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04-03-2020, 10:35 AM #1
- Join Date
- Oct 2016
- Posts
- 4,318
Whether it takes 3 weeks or 3 months, how many companies will be able to hold on to employees after missing weeks and weeks of payroll?
Also, while this could help with payroll, it’s not going to do much good when the business collapses due to lack of operating capital.
We are in a massive depression.
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04-03-2020, 11:20 AM #2
- Join Date
- Aug 2016
- Posts
- 486
I will give Bank of america a call and see what they say I have available to me. I have been a customer with them since the 90's when they were called NationsBank.
Also, I am not sure I should even take any money. This could be like putting air in a tire with a slow leak in it. Just because a business is open, doesn't mean it will be profitable. My business is along the lines of luxury goods. I am not sure how many people will be wanting to splurge on luxury goods once the economy is back "open".
It is depressing to even think about having to close my 4000 square foot facility and having to disassembly and clear out everything and put it all in a warehouse. But I think I could come out better in the long run if I do.. This could be a setup for a major win for me in the future.
I have been paying a retail commercial lease for 14 years. Perhaps if I do close, then decide to reopen in 6 months to a year from now, I buy a commercial property instead of lease it. With the downtown of the economy I might be able to find a really good deal on a commercial property to buy! #Winning!
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04-03-2020, 11:45 AM #3
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- Oct 2016
- Posts
- 4,318
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04-03-2020, 12:17 PM #4
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
A good stategy as long as you have the 20% to 30% as a down payment.
**A nugget of information that you may keep in mind:
The SBA will also automatically pay the principal, interest,and fees of new 7(a) loans issued prior to September 27, 2020.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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