Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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Has your friend tried applying for an SBA loan?
The legislation does not require landlords to forgive or defer rent, but the loan can be used for rent and utilities and then forgiven if the the employees are paid. The SBA loan does not forgive mortgage principal payments made with the loan but it does forgive the interest on those payments. So at the end of the SBA loan forgiveness period (6 months at the moment) he will be paying back the principle amount to the SBA at a rate that is probably lower than his mortgage rate. In effect he skips paying any interest and defers paying off the principle but at a lower rate then his mortgage. Seems like a good deal but, of course, but the devil is in the details so he really should check with a bank about getting the SBA loan. Paycheck Protection Program "The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of 1%. If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender." Quote:
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#32
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#33
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I had a friend who had a fitness center in upstate New York. It's a hard business to keep going. But I think the main purpose of these loans was to give businesses a way to retain employees and to insure that employees got a paycheck even if the business had no customers. |
#34
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Small Busines in Chili Cookoff
they helped a family run small business Crown Carts by strong arming the rotary club to kick them out of the Chili CookOff because they were showing golf carts!
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#35
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#36
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What do you know about what the family is or is not doing? They are not going to public with what they do or don't do. My goodness, do you enjoy living in TV or not? If not then please move. We do not need people like you here.
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#37
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The other side of the issue nobody wants to address is if sales start to slow down (pretty sure they have already) and it puts stress on the developer will any of these companies, that many seem to want the developer to help, provide them with any relief? Will they say you can hold off paying us for another month? Will they offer them a discount on their invoicing? Will they give the developer anything? Not very likely.
The developer is still building houses and paying their contractors (and keeping people employed). This is not a paid-when-paid business, the developer pays for the construction of each and every house and then must sell it to make their money back. Sitting on inventory, which will increase as sales are slowing due to this virus, costs them money, it costs them working capital, if they are using construction loans the interest is accumulating and will have to be paid. Their chance of recovery of any expenses or losses is close to zero. The commercial properties are no different, taxes and common utilities still have to be paid, the building have to be maintained (roofs, exterior cleaning, landscaping, etc.), all of which falls to the property owner not the tenants. If a water line breaks and a parking lot needs to be repaired or the roof starts to leak, who takes care of that? The property owner of course. How would the tenants react if the property owner said "I'm falling on hard times and need you to pay more rent"? The likely response would not be "sure, no problem" but more to the affect of "we have a contract", "not our responsibility/problem", or "you're hurting our business, we're going to sue". All parties are in this economic downturn together and need to work together to weather the storm. The perception that "they have all the money" lacks the reality that "they are taking most of the risk", to the tune of hundreds of millions. What The Villages (developer) is doing with their merchants and contractors is their business not ours, unless it's your money at risk you have no say and your opinions matter not. It's in the best interest of all parties that everything survives this mess, and they know it, more so than you or I. How many falsely perceive the wealthy
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Don Wiley GoldWingNut (a motorcycle enthusiast not a gilded fastener) Village of Hillsborough www.goldwingnut.com YouTube –YouTube.com/GoldWingnut and YouTube.com/GoldWingnutProductions Carpe diem quam minimum credula postero Society is produced by our wants, and government by wickedness; the former promotes our happiness positively by uniting our affections, the latter negatively by restraining our vices. - Thomas Paine, 1/10/1776 |
#38
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#39
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#40
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#41
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Nailed it !
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#42
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Are your roads still clean? Are the green spaces still mowed? Are plants still planted? Guess where your amenity fee goes. Surprise!
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#43
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#44
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#45
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Read post #15
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