Financial impact of COVID on employers

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My employer is a non-profit and I'm the only paid employee. I was furloughed in March but I am currently working as a volunteer. I'm hoping that we can get revenue to the place that I start getting a pay check again.
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madfoodie
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My dh work has serveral lines down and there was no bonus.
He's lucky his line is still up.
He works in a food manufacturing plant.
i want candy!
Emandab
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Traci_Momof2 wrote: Thu May 21, 2020 4:03 pm We've remained open the whole time because as a financial / accounting service, we are considered essential by our state. So AFAIK my boss hasn't really lost any money. He did apply for the PPT loan and got it recently.

We've been moreso affected by how busy we are. As soon as those PPT loans became available, all our small business clients wanted to apply for them, and of course wanted our help. So the CPA (boss) has been busy working on that. Which means he hasn't done a whole lot as far as people's personal income taxes. And the deadline has been extended to July 15 so there's time, but people are still wondering why their taxes aren't done yet when they brought them in early March. So my coworker and I have to field those calls which is not fun when they get snippy with us, especially since we have no control over when those returns are finished.
So why did he apply for the loan if he hasn't lost business and his employees are being paid. If I remember correctly there are only 4 or 5 of you in the office right? Does he plan on repaying the loan or hoping to make a profit if he can get away with having it forgiven?
Emandab
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Traci_Momof2 wrote: Thu May 21, 2020 4:03 pm We've remained open the whole time because as a financial / accounting service, we are considered essential by our state. So AFAIK my boss hasn't really lost any money. He did apply for the PPT loan and got it recently.

We've been moreso affected by how busy we are. As soon as those PPT loans became available, all our small business clients wanted to apply for them, and of course wanted our help. So the CPA (boss) has been busy working on that. Which means he hasn't done a whole lot as far as people's personal income taxes. And the deadline has been extended to July 15 so there's time, but people are still wondering why their taxes aren't done yet when they brought them in early March. So my coworker and I have to field those calls which is not fun when they get snippy with us, especially since we have no control over when those returns are finished.
So why did he apply for the loan if he hasn't lost business and his employees are being paid. If I remember correctly there are only 4 or 5 of you in the office right? Does he plan on repaying the loan or hoping to make a profit if he can get away with having it forgiven?
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LiveWhatULove wrote: Sat May 23, 2020 2:20 pm
Smarties wrote: Sat May 23, 2020 10:57 am My company is huge, and still operating, but we've taken a big blow. This pandemic is expensive - to implement safety and sanitization measures, make special accomodations for people who cant work, people working from home, a lot of lost productivity.

We'll come out of everything in tact but I predict little in the way of annual raises next year. And people are going to flip when that comes. There is also talk about taking away some of our Christmas holiday. That might start a revolt :/

People seem to think there are endless pots of money out there in the ether that some people are hoarding. The company, the government... All they can say is the company execs only care about getting their bonuses. But they aren't getting any bonuses.
I know there are evil C-level execs in the business world. But honestly, the ones I know and the documentaries I have seen, they work harder, face far more stress than most employees realize to earn their salaries. All our c-level admin have taken 15-20% pay cuts as a sign of the sacrifice in difficult economic times.

DH has a similar experience to yours, with his employees and some co-workers just appalled at the announcement of all raises on hold. But I do not think people can conceptualize how bad the sales numbers are & how low the stock price is and just what that means for the company. He sees my struggles and is like “guys, my wife just lost 15% of her salary & a bunch of co-workers, let’s be real here!”


It is tough. And as far as I can tell my company leaders are earning their pay (some of which is in company stock that has clearly lost a lot of value) right now. The stress and extra work trying to handle all of this is incredible. You won't see me berating them.

I'm sorry you have a pay cut. I hope things settle down soon and start moving in the positive direction again, but I think we will be feeling the effects of this for a long time.
Traci_Momof2
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Emandab wrote: Mon May 25, 2020 12:09 am
Traci_Momof2 wrote: Thu May 21, 2020 4:03 pm We've remained open the whole time because as a financial / accounting service, we are considered essential by our state. So AFAIK my boss hasn't really lost any money. He did apply for the PPT loan and got it recently.

We've been moreso affected by how busy we are. As soon as those PPT loans became available, all our small business clients wanted to apply for them, and of course wanted our help. So the CPA (boss) has been busy working on that. Which means he hasn't done a whole lot as far as people's personal income taxes. And the deadline has been extended to July 15 so there's time, but people are still wondering why their taxes aren't done yet when they brought them in early March. So my coworker and I have to field those calls which is not fun when they get snippy with us, especially since we have no control over when those returns are finished.
So why did he apply for the loan if he hasn't lost business and his employees are being paid. If I remember correctly there are only 4 or 5 of you in the office right? Does he plan on repaying the loan or hoping to make a profit if he can get away with having it forgiven?
I do not know the answers to your questions. I figure that's his business, not mine.

There are 3 of us total. The owner, a full time employee, and myself.
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