when they first started giving money out sometime around the first of April through the ppp that farmers were not included. But toward the end of April people applying for the money had slowed way down and they had money left. So the government decided to extend the dead line from the last day of April to May 31st and allow farmers to apply also. But money ran out on May the 4th. That's what the bank told me on May the 7th.
Your bank doesn't know what their talking about.
 

jltrent

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Seen several churches listed and some got some pretty sizable loan money. I guess they are a business too. Many deserving businesses and I don't see a lot of them listed that I am familiar with..
 
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Ky hills

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Seen several churches listed and some got some pretty sizable loan money. I guess they are a business too. Many deserving businesses and I don't see a lot of them listed that I am familiar with..
I saw several area churches here listed too. They were likely included if they have to make a payroll too, Some of the larger ones have several on staff and most small ones pay the preacher. Without in person attendance tithes and offerings were probably down considerably as folks may have not sent them by mail.
 

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