Nordic shut down for at least a month

[PlanB]

Nordic Boats Shuts Down For At Least One Month

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[hallett21]

Damn....


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[farmo83]

Now how is this not essiential !

 

[PlanB]

^^^ They decided to close on their own.

 

[RiverDave]

wow..

 

[Done-it-again]

No one is going to say open as long as they did during the 08' crisis and work it out. Shut it down quicker and try to weather the storm.

 

[Spudsbud]

Temporary. Like the rest of us......

 

[ONE-A-DAY]

I was wondering how Eliminator has been staying open, California is a whole different deal than AZ, and although we all feel differently, building a boat really cant be considered essential.

As far as the big picture, we manage employee benefit programs for employers throughout the state, the amount of layoffs is amazing. Never seen anything like this, some clients have opted just to call it a day and close their doors for good as the virus was the last straw for doing business in California.

 

[LargeOrangeFont]

Smart move.

 

[Done-it-again]

I was wondering how Eliminator has been staying open, California is a whole different deal than AZ, and although we all feel differently, building a boat really cant be considered essential.

As far as the big picture, we manage employee benefit programs for employers throughout the state, the amount of layoffs is amazing. Never seen anything like this, some clients have opted just to call it a day and close their doors for good as the virus was the last straw for doing business in California.

I'm not far from Eliminator about 10 miles..... But I can tell you, if you look outside our office, it looks like nothing has changed. Every business is open, from printing places to wholesale party stores.

We have work, but out of state traveling has made the biggest impact on my crews, the office phone has slowed on new projects but did get a few possible leads the last few days.

 

[Eliminator Boats]

I was wondering how Eliminator has been staying open, California is a whole different deal than AZ, and although we all feel differently, building a boat really cant be considered essential.

As far as the big picture, we manage employee benefit programs for employers throughout the state, the amount of layoffs is amazing. Never seen anything like this, some clients have opted just to call it a day and close their doors for good as the virus was the last straw for doing business in California.

Eliminator is closed to the public

 

[mbrown2]

This should not be a surprise. Boat building is non essential and although it helps lower their overhead it helps protect the health of their employees and helps mitigate the spread of the virus. Any company non essential that continues to operate where workers have to work in close quarters is really irresponsible at this point.

 

[HCP3]

Eliminator is closed to the public

Prepare for a shit-storm headed your way. Lots of passionate stay-at-homer's around here.

 

[Singleton]

While it is a smart business move, laying off all employees! That is going to have lasting impact of those folks.
Small business and their reputation for future years will be based on how they treat employees today!

 

[LargeOrangeFont]

While it is a smart business move, laying off all employees! That is going to have lasting impact of those folks.
Small business and their reputation for future years will be based on how they treat employees today!

I don't think it will stop anyone from buying a boat from them.

Lay them off, let them collect unemployment for a month or 2 then open the doors back up.

It is a better solution than keeping the doors open and screwing everyone up and down the supply chain for your business when you over extend yourself.

 

[LakeMead Boater]

While it is a smart business move, laying off all employees! That is going to have lasting impact of those folks.
Small business and their reputation for future years will be based on how they treat employees today!

I don't think it will stop anyone from buying a boat from them.

Lay them off, let them collect unemployment for a month or 2 then open the doors back up.

It is a better solution than keeping the doors open and screwing everyone up and down the supply chain for your business when you over extend yourself.

What LOF said is correct. In my opinion, the term layoff and the unemployment figures are a little skewed. Yes, they are high, but right now, the EDD has items in place to help employees with their wages. For instance, my business is deemed essential, but we have slowed down pretty considerably. When this whole thing started, I recommended all of my employees file for unemployment. They could receive a supplement of $40-$450 per week depending how much their hours are cut. My position on it was that if we stayed just as busy as normal, we'd keep hours the same and the point is moot. However, if we had to cut hours, my guys were in the system and ready to utilize the program rather than reacting too late.

Obviously, it's not a great scenario one way or another.

 

[Singleton]

I don't think it will stop anyone from buying a boat from them.

Lay them off, let them collect unemployment for a month or 2 then open the doors back up.

It is a better solution than keeping the doors open and screwing everyone up and down the supply chain for your business when you over extend yourself.

I get that. Can’t knock it, but sometimes the simple things make a huge difference
wife just went through this - she had to process terminations for 20k employees.
Every one of them got 2 weeks of pay and any PTO, to help them out before unemployment checks show up

 

[Hammer]

While it is a smart business move, laying off all employees! That is going to have lasting impact of those folks.
Small business and their reputation for future years will be based on how they treat employees today!

Employees getting the virus would have a long lasting impact as well. Part of being an employer is looking out for the best interests of the employees too. I also don’t think people are buying boats right now.

I think it is in the best interest of the company and the employees to mitigate any risks right now.


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[Done-it-again]

While it is a smart business move, laying off all employees! That is going to have lasting impact of those folks.
Small business and their reputation for future years will be based on how they treat employees today!

Laying people off to collect unemployment is treating employees bad, during this time? Let me know if your employer is keeping you paid while not bringing anything in, in the next week or so.......

 

[RiverDave]

Why is everyone assuming the employees were laid off?

I don’t know if they were or weren’t, I don’t work there.. but neither does anyone commenting on this thread?

 

[RiverDave]

From a Liability stand point shutting down Nordic makes sense (to me anyways).. If someone gets sick they could argue it’s the employees fault and potentially sue? God forbid someone actually died from it, that would be a god damn nightmare.

 

[LargeOrangeFont]

Why is everyone assuming the employees were laid off?

I don’t know if they were or weren’t, I don’t work there.. but neither does anyone commenting on this thread?

The article says they were laid off.

 

[LargeOrangeFont]

From a Liability stand point shutting down Nordic makes sense (to me anyways).. If someone gets sick they could argue it’s the employees fault and potentially sue? God forbid someone actually died from it, that would be a god damn nightmare.

If they are in violation of a state order to shut down, perhaps the would be fined, but proving wrongful death from where you got the virus is impossible.

 

[troostr]

Why is everyone assuming the employees were laid off?

I don’t know if they were or weren’t, I don’t work there.. but neither does anyone commenting on this thread?

This right here.
Starting tomorrow Small businesses of 500 or less employees can file for a collateral free Payroll Protection Program loan from SBA. You take ALL your 2019 Payroll reports, wages, base pay, salaries, tips ,bonuses etc., divide the 12 month gross by 12, them multiply by 2.5= your loan amount. You have 2 years at .5% to pay it back, if you can prove to your lender that the loan was used to keep your regular payroll, your loan becomes a grant. These Very little fine print, the application takes about 15 minutes, and besides payroll, up to 25% of it can be used for mortgage interest, rent and utilities. Any small business to proud to reclaim Your tax money to help yourself and your employees..... well, that seems foolish. Call your bank, ask if they are SBA certified or find one that is and sign up. Good for self employe, 501,501c and others.

 

[RiverDave]

The article says they were laid off.

Just read it now. I am surprised given how hard labor is to find out here.

I don’t know how much I’d put into the semantics of that article though

 

[LargeOrangeFont]

Just read it now. I am surprised given how hard labor is to find out here.

Probably let them go with an understanding they would (could?) be welcomed back as soon as the all clear is given. I have a feeling the vast majority of small business are thinking along those lines.

I would respect a business owner more for having a real conversation like this with his employees, as opposed to stringing everyone along until there is no business to come back to.

 

[farmo83]

Laying off for a month sounds more like a furlough to me. This may work out as well as possibly can. If the employees are furloughed then they can draw their full pay for 4 months thanks to the recent 2 trillion CARES act. Hopefully this is long gone in a month and everyone can get back to it.

 

[Done-it-again]

This right here.
Starting tomorrow Small businesses of 500 or less employees can file for a collateral free Payroll Protection Program loan from SBA. You take ALL your 2019 Payroll reports, wages, base pay, salaries, tips ,bonuses etc., divide the 12 month gross by 12, them multiply by 2.5= your loan amount. You have 2 years at .5% to pay it back, if you can prove to your lender that the loan was used to keep your regular payroll, your loan becomes a grant. These Very little fine print, the application takes about 15 minutes, and besides payroll, up to 25% of it can be used for mortgage interest, rent and utilities. Any small business to proud to reclaim Your tax money to help yourself and your employees..... well, that seems foolish. Call your bank, ask if they are SBA certified or find one that is and sign up. Good for self employe, 501,501c and others.

The workers you can include have to make under 99k, cannot included anyone over. The Lenders have the info but there is going to big delays I believe as the true knowledge is not known from lenders to business. Also you better have a good track were the money is going, cause if its screwed up your paying it all back....

You have to keep all employees on payroll for this to work, so all the company's that have laid workers off now cannot get it...

 

[RCDave]

The workers you can include have to make under 99k, cannot included anyone over. The Lenders have the info but there is going to big delays I believe as the true knowledge is not known from lenders to business. Also you better have a good track were the money is going, cause if its screwed up your paying it all back....

You have to keep all employees on payroll for this to work, so all the company's that have laid workers off now cannot get it...

The way I understand it up to $100K can be included in the calculation. If an employee made over 100K, that portion is excluded.

Prudent lenders will open a specific account so proceed use can be tracked to ensure it was used for approved purposes under the program

 

[Bobby V]

Laying off for a month sounds more like a furlough to me. This may work out as well as possibly can. If the employees are furloughed then they can draw their full pay for 4 months thanks to the recent 2 trillion CARES act. Hopefully this is long gone in a month and everyone can get back to it.

Where did your get the 4 month info. Do you have a link? We furloughed 7 people last week and they have only applied for unemployment so far.

 

[pkbullet]

The workers you can include have to make under 99k, cannot included anyone over. The Lenders have the info but there is going to big delays I believe as the true knowledge is not known from lenders to business. Also you better have a good track were the money is going, cause if its screwed up your paying it all back....

You have to keep all employees on payroll for this to work, so all the company's that have laid workers off now cannot get it...

You can rehire by June 30, and pay only has to be 75% for employees under 100k. If you think you can be staffed and operating by June 30 it is a no brainer. Even if you don't, you are only prorated at % of previous head count and dollar for dollar on payroll under 75%. Since no interest accrues for 6 months if you intend to keep any employees you would be ahead.

 

[Done-it-again]

The way I understand it up to $100K can be included in the calculation. If an employee made over 100K, that portion is excluded.

Prudent lenders will open a specific account so proceed use can be tracked to ensure it was used for approved purposes under the program

I though it was 99K but pretty much the same. Now, what I don't know is if you laid off said 100k employee does that hit you with not keeping all employees on payroll. It shouldn't.

 

[Done-it-again]

You can rehire by June 30, and pay only has to be 75% for employees under 100k. If you think you can be staffed and operating by June 30 it is a no brainer. Even if you don't, you are only prorated at % of previous head count and dollar for dollar on payroll under 75%. Since no interest accrues for 6 months if you intend to keep any employees you would be ahead.

So far we haven't laid any one off and we have work. Just some of the ones who travel state to state are unsure what they want to do. They have jobs to go to if they want, but at this time I'm not forcing them to work. But no work no pay.

 

[Singleton]

Laying people off to collect unemployment is treating employees bad, during this time? Let me know if your employer is keeping you paid while not bringing anything in, in the next week or so.......

I work in sales, take home has been impacted already. I am staying as long as possible to keep the health benefits
wife is one of 272 employees, down from 24k+ March 1 at her company.

Article said laid off - sucks for employees. Hope Nordic gave them something until unemployment checks hit the mail box.

 

[LakeMead Boater]

The PPP (Paycheck Protection Program) is a moving target right now, but as a few said, it's a great way to get some capital if you need it. Right now, the banks are fighting on the 2 year pay back (technically 18 months since they defer 6 months) at 0.5%. The reality is that some businesses will default on the PPP and since there isn't any personal guarantee needed, the banks are left holding the bag. Hard to make money at 0.5% interest. But understand that the treasury wants people to use this to pay for employees, not using it to put cash in the bank and restructure your business with less overhead. Each day does get more complicated from what the original bill started out as.

 

[Tpltrbl303]

From a Liability stand point shutting down Nordic makes sense (to me anyways).. If someone gets sick they could argue it’s the employees fault and potentially sue? God forbid someone actually died from it, that would be a god damn nightmare.

The next years worth of attorneys suing everybody is going to be shit show all by itself


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[Done-it-again]

I work in sales, take home has been impacted already. I am staying as long as possible to keep the health benefits
wife is one of 272 employees, down from 24k+ March 1 at her company.

Article said laid off - sucks for employees. Hope Nordic gave them something until unemployment checks hit the mail box.

Supposedly unemployment checks will not have the weeks delay like normally they do, and the file process is approved immediately. So they say....

 

[RaceTec]

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

 

[RaceTec]

https://www.rubio.senate.gov/public/_cache/files/ac3081f6-14ae-4e6f-9197-172ede28badd/71AB6CB05A08E369E0D488A80B3874A5.faqs---paycheck-protection-program-faqs-for-small-businesses.pdf

 

[JUSTWANNARACE]

The PPP (Paycheck Protection Program) is a moving target right now, but as a few said, it's a great way to get some capital if you need it. Right now, the banks are fighting on the 2 year pay back (technically 18 months since they defer 6 months) at 0.5%. The reality is that some businesses will default on the PPP and since there isn't any personal guarantee needed, the banks are left holding the bag. Hard to make money at 0.5% interest. But understand that the treasury wants people to use this to pay for employees, not using it to put cash in the bank and restructure your business with less overhead. Each day does get more complicated from what the original bill started out as.

The banks got bailed out in the 08 BS. And the tax payers(their customers) got screwed and they didnt care! So in my opinion it's time for the banks to step up and relize what was done for them and now pass it along! If they have to take a small hit this go around to keep shit afloat, they should be handing these loans out to qualified businesses with out a question.. again JMO

 

[RaceTec]

US Bank already launched a website to apply... https://apply.usbank.com/applications/business/InquiryForm
My accountant is all over this stuff! I would share his entire package with links and everything but I am not sure if he wants it out there...

 

[JUSTWANNARACE]

The next years worth of attorneys suing everybody is going to be shit show all by itself


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I can see this going as a late night commercial like "Round Up" or "Zantax"..

"Where you exposed to COVID-19 because of your employer?" "Then Your "entitled" to millions of $$ because of negligence!"

Call "Us" and we will recover the $$ you are owed at a small 85% fee. Dont hesitate, call (insert lawyer name here) and we will get the ball rolling!.....

 

[LakeMead Boater]

The banks got bailed out in the 08 BS. And the tax payers(their customers) got screwed and they didnt care! So in my opinion it's time for the banks to step up and relize what was done for them and now pass it along! If they have to take a small hit this go around to keep shit afloat, they should be handing these loans out to qualified businesses with out a question.. again JMO

Agreed. What I meant about "hard to make money at 0.5%" wasn't necessarily about my concern for the banks, it came out wrong. The real benefit of a longer term is going to be on the business. The treasury is making this increasingly more complicated...you have to have 75% of your loan going to payroll, can be used for rent, utilities, mortgage interest. If you don't, then there's a calculation they put in place that outlines the portion that is not forgiven and you as a business have to pay back. Again, the main purpose is to keep people employed. The real problem comes with the 2 year payback at 0.5% interest versus the original 10 year at 4%.

Say you have $80,000 of your $100,000 loan forgiven and now you owe $20,000. In the current scenario, your monthly payment is around $850 (I just did 24 months, not the actual 18 it truly is). But in the second scenario (10 years at 4%), the business' monthly payment is just over $200. Depending on how long it takes for businesses to rebound, that $650/month difference can be detrimental.

I'm not looking at this from a bank's perspective, but my current perspective. I really don't have a choice but to take this option and I can't project out far enough how quick we will rebound. But knowing the government and banks, I doubt I will have 100% of my loan forgiven like this was sold. So when it comes to cash flow, I'd like to have the cheaper option per month and then pay it off early versus trying to rebound and be straddled with a larger monthly payment.

 

[retaocleg]

in order to stop the speculation, Nordic didn't layoff...…..az gov mandated furlough...…...and randy and thane are taking care of everyone to keep the band together...…..if we lose 1 person over this, i'd be shocked...…….it is more like a paid vay-cay

carry on...…….

 

[Singleton]

in order to stop the speculation, Nordic didn't layoff...…..az gov mandated furlough...…...and randy and thane are taking care of everyone to keep the band together...…..if we lose 1 person over this, i'd be shocked...…….it is more like a paid vay-cay

carry on...…….

good to hear. Thane needs to get article updated to reflect that

 

[LakeMead Boater]

in order to stop the speculation, Nordic didn't layoff...…..az gov mandated furlough...…...and randy and thane are taking care of everyone to keep the band together...…..if we lose 1 person over this, i'd be shocked...…….it is more like a paid vay-cay

carry on...…….

So @RiverDave was right, it was the semantics of the article

 

[JUSTWANNARACE]

in order to stop the speculation, Nordic didn't layoff...…..az gov mandated furlough...…...and randy and thane are taking care of everyone to keep the band together...…..if we lose 1 person over this, i'd be shocked...…….it is more like a paid vay-cay

carry on...…….

Hats off to Randy and Thane for the "preventive action!" This will go along way to build future clientele, knowing how they handled it, and to make sure their employees are protected!

LET'S NOT FORGET!!

 

[retaocleg]

good to hear. Thane needs to get article updated to reflect that

you just read it.....lol

 

[530RL]

The PPP (Paycheck Protection Program) is a moving target right now, but as a few said, it's a great way to get some capital if you need it. Right now, the banks are fighting on the 2 year pay back (technically 18 months since they defer 6 months) at 0.5%. The reality is that some businesses will default on the PPP and since there isn't any personal guarantee needed, the banks are left holding the bag. Hard to make money at 0.5% interest. But understand that the treasury wants people to use this to pay for employees, not using it to put cash in the bank and restructure your business with less overhead. Each day does get more complicated from what the original bill started out as.

It is my understanding that the PPP section of the CARES act is a fully guaranteed SBA loan. As such, the risk is entirely on the government and the bank is simply the servicer. All amounts funded by the bank in the loan are immediately funded back leaving them with no risk.

Further, banks who are processing these loans, are entitled to a 5% fee up front. That is a hell of a fee to process a two page application.

Self employed people are also eligble. Everyone should take a look and make a decision for themselves but this is one of the largest government transfer payments in the history of the US.

 

[retaocleg]

add to that, the stimulus boosted the UE benefit by 600 a week, over and above your UE benefit...…..per week...……...even for indep contractors, gig workers......but I am not taking part, this country is f'd enough without another piglet on the teet……….live within or below your means people, then you won't have to sweat the lean times

MAGA!