So who's gotten furloughed?

Had a Mpls fire inspector do a walk-thru with me on Wednesday. So far, other than the huffing and puffing badge polishing porker stopping on every landing to catch his breath through the stretched to its limit elastic band holding his mask on, business as usual in construction.

 

Got knocked down to 20% pay and only working 8 hrs per week. Between the 20%, unemployment, plus the $600/wk kicker, I’m pretty much whole.

 

The electric utility I work for has gone to a split shift, so this week I worked from home. Pretty much means I got paid to rake my lawn and clean up the yard, while carrying my work phone. When I'm at work, we aren't doing any capitol projects, just working in the shop and responding to trouble calls. The boss is doing just about everything in his power to keep us safe and available to work. When this is over we'll be buried with a backlog of projects, as we were supposed to go to 50 hr this spring. I'm well aware that not a lot of people are this fortunate, and I'm thankful to be where I'm at. Once we're clear of this I'm going to piss through some money and double my tips.

 

Got a companywide email saying that we have two months of full pay, and no layoffs. After that its unknown at this point.

I work from home most of the time, and we have been as busy as ever.

 

I'm in maintenance and this job came via another branch of the company, so basically, I'll let those that are supposed to manage, worry about it.

 

It's wide open throttle at my job with data installation. I've been inside 150+ residential and commercial properties for the past 3-4 weeks setting up data service so people can keep up with work and school. Its
not if I catch the covid19 it's when I catch it now. Smmfh.
Oh and no hazard pay.

 

Your hazard pay is you get to keep your job.

 

We’re pretty crazy here, outpatient services grounding to a halt but staff are being reapportioned to other needs or working at from home. Capital projects have been suspended, major operational project are flying. I’ve got three mechanical contractors busy here. Hired three temp FTE dispatcher staff for our central Service Responce Center this week. If they work like they interviewed will transition them from the service in six months. Two different sister hospitals are looking for electricians.

It’s been hard getting good people for interviews, I know lots of great workers are going to be hurting so that’s going to change.

 

I guess I should have pointed out that I'm having to take care of my parents during this. 78 yr old mom with breast cancer, recent chemotherapy treatments, and my 84 yr old dad that has copd, so neither one of them would make it if they catch the virus.

I have to wipe down all their groceries/house supplies and leave them at their side door when I drop by now. It has me worried that I'm gonna be the reason they catch it and possible die from it.

¯\_(ツ)_/¯

 

The $100K limit (to mine and my company’s/lawyer’s reading of the bill) applies only to cash comp. I.e., medical and retirement benefits are calculated separately per employee.

 

I just reread the verbiage and there are 2 different terms that come into play - payroll costs and salary.
https://www.sba.gov/sites/default/files/2020-04/PPP--IFRN FINAL_0.pdf
The 2.5x value is of payroll costs which includes salary plus costs for all benefits. Salary amounts, not payroll costs, in excess of 100k should have the prorated account removed from payroll costs.
So, if an employee makes 150k/yr, $10,416.68 would be reduced from your 2.5x payroll calculation (assuming you’re going for the full 2.5x amount). $150,000 - $100,000 = $50,000/12=$4166.67/mo. $4166.67x2.5=$10,416.68.

 

Uhh, you've got an extra "1" in front of the "/12" piece which I don't think you want (the $150K I bolded should be $50K).

Also, I specifically used "cash comp" and not "salary" as the bill allows for the forgiveness of commissions, tips, etc.

 

In under the wire and fixed.

Forgiveness appears to based on total payroll costs (salary, tips, commission, benefits, etc) and not just salaries.

 

If you use the $_ to continue to pay the employees for 8 weeks (you get 10 weeks of $_) then it's forgiven. Doesn't matter if they are at home getting paid.

Worst case you get 2 weeks of payroll to help cover other expenses.

 

If you are a small business with an sba mortgage, they are paying your note for 6 months...
Not deferred, paying your note.

 

Or what Willis said

 

My company applied for the Payroll Protection Plan. Hopefully that will work out. It's aviation, so we're considered essential for now. And we can always find something productive to do even if the workload gets anemic.

I'm taking a couple weeks off anyway for the family's peace of mind and to help with my kid's education.

Luckily, maybe, I had to cash in some 401K to pay off some bills right at the S&P 500's highest point. I did not spend it when I saw what was going down, so I have a little buffer. Let's hope it lasts awhile.

 

Nope. It applies to benefits, as well. At least according to the VP of the US Chamber of Commerce based on his discussions with Mnuchin.

 

I never thought about it but my wife is worried she may not be able to get unemployment because she's a partner with me in the shop, LLC. She was poking around on the NYS Dept. of Labor site earlier and found that officers / shareholders in a corporation can't collect. Told her we're not a corp. but I don't know at this point. She doesn't draw a paycheck from the business, just does the books, sales tax quarterlies etc. and works full time elsewhere. NYS unemployment site is beyond swamped so no way to find out right now.

 

So, say I own a small company that makes a specialty item that has a small customer base. Manufacturing that item requires many parts specifically manufactured for my company and all of those manufacturers are shut down. I have no idea how long we'll all be shut down and no idea how many of the manufacturers I rely on will not reopen. My supply chain is mostly one big unknown. Now, if I take out a loan, I have to pay all my employees and myself for an unknown period of time to produce nothing with no guarantee that I'll be able to get the company running again after the shutdown ends. And even if I get it running I have no idea if there will be a market for my product. On top of all that, my employees will (when the government gets around to it) be collecting more while unemployed than I can pay them so it's a good bet most of them will not return and will instead ride out that unemployment until they can't collect anymore.

Using history as a guide and in light of our willingness to spend, because it's an emergency, I can see those payments stretching out for years. Once started they will not be able to stop since they would be suddenly depriving a huge number of people of a paycheck.
And even if all of my employees returned and all of my vendors were back in business, I have no working capital to pay for the materials I need to start producing the product and it doesn't look like the loans can be used for that. So, unless everything goes right, which I would not bet on, I stand to lose big time.

I would probably cut my losses and sell off what I could and then wait until the economy improves and then maybe consider taking another shot at it. Taking out loans that may or may not have to be paid back would make me very nervous under the current circumstances.