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I've gotten 2 small grants and a SBA loan.   I have one year to start paying on the loan and show what it was spent on, maybe not pay all of it back.  Not at all sure if that will be the case.

One of the state grants, which was $2k, I didn't even fill out an application.  

All this money floating around.   I can't see where we won't have increased inflation.

 

 


 

Edited by DirtRoads
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My boss got an SBA loan just to keep us all with medical insurance.  20 employees, 686 dollars a month per employee, 3 months, that's 41,000 just in insurance premiums.  Oof.  We also have leased equipment and software licenses to the tune of 15,000 a month, so almost 100,000 just in maintaining the bare minimum.  Insane.  They have 5 years to pay it off, I think this was the second round of SBA loans wirh much better terms 

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I avoid loans of any kind. I really have not needed them. I have business friends who have gotten some of the cheap (and really free money out there now ) loans.I have not had a loan in a few decades.I started with not much money 47 years ago and have  tried to keep it all within my circle of income. Ya I had a mortgage -paid off in 1993. I took out a 10k equity loan for 18 months againest my house in 2002 for my 2nd boat purchase -I no longer carry that line of home credit(long story but I gave my neighbor over 100 square feet (we did a line adjustment with the county from being harmed by anothers survey line) when I had that line of credit and Wells Fargo made me pay 300$ for them to approve  since they where on the note. I let it expire and never looked back.I have always hated loans.

I know a few who got the PPP loans and only used the free money part and paid the non free part back .I like the keep expenses low for potters as you never know whats coming.Now that money is no longer what it used to be I still like living within your my means. I like to put away money and have done a good job of that in my life.I own all my stuff outright and have most of my life. Its paid off in spades.

 

 

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I thankfully did not need loans to get through our 11 week shutdown, however I did qualify for unemployment, which paid my bills at my shop and put a small amount in my pocket. I don't have any employees, so I would have had to pay back a PPP loan. Last year was a good year so I had enough cash on hand to get through the shutdown before unemployment finally came through.

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Posted (edited)

I did get a SBA loan.  3X more than the requested amount.  No payment due until next July.    30 year term 3% interest.   They are just handing out this money way way too easily.   I would be 94 years old if I paid that loan on term.  That is plain crazy.    I paid off an open note line of credit I used on my last building ,  I had planned on paying that building off in 3 years, with the first year paid.   The early pay off saved me $7200 in interest.    I still have 1/3 of the loan which I'm using to stock for 4th quarter, no budgeting.  I may pay it off next July.

I'm not adverse to debt as long as the business can pay it off.  I have kept growing this business.  Adding buildings, sheds, kilns, candles, jewelry, etc.  but this turn of events has led me to think of not growing any more.  Even down sizing a bit. 

 

Edited by DirtRoads
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