So who's gotten furloughed?

Furloughed starting Monday. I work for an automotive tier 1. Already in trouble with the wife for watching too many racing documentaries.

 

Thank you

 

My last paycheck bounced... Oil and gas company

 

Ouch. Hope it’s resolved quickly, but you may want to familiarize yourself with yours states wage and hours regulations.

 

Been there done that but I would have to hire a lawyer and spend years in court

 

My entire company is now part time, if you can bill your time against a job you get paid otherwise it's paid time off or unpaid leave.

I work for a high end residential general contractor in New York City, who knows when anyone will be working in this industry again

 

If you are interested in contributing to the cause, keep your eyes and ears peeled for companies that are re-tooling to support the out of stock medical PPE supply. They are most likely needing additional staff. We hired an additional 8 employees for the duration of this contract we were awarded.

 

We will be starting on a run of 1 million of the clear face shields next week.

 

Good for you!!

what company are you with?

is medical PPE a regular product of your company?

are you hiring extra workers?

good news!!!!!

 

No, we don't normally produce medical products, but these aren't usual time. We'll be die putting them out, them other divisions will be adding the Velcro and whatever else.

 

Chad, not sure what your traditional manufacturing product lines are, but if this is an entirely new arena, might be worth pulling the DHHS letter on product liability immunity to keep on file. They’re providing them pretty generously for emergency manufacturing products. Depending on what all you’re looking at producing, the FDA is fast tracking a number of EUA letters as well.

 

Still employed here but pay and hours cut 20%. Alot of our plants have been shut down though.

 

My daughter is down to 8 hours a week at her hotel job. It will pay for her health insurance premiums and should cover her fuel costs to get to work. Her Unemployment/Underemployment insurance claim is pending, along with several thousand others here in NC.
My son has been working for AmeriCorps (it’s like the Peace Corps, but for the continental US), but that will end in June. I have no idea if he will be eligible for anything at that point.

 

My employment decision in January blew up in my face. I actually have a job lined up that kind of fell in my lap but that’s obviously in limbo. If I don’t cut back spending I’m ok until Oct then I can dig into reserves if needed so not too worried but makes for an uneasy feeling. I’m enjoying the time with my kids - for the most part. They are going a bit nuts as I have outdoors type kids and not sit and play Xbox type. There’s only so much they can do outside with mom and dad. I can only throw about 30-40 baseballs back and forth to my son before my shoulder gets far too painful. My surgery is pushed out to who knows when and they now have to go back in and take new samples of my crap in my shoulder, re-grow it so they can laser, hook/ screw it in. Kind of used to the pain now and glad I don’t take pain killers because I’d be surely at least physically addicted by now.
Hopefully hit the lake today for some fishing with the boy (and maybe family but we shall see about the wimmins of the household). May try to covert op it and borrow my buddies new ranger with a 300 merc out back if the boy doesn’t want to come. No 80+ on a bass boat with him in it, over 100 in a 42’ v bottom is ok but not in a bass boat, they are too sketchy at that speed for my liking.

 

Yes, online. Inspections are sketchy. they are still working those out.

 

We furloughed about 220 of our 300 employees (apparel decorator).

The PPP (I'm somewhat of an expert at this point) is going to be interesting as the forgiveness piece is based on the eight weeks of pay after receiving the loan (and many places, like us, aren't sure when they're going to reopen).

 

Hence it'll be extended just like all these stay-at-home orders are being extended.

@Phl218 says the Germans have a word for it... salamitaktik ... which besides being great fun to say, applies to this situation quite well. (fascinating that autocorrect wanted to change it to calamitous...)

 

A few things on the PPP that I learned yesterday:
- Not all banks that deal with SBA loans are participating in this. Check with your lender.
- Although the govt has the system up and running, not all banks have THEIR systems prepared to process the loans
- you can apply for 2.5x your monthly payroll costs. You should use your 2019 total payroll costs to come up with an average monthly amount. If your business is new, use the amount from Jan1-Feb29. 1099 employees costs can NOT be factored in to the costs or payroll expenses where you use the funds. You need to track how you allocate the loan in the 8 weeks following receipt. You can use the funds for payroll, rent, utilities, and interest on mortgage payments, however, for complete forgiveness, no more than 25% can be used for non-payroll expenses
- beware of scams. No fees can be charged for assistance with completeing the application process or finding a lender.
- Sole proprietors, self-employed and gig workers should be able to apply next week. For these classes, you can not collect unemployment and get PPP funding. You should compare both to determine which path is best. Typically, unemployment benefits are taxable, but PPP funding that is forgiven is not taxable.

if you got an EIDL Grant, you can not use EIDL funds and PPP funds for the same purposes.

For those with existing 7(a) SBA loans, principle and interest should be automatically forgiven for the next 6 months. Check with your lender to confirm.

 

Good info! For clarity, I know nothing about the program(s), just cross posted it on behalf of @Montoya to hit maximum eyeballs.

 

Keep in mind that your comp calculations are looking at the total comp (pay + benefits) up to a max of $100k/person. This is then capped at the lesser of 2.5 months of pay OR $10m.