Announcement

Collapse
No announcement yet.

Government Loans and Grants for Payroll Thread - MUST READ

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Government Loans and Grants for Payroll Thread - MUST READ

    Hauntworld community it's time for a reality check.

    Haunted House Vendors: There is only one solution at this point get loans. The government is offering you 8 weeks of payroll money if you keep your staff employed. Why wouldn't you? Build some product, create the stuff you know sells and skip the rest. Build up some inventory and be ready when haunted house owners start buying. Vendors you might also consider an SBA loan which would save your business, and maybe help grow it. The reality is however that haunts aren't going to be buying much this year. No virtual tradeshow, discounts, or late MHC show is going to change anything. Haunt owners have the luxury right now of sitting this buying season out. This virus hit our industry at a time that benefits the haunted house owner. Had the virus breakout happened 14 days later haunted house owners would have given vendors orders some with cash, checks and the situation would be flipped. But now haunt owners are the ones who benefit as most Renovation projects typically start after Transworld not before. I personally think sometime in April all this is going to calm down, people will go back to work, but even if the media switches topics from virus the new topic will be more bad news (unemployment). The unemployment is going to be a record high, some business on the brink prior to this situation will close forever. Millions are going to lose their jobs and the media will talk about that on top of an election and virus. Everyday this summer will bring more bad news scaring off haunt owners from buying anything.

    Furthermore you have a Presidential election coming up this year. There will be no PR for haunted houses this year zero! All the media will focus on is virus, economy and election. So what should vendors do? Should vendors expect any orders? Great questions! I'll answer the order question first, yes I think you will get some orders but they will trickle in here and there, and some orders might surprise you! With that being said to take those orders and complete them you will need cash, apply for government grants or loans. Keep in mind there are two things going on right now grants and loans. The grants are forgivable if you retain your workforce. The government will give you the money to pay your workers so take advantage of that and make some product be ready to ship when orders do come. Also consider a zero interest rate loan from the Government I mean what in the hell do you have to lose?



    Vendors there is only ONE solution right now GET LOANS GET GRANTS! Thinking there will be some miracle life raft sometime this summer is the wrong move.

    I commend Transworld for trying to find a new show date for MHC, but at the end of July its too little too late. I doubt most vendors have anything to bring and sell as they'll be hand to mouth between now and then, meaning get an order make it ship it... not many will have inventory to sell at a show. I hope the show helps as many vendors as possible but you can't wait around to see what anything in the future brings you need to act now! In fact if I was in your shoes I'd be looking at every possible way to save money, hunker down into your shop make product, take government assistance and sell as orders come in. If you take governement loans or assistance maybe you could built up some inventory, and if you havne't already sold it all by the new MHC grab a table and sell, sell and sell! You have to make this work for your company and your staff. You must find a way to grind this out and hope the haunted houses have decent seasons.

    We need all the vendors BACK in St Louis at Transworld 2021. We need ALL OF YOU TO RETURN this how we save your business and the industry at the same time. We can't take steps backwards, we need the Transworld show 2021 to be the biggest one ever! We need to save Transworld as well who've invested into this industry like no other company before or after. We can all achieve this by stopping everything you're currently doing and apply for government loans and grants.

    To my fellow haunted house owners... you really need to get a copy of my new DVD "How to Get Rich" because this DVD focuses on things you need to do to increase your business revenue. Oddly enough I made this DVD prior to this situation but now more than ever, everything discussed in the DVD needs to be applied and applied fast! Instead of expensive renovations you need to work on making your haunt easier to operate. You need to build more scarezones where one actor can double or triple up rooms. You need to figure out ways to go from 100 actors to 60 actors like it was 10 years ago. Haunt owners needs to figure out ways to cut expenses, marketing, and operation costs. Haunt owners you need to skip room renovations and instead built new revenue sources to take advantage of the customers who do come. Do you need a new scene or a 5 minute escape room? Do you need another bloody prop or a zombie paintball arena? You need to figure out every way to increase revenue this haunted house season this will save your business in the event attendance is down by a lot.

    Haunt owners should prepare for the worst but hope for the best. Haunt owners PR will not exist in 2020 due to the virus, economy and elections. It's time for you to get clever and once this virus passes jump on your social media and start promoting HIRING PEOPLE, talk about everything you're doing to make this Halloween more fun than ever before. You must be socially active. Lastly help your vendors when and how you can, don't be afraid to spend something, anything! We're all in this together, we need to be smart but we need to do our best to keep everyone in the game.

    Below find links to government programs which can SAVE YOUR BUSINESS and a link to our new How to DVD.


    STEP BY STEP CHECK LIST: CLICK HERE
    LOAN FACT SHEET: CLICK HERE
    CARES ACT INFO CLICK HERE
    Larry Kirchner
    President
    www.HalloweenProductions.com
    www.BlacklightAttractions.com
    www.HauntedHouseSupplies.com
    www.HauntedHouseMagazine.com

  • #2

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law last week and provides approximately $2 trillion worth of economic assistance to consumers and businesses.

    The CARES act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. The program is available to businesses with 500 or fewer employees to help with costs such as payroll, rent, utilities and healthcare. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

    The U.S. Department of the Treasury (https://home.treasury.gov/cares) just published the following information on its website regarding the application process for the Paycheck Protection Program:

    ASSISTANCE FOR SMALL BUSINESSES
    The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards (https://home.treasury.gov/policy-iss...all-businesses).
    • For a top-line overview of the program click HERE
    • If you’re a lender, more information can be found HERE
    • If you’re a borrower, more information can be found HERE
    • The application for borrowers can be found HERE

    If you plan to apply for this loan I would suggest you review the information on the U.S. Department of Treasury website and compile the information that will be necessary to complete the application.
    Larry Kirchner
    President
    www.HalloweenProductions.com
    www.BlacklightAttractions.com
    www.HauntedHouseSupplies.com
    www.HauntedHouseMagazine.com

    Comment


    • #3
      Paycheck Protection Program (PPP)
      Small Business Administration Loan Application
      Required Document Check List
      __________________________________________________ __
      While we wait for the SBA to provide us with further details on the PPP, please begin to gather the following information for your loan application:
      ➢ Payroll documents for 2019 and 2020 showing employee wages, paid time off, vacation, family medical leave, and state and local taxes. This should include payment of cash tip or equivalent.
      ➢ Proof of payment of allowances paid for dismissal or separation.
      ➢ Proof of payment of group health benefits, including premiums paid in 2019 and 2020.
      ➢ Proof of payment of any retirement benefits in 2019 and 2020.
      ➢ Proof of payment of state and local taxed assessed on the compensation of employees for 2019 and 2020.
      ➢ Proof of payments for compensation to any sole proprietor or independent contractor for an amount not more than $100k in one year (pro-rated for covered period).
      ➢ Loan statements showing the outstanding amount of a loan made under the SBA’s Disaster loan program between January 21, 2020 and the date on which the covered Payroll Protection Program loans are made available.
      ➢ Tax Returns for 2019 or completed year-end financials.
      Larry Kirchner
      President
      www.HalloweenProductions.com
      www.BlacklightAttractions.com
      www.HauntedHouseSupplies.com
      www.HauntedHouseMagazine.com

      Comment


      • #4
        • Document Checklist:
          • 2019 Payroll Cost and YTD Payroll Cost through March 1, 2020
          • Number of employees as of December 31, 2019
          • Number of employees as of March 1, 2020
          • What industry does the business fall under? (NAICS Code, which can be found on tax return)
          • IRS Form 940 Employers Annual Federal Unemployment Tax Return (FUTA)
          • IRS Form 941 Employer's Quarterly Federal Tax Return
          • Payroll Summary Report 2019 with corresponding bank statements
          • W2 Summary
          • List of employees earning more than $100,000 in compensation (salary, wages, commission and tips)
          • 1099 Summary
          • Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
        All owners with at least 20 percent interest will be required to sign SBA attestation

        Larry Kirchner
        President
        www.HalloweenProductions.com
        www.BlacklightAttractions.com
        www.HauntedHouseSupplies.com
        www.HauntedHouseMagazine.com

        Comment


        • #5
          Applied and approved today! We got 39,000 dollars. Going to use that getting the haunted house up and running.

          Comment


          • #6
            We got our money YEAH! Now off to work!
            Larry Kirchner
            President
            www.HalloweenProductions.com
            www.BlacklightAttractions.com
            www.HauntedHouseSupplies.com
            www.HauntedHouseMagazine.com

            Comment


            • #7
              Folks PPP Round 2 is coming IF THE DEMS work with Trump to get a deal done. You should call your congress person and demand they get this done. Its going to be based on business that have lost 50% of their business. PAGING HAUNT VENDORS... this is your time to get more money! Haunt owners pending on this is written you could get also get some of this money.

              CALL CONGRESS TODAY!!!!

              Larry Kirchner
              President
              www.HalloweenProductions.com
              www.BlacklightAttractions.com
              www.HauntedHouseSupplies.com
              www.HauntedHouseMagazine.com

              Comment


              • #8
                IAAPA has asked congress for the following below - New PPP loan coming


                The U.S. Senate has introduced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, which is likely to be the last major COVID-19 stimulus package considered in 2020.

                Please contact your elected officialsand urge them to include the following items in the next phase of COVID-19 related stimulus funding:
                Small Business Administration Loans


                More modifications to the Paycheck Protection Program (PPP) are needed to assist eligible IAAPA members:
                • Extend and authorize additional funding for the program through December 31, 2020, prioritizing lending to severely impacted businesses such as those required to close or operate at reduced capacity due to COVID-19 related concerns.
                • Clarify that small businesses can deduct expenses paid with a forgiven PPP loan from their taxes.
                • Increase borrowing limits for new borrowers to eight times the average monthly sum of all covered expenses – including operating costs, increasing maximum PPP loan amount to $25 million.
                • Severely impacted businesses that have already been approved for loans should have the ability to apply for additional PPP loans up to the maximum amount allowable.

                Liability Protection
                • Provide targeted COVID-19 liability protection for businesses that are following best practices to protect guests and workers against COVID-related illness.

                Tax Credits
                • Support the bi-partisan Jumpstarting Our Businesses Success Credit (JOBS Credit), which among other things, modifies the Employee Retention Tax Credit (ERTC), by:
                  • Increasing the credit percentage to 80 percent of qualified wages,
                  • Increasing the per-employee limitation to $15,000 per calendar quarter,
                  • Changing the threshold for treatment as a large employer to employers having more than 1,500 employees (based on the average number of full-time employees in 2019) or having gross receipts above $41.5 million in 2019, enabling ERTC eligibility for PPP recipients, and,
                  • Clarifying that “qualified wages” include qualified health plan expenses.
                • Create a temporary travel tax credit worth 50 percent of qualified travel expenses incurred in the U.S. during a specified 12-month period up, to a maximum tax credit of $4,000 per household in order to incentivize a restart of the travel economy. Qualified travel expenses would include meals, lodging, recreation, transportation, amusement or entertainment, businesses meetings or events, and gasoline.
                • Tax incentives such as an investment tax credit, for capital equipment purchases. This would provide facility operators incentive to purchase equipment which would also benefit manufacturers and suppliers.
                • Tax credits for purchase of goods and services which enable businesses to safely reopen. Eligible expenditures would include sanitation products, protective equipment and employee training to ensure businesses are operating safely.
                • Enact tax measures to help revitalize U.S. Trade Shows, Meetings and Exhibitions. These tradeshows are essential for industries, promote product and service sales and support hosting communities. Tax measures supporting trade shows will jump start the economy across all sectors.

                Federal Backstop for Pandemic Risk Insurance
                • Provide reinsurance for pandemic risk insurance to help businesses and organizations avoid going bankrupt in the wake of future pandemics. The program should cover commercial line of business interruption or event cancellation insurance that covers losses stemming from a public health emergency.

                Animal Care Financial Assistance
                • Provide $800 million in federal support to help the zoological community cover the critical ongoing animal care costs, including food, medicine and medical supplies, diagnostics, environmental testing, life support and other costs related to animal care, while their gates remain closed and even as they begin to reopen to restricted crowd sizes. The aid is sought for all APHIS-licensed zoos and aquariums, regardless of whether they are structured as a nonprofit or a for-profit institution, and regardless of which trade association(s) they are accredited by.

                Program Eligibility
                • For purposes of program eligibility for PPP, Mainstreet or any other program basing business size on employee count, eligibility for seasonal businesses such as those in the attractions industry should be based on year around employees, not seasonal employees.

                Support for Severely Impacted Businesses
                • Grants or long-term low interest rate loans should be made available to businesses that can verify that their revenues have been severely impacted due to state or local COVID-related safety mandates requiring them to limit their operating capacity.
                • Provide temporary tenant relief for commercial facilities that have been severely impacted by the COVID-19 pandemic.
                • Provide clear direction that banks, and other lending institutions have the ability to defer principal and interest payments of business loans that are in good standing but have clearly been affected by the COVID-19 pandemic.

                IAAPA recognizes that not all of these asks are applicable to all members. You may edit your message to your elected officials.

                Thank you in advance for all you do to support our industry.
                Larry Kirchner
                President
                www.HalloweenProductions.com
                www.BlacklightAttractions.com
                www.HauntedHouseSupplies.com
                www.HauntedHouseMagazine.com

                Comment


                • #9
                  That's excellent. Thank you, Larry. We also need to get something for some of the businesses that cannot open. Haunts in many areas will not be able to open and if they are treated like bars here in CA, then they will not be eligible for PPP like assistance. Bars in CA that do not serve food cannot open right now (even with outside seating or for just to-go) and any funds you get/got from the PPP is not eligible if you don't open. We cannot have Haunts get bitten by this Catch-22.

                  Comment


                  • #10
                    https://news.yahoo.com/republicans-w...201230174.html

                    READ THIS ARTICLE it pretty much sums it up. As of today NO because talks between DEMS and REPS is dead according to everything I've read.

                    Dems want 2 trillion dollars, just fyi the government doesn't have 2 trillion dollars but either way... they want money for your local cities and states, they want all kinds of crazy stuff.

                    REP are trying to focus on PPP - STOPPING EVICTIONS - STUDENT LOANS - EXTENDING UNEMPLOYMENT and STOPPING LAWSUITS against business that open.

                    CALL YOUR CONGRESS PERSON!!!
                    Larry Kirchner
                    President
                    www.HalloweenProductions.com
                    www.BlacklightAttractions.com
                    www.HauntedHouseSupplies.com
                    www.HauntedHouseMagazine.com

                    Comment

                    Working...
                    X