1. #106
    zam77
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    Quote Originally Posted by milwaukee mike View Post
    hang in there zammer

    odds of my cpa business surviving are around 0% but i was selling anyway... poor timing of course like most things in my life
    Thank milky... sorry to hear about your firm, i'm sure you'll figure out best way to make something out of nothing. If I had to guess you are probably financially better off than 90% here.

  2. #107
    zam77
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    Quote Originally Posted by lonegambler23 View Post
    zammer perfect time to become A pro bettor once sports resumes
    Last time I thought I could do that, which was'nt really my goal... more careless addiction, I learned my lesson the hard way and lost way more money than I'm comfortable talking about. All for fun now, will never expect gambling to make me money again... EVER

  3. #108
    milwaukee mike
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    Quote Originally Posted by zam77 View Post
    Thank milky... sorry to hear about your firm, i'm sure you'll figure out best way to make something out of nothing. If I had to guess you are probably financially better off than 90% here.
    yeah i'm ok other than i had way too much in some almost bankrupt hotels and amc theater bonds... buried on that stuff but we can live pretty cheaply, probably have enough saved for the rest of our lives (assuming we don't go venezuela/hyper inflation at some point).

    business went from being worth 250 to probably being worth about 100, as you know a lot of people are hurting a lot worse so we can't complain too loudly?

    one of my clients is a corporate catering business, hope both of you survive and come out ok for you and the employees


  4. #109
    goduke
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    Quote Originally Posted by milwaukee mike View Post
    yeah i'm ok other than i had way too much in some almost bankrupt hotels and amc theater bonds... buried on that stuff but we can live pretty cheaply, probably have enough saved for the rest of our lives (assuming we don't go venezuela/hyper inflation at some point).

    business went from being worth 250 to probably being worth about 100, as you know a lot of people are hurting a lot worse so we can't complain too loudly?

    one of my clients is a corporate catering business, hope both of you survive and come out ok for you and the employees

    Taxes and audits still need to be done. Obviously there’s an extension for both but I wouldn’t think your cpa business took that large of a hit.

  5. #110
    milwaukee mike
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    Quote Originally Posted by goduke View Post
    Taxes and audits still need to be done. Obviously there’s an extension for both but I wouldn’t think your cpa business took that large of a hit.
    yes there are still individual taxes to be done, but nobody wants to buy that stuff... the saleable portion of a cpa firm are the business clients, unfortunately 2 of my 3 largest clients are probably disappearing

    i don't do any audits, just compilations (lowest level) and tax work

  6. #111
    pilebuck13
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    Where are you located perfect time to launder some cash

  7. #112
    zam77
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    Welp... looks like my business interruption insurance seems to be useless. Just got off phone with adjustor saying my claim is denied.. $0 coverage. What a mess this is becoming. Only going to get worse. Lawsuits that will last for years I’m sure if I ever see a cent from them. They literally just withdrew $580 from my account today to pay my monthly premium...lol. Have paid well into 6 figures for commercial insurance in my 18 years in business

  8. #113
    zam77
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    Food service industry is over. Why would anyone want to start a new food service business ever again after this? You’d be a fukin idiot to invest one cent into it.

  9. #114
    RudyRuetigger
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    i cant read 113 posts zammer

    did you get any money from ppp or eidl

    can i get a summary on this thread?

  10. #115
    milwaukee mike
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    Quote Originally Posted by zam77 View Post
    Food service industry is over. Why would anyone want to start a new food service business ever again after this? You’d be a fukin idiot to invest one cent into it.
    yeah sorry to hear... as you know it's a pretty tough business even when times are good

    same with other retail/hotels... when my biggest clients aren't even paying their rent they sure as heck can't afford their employees, accountants, or anyone else

  11. #116
    RudyRuetigger
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    Quote Originally Posted by zam77 View Post
    Welp... looks like my business interruption insurance seems to be useless. Just got off phone with adjustor saying my claim is denied.. $0 coverage. What a mess this is becoming. Only going to get worse. Lawsuits that will last for years I’m sure if I ever see a cent from them. They literally just withdrew $580 from my account today to pay my monthly premium...lol. Have paid well into 6 figures for commercial insurance in my 18 years in business
    okay, i read the last page

    bro i have paid half a million dollars in insurance without getting anything from it

  12. #117
    zam77
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    Commercial insurance raping business... right in the ass.

  13. #118
    milwaukee mike
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    times like this prove that insurance money is only supposed to go in 1 direction

    i'm right there with rudy... 20k/year in health insurance, and another 10k or so in business insurance/errors and omissions... add in all the homeowners/car insurance... never got shit out of any of it

  14. #119
    msutter
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    Quote Originally Posted by zam77 View Post
    Welp... looks like my business interruption insurance seems to be useless. Just got off phone with adjustor saying my claim is denied.. $0 coverage. What a mess this is becoming. Only going to get worse. Lawsuits that will last for years I’m sure if I ever see a cent from them. They literally just withdrew $580 from my account today to pay my monthly premium...lol. Have paid well into 6 figures for commercial insurance in my 18 years in business
    Definitely take those fuks to court. This is the type of shit that business interruption insurance is designed for. They just can't afford to pay everyone or they'd likely go bankrupt themselves

  15. #120
    milwaukee mike
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    Quote Originally Posted by msutter View Post
    Definitely take those fuks to court. This is the type of shit that business interruption insurance is designed for. They just can't afford to pay everyone or they'd likely go bankrupt themselves
    a lot of insurance companies are being sued right now over business interruption insurance

    zammer what does your policy say about viruses or pandemics? if they aren't mentioned that's still better than excluding them

  16. #121
    zam77
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    Quote Originally Posted by milwaukee mike View Post
    a lot of insurance companies are being sued right now over business interruption insurance

    zammer what does your policy say about viruses or pandemics? if they aren't mentioned that's still better than excluding them
    I just got the letter from my insurance company outlining why they declined the claim today... about 20 pages long. Perused through it for 5 minutes and realized right away that I will undoubtedly need to get my attorney involved in the process if I want to get any compensation out of them. Whatever, at the moment, I'm just putting it on the back burner until all the dust settles in this arena a bit more. The way I see there simply isn't going to be any answers or accountability for a while so I don't need to start spending money on legal fees until I'm comfortable the results will be to my benefit.

    I foresee class actions will be an option for many in the food industry at some point... like I said, for now just going to wait for the dust to settle.

  17. #122
    RudyRuetigger
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    I have to pay a terrorism insurance fee

    Insurances always just fukkin screw you

  18. #123
    zam77
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    As for business... a major client of mine who spends about 2k a week on a standing order with us is resuming business this Wednesday.... HUGE. Also got an order coming up on May 7th to provide 800 boxed lunches for nurses at big hospital in my area. Never done that many boxed lunches before... hahahaha going to be a bitch but not so bad without too much else going on right now. Doing them at $7.50 a box so a 6k ticket... can't complain about that!

    Also, as for the SBA loans, all that money has been deposited already into my account. The more I think about the more I can't believe how much money they are dishing out. I now have an additional $160,000 cushion to get me through this. $30k of which will be forgiven and another $130k that's a 30 year loan at 3.75%. It's actually unbelievable how easy it was for me to get this money to be honest.

  19. #124
    zam77
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    Quote Originally Posted by RudyRuetigger View Post
    I have to pay a terrorism insurance fee

    Insurances always just fukkin screw you
    Yeah after 9/11 they started adding that as an option to policies. I have it too, but I think it's optional... Idk, but shit now that you mention, the Chinese virus could be considered an act of bio-terrorism so if you have that insurance well?

  20. #125
    RudyRuetigger
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    weird, for some reason i thought you were desserts or a bakery

    3.75% is pretty amazing and id prefer to go that route in general

    how or why did you get 160k though but only 30k needs repaid?

  21. #126
    zam77
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    If businesses that have been forced to closed through this are on top of there shit, no reason they can't get through this. Plenty are idiots. It's really amazing how some people think they can own a business but have no sense of their doing. A lot of those types will be gone for good.

  22. #127
    zam77
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    Quote Originally Posted by RudyRuetigger View Post
    weird, for some reason i thought you were desserts or a bakery

    3.75% is pretty amazing and id prefer to go that route in general

    how or why did you get 160k though but only 30k needs repaid?
    The 30k is the PPP loan by itself... basically the one that all small businesses are trying to get because if you use it for payroll, rent and utilities it will be forgiven. So I got that one separate from the 130K loan which I applied for directly through SBA as a disaster relief loan. I mean it's still part of the money that fed put into the CARES act but it's more of a traditional loan through SBA that has to be paid back.

    The thing that's crazy is how easy it was to get... Normally for a business of my size to try and get a loan through SBA for this amount would require a lot more information than what the EIDL loan required... A lot more.

    And no... full blown caterer. Do everything but just in corporate realm... no weddings and not too much weekend large event type shit.

  23. #128
    RudyRuetigger
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    Quote Originally Posted by zam77 View Post
    The 30k is the PPP loan by itself... basically the one that all small businesses are trying to get because if you use it for payroll, rent and utilities it will be forgiven. So I got that one separate from the 130K loan which I applied for directly through SBA as a disaster relief loan. I mean it's still part of the money that fed put into the CARES act but it's more of a traditional loan through SBA that has to be paid back.

    The thing that's crazy is how easy it was to get... Normally for a business of my size to try and get a loan through SBA for this amount would require a lot more information than what the EIDL loan required... A lot more.

    And no... full blown caterer. Do everything but just in corporate realm... no weddings and not too much weekend large event type shit.
    is that loan guaranteed to be 3.75%?

    i pay a 3.75% business loan because i guarantee to keep that much money in my personal savings (local bank)...but i get no fukkin interest on my savings account there

  24. #129
    zam77
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    It's guaranteed 3.75% for life of the loan... and I don't have to start paying it back for 24 months... and it's 30 years. My payment will by $641/month once I start to pay on it. Taking it was obviously a no brainer.

  25. #130
    RudyRuetigger
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    Quote Originally Posted by zam77 View Post
    It's guaranteed 3.75% for life of the loan... and I don't have to start paying it back for 24 months... and it's 30 years. My payment will by $641/month once I start to pay on it. Taking it was obviously a no brainer.
    your loan is guaranteed 3.75%....i meant in general for everyone is the sba loan 3.75%?

  26. #131
    zam77
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    Quote Originally Posted by RudyRuetigger View Post
    your loan is guaranteed 3.75%....i meant in general for everyone is the sba loan 3.75%?
    Yes, or lower if you're a non-profit. Actually mistaken, I have 12 months til payments start

    2. The EIDL loans offer up to $2 million for working capital needs such as fixed debt and payroll. You apply for the EIDL loan on the SBA website www.sba.gov/disaster. The interest rate is 3.75% for businesses and 2.75% for nonprofits with a 30-year term possible. There is an automatic one-year deferment on repayment so the first payment is not due for a full year, although interest begins to accrue at time of disbursement.

  27. #132
    RudyRuetigger
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    Oh I did apply for EIDL but only 10k

    so I shouldve done whatever I want?

    fukk

  28. #133
    Foxx
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    Quote Originally Posted by zam77 View Post
    As for business... a major client of mine who spends about 2k a week on a standing order with us is resuming business this Wednesday.... HUGE. Also got an order coming up on May 7th to provide 800 boxed lunches for nurses at big hospital in my area. Never done that many boxed lunches before... hahahaha going to be a bitch but not so bad without too much else going on right now. Doing them at $7.50 a box so a 6k ticket... can't complain about that!
    Good to see the wheels are turning again Zam. Best of luck man.
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  29. #134
    zam77
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    Quote Originally Posted by RudyRuetigger View Post
    Oh I did apply for EIDL but only 10k

    so I shouldve done whatever I want?

    fukk
    have you heard back? I applied for 10k too, but when you go through the steps (which was all done through an email that took me to a portal where info needed to be entered) once you get into this portal it shows you the amount you're approved for and you choose to accept the amount you want... it starts at 10k and mine went up to $130k so I took the full amount.

    Did you get an email from them yet?

  30. #135
    RudyRuetigger
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    Quote Originally Posted by zam77 View Post
    have you heard back? I applied for 10k too, but when you go through the steps (which was all done through an email that took me to a portal where info needed to be entered) once you get into this portal it shows you the amount you're approved for and you choose to accept the amount you want... it starts at 10k and mine went up to $130k so I took the full amount.

    Did you get an email from them yet?
    what the fukk

    now im pissed off at most of my family

    i had my sister fill it out and said i want to see it all before you finish

    she says all of a sudden she clicked and it was finished, submitted

    thats all i fukkin know?

    what a goddamn joke

  31. #136
    zam77
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    Quote Originally Posted by RudyRuetigger View Post
    what the fukk

    now im pissed off at most of my family

    i had my sister fill it out and said i want to see it all before you finish

    she says all of a sudden she clicked and it was finished, submitted

    thats all i fukkin know?

    what a goddamn joke
    Rule 1... never trust a woman with anything money related.

    Maybe call them and see whats what
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  32. #137
    RudyRuetigger
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    Quote Originally Posted by zam77 View Post
    Rule 1... never trust a woman with anything money related.

    Maybe call them and see whats what
    yea ill have to

    thanks

    fukk

  33. #138
    BigdaddyQH
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    The major problem with ANY civil court appearance is finding an available court date. Thanks to COVID-19, Civil proceedures are pushed back at least a year, and will only get worse. This is an advantage for the Insurance Companies (gosh, there is a shocker) who will rake in the interest for this period of time. This is like a person accused of rape being allowed to continue to rape his victim while he awaits trial. You gentlemen are being screwed and are really powerless to do anything about it in the foreseeable future.

  34. #139
    zam77
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    There is protesting going down in suburb my biz is in. Hoping no looters show up take all my chicken and produce

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