Hal Smith decided to keep paying their upper management and said screw you to the employees. Give them a pass if you want to. They did the math early on and said "I'm not giving up a penny more than I have to."

^

Like every small business, they have to try and hold onto the key employees.

Almost all restaurants have let go about 90% of their staff.

I can't speak directly regarding Hal Smith, but, I have heard Business Interruption Insurance coverage on other restaurants and bars require complete closure to go into effect. It can become all but impossible to define an actual loss amount if you are doing take out only.

I learned the hard way about 10-12 years ago when an arsonist burned on my shop. Since I chose to stay open and operate at a reduced capacity, the burden of proving my 40% loss in revenue was based on the fires and not on any other cause fell squarely on me. Overwhelming for a small business owner.

You have to remember, as some have mentioned, even if you have some take out business, it's not enough to pay mortgage/rent, loan obligations. I think in a lot of cases the employees are better off laid off so they can be eligible for unemployment.

Not OKC but in LA several very high profile restaurants have closed for good the latest one being Nate n Al Deli. I can’t help but think several long time staples in OKC will be gone after this. I hope those like Cattlemen's are able to stick around.

Hal Smith decided to keep paying their upper management and said screw you to the employees. Give them a pass if you want to. They did the math early on and said "I'm not giving up a penny more than I have to."
Curious if you employ anyone.

Curious if you employ anyone.

Nope. I contract with other PI's as I need them - which hasn't stopped during this time, though naturally, business has greatly slowed down. I also give kudos to the law firm I do 70% of my business with - which is also where I office. He sent all his employees home. Everyone keeps getting full pay and benefits until this is over. The office is still open, but he meets with clients either individually at the office or over the phone. He doesn't allow any other lawyers to do jail visits - he does them himself. Essential employees do come in, but they do it when others are not there and the cleaning crew still cleans daily and has upped their attention to detail.

Not OKC but in LA several very high profile restaurants have closed for good the latest one being Nate n Al Deli. I can’t help but think several long time staples in OKC will be gone after this. I hope those like Cattlemen's are able to stick around.

Incorrect.

https://www.natenals.com/

As far as behaviors changing and reduced capacity becoming a new norm for a while... Rumblings are that Disney doesn't expect to reopen until at least June 1, but even then, will likely reopen only one or two parks, possibly at only 50% capacity, no theater shows, very limited restaurants.

Think of it this way: A corporate monster like Dis ey is literally losing millions of dollars every day this goes on. If it goes on much longer, there's a very real chance they could be looking at *bankruptcy*. Think about that.

Then, from that perspective, if a behemoth like Disney could be in trouble, a small business/restaurant owner's problems suddenly become a lot more vivid.

We got take out from Teds over the weekend. They seemed very busy and it took several calls to get in and place an order. Their online ordering system was broken. Teds has fallen off our radar a bit in the last few years, but surely I don't want to see them gone. Hoping they can figure out a way to survive.

I've heard from a pretty reliable source that Ted's may be toast after this. Hopefully they can get some type of bailout or Hal Smith will take a bigger stake.

I'd be curious if anyone else has heard this about Ted's specifically. They just spent a wad of cash remodeling their S. Western location which reopened the first week of March.

Question:

Are the SBA Loans going to be dischargeable through Bankruptcy? I can imagine a lot of businesses are going to take the loans only to turn around and fail within 9 months anyway if unemployment doesn't drop below 8% before year end.

Question:

Are the SBA Loans going to be dischargeable through Bankruptcy? I can imagine a lot of businesses are going to take the loans only to turn around and fail within 9 months anyway if unemployment doesn't drop below 8% before year end.

You have to sign a personal guarantee and pledge collateral like your home.

So, it's not a good plan to take out one of those loans unless you are pretty darn sure you can stay current.

The good news is that under the emergency plan, you have 1 year before you have to make a payment and as long as you maintain your employees, a good part of it can be forgivable.

Question:

Are the SBA Loans going to be dischargeable through Bankruptcy? I can imagine a lot of businesses are going to take the loans only to turn around and fail within 9 months anyway if unemployment doesn't drop below 8% before year end.

There are two SBA options out there now:

1) SBA Economic Injury Disaster Loans (EIDL)

a. For this program, the Borrower works directly with the SBA and applies through their website. We’ve encouraged customers to at least apply, as the terms provided are very favorable.

2) CARES Act – SBA 7a
a. This is separate from the EIDL SBA program and is done through a SBA 7a loan which you can do directly through a bank. This option has the payroll component that will likely be forgiven. Guidance has not been finalized as there are still outstanding questions that will be clarified more by the SBA shortly.

We're encouraging all customers to apply, but emphasizing that this is still a loan with collateral, guarantees, etc. There is a lot of misinformation out there, where people have assumed all debt will be forgiven which does not seem to be the case, just the payroll component. Either way, the terms are very favorable, with majority of the EIDL being priced at 3.75% fixed, 1 year deferment and 30 year amortization.

I got an email from my lawyer with this line in regards to the CARES act SBA 7a


Loans will have a 100% SBA guaranty and will be unsecured with no personal guaranties required.

Is this incorrect?

I got an email from my lawyer with this line in regards to the CARES act SBA 7a



Is this incorrect?

That is for the smaller loan... Basically limited to 2.5X your monthly payroll costs.

That is for the smaller loan... Basically limited to 2.5X your monthly payroll costs.

Pete's correct. While there hasn't been official guidance placed, the overall structure is relatively solidified. Below is an excerpt from what we sent to our existing customers:

The PPP program will provide loans from a bank or credit union that will be 100% guaranteed by the SBA. The loans will not require personal guarantees, will be unsecured, and the SBA will be waiving its typical guarantee and other fees associated with their lending program. The loans are available to all employers of a certain size (typically 500 employees or less though there are some variables that may allow larger companies into the program), including sole proprietors, independent contractors, and self-employed persons.

Current information seems to indicate that the loan amounts will be based on 2 ½ X the average monthly payroll of a company, including vacation and other types of paid time off, health care benefits, and retirement benefits. The loan amount is reduced by any amount over $100,000 paid to any employee.

The funds can be used for payroll, healthcare costs, mortgage interest, and interest on debt that was in place prior to February 15, 2020. All or a portion of these loans can be forgiven to the extent the funds were used for payroll (and certain other) costs incurred during the 8-week period after the loan was made. The amount forgiven can be reduced if the number of full-time equivalent employees is reduced after the loan is granted.

Incorrect.

https://www.natenals.com/wow that is amazing news! I had seen this story spread around by several different media outlets! Never thought to check their own website lol. Thanks for this information.

As far as behaviors changing and reduced capacity becoming a new norm for a while... Rumblings are that Disney doesn't expect to reopen until at least June 1, but even then, will likely reopen only one or two parks, possibly at only 50% capacity, no theater shows, very limited restaurants.

Think of it this way: A corporate monster like Dis ey is literally losing millions of dollars every day this goes on. If it goes on much longer, there's a very real chance they could be looking at *bankruptcy*. Think about that.

Then, from that perspective, if a behemoth like Disney could be in trouble, a small business/restaurant owner's problems suddenly become a lot more vivid.

We got take out from Teds over the weekend. They seemed very busy and it took several calls to get in and place an order. Their online ordering system was broken. Teds has fallen off our radar a bit in the last few years, but surely I don't want to see them gone. Hoping they can figure out a way to survive.

Bigger companies have bigger expenses to cover. Revenue has gone to near 0 for so many industries size can't weather this storm.

Pete's correct. While there hasn't been official guidance placed, the overall structure is relatively solidified. Below is an excerpt from what we sent to our existing customers:

The PPP program will provide loans from a bank or credit union that will be 100% guaranteed by the SBA. The loans will not require personal guarantees, will be unsecured, and the SBA will be waiving its typical guarantee and other fees associated with their lending program. The loans are available to all employers of a certain size (typically 500 employees or less though there are some variables that may allow larger companies into the program), including sole proprietors, independent contractors, and self-employed persons.

Current information seems to indicate that the loan amounts will be based on 2 ½ X the average monthly payroll of a company, including vacation and other types of paid time off, health care benefits, and retirement benefits. The loan amount is reduced by any amount over $100,000 paid to any employee.

The funds can be used for payroll, healthcare costs, mortgage interest, and interest on debt that was in place prior to February 15, 2020. All or a portion of these loans can be forgiven to the extent the funds were used for payroll (and certain other) costs incurred during the 8-week period after the loan was made. The amount forgiven can be reduced if the number of full-time equivalent employees is reduced after the loan is granted.

This aligns with everything we've been told. It's a lifeline if things get going by mid-may-ish. If not, a massive wave of bankruptcies is coming.

Think like an owner not an employee.

Employee's see- WOW 2.5X payroll that can be forgiven, awesome
Owner's see- 5 weeks of Oxygen if things aren't rolling by then, just delayed the inevitable

At the end of February we had decided to come down last weekend for my father's 83rd birthday and of course hit our favorite spots while we were down there. Of course that didn't happen, we stayed in Denver.

All I know is when things get (somewhat) back to normal we plan on coming down and hitting our favorites that we can. I'm not that concerned about getting back into group settings even though I am immune compromised and on immunosupressants from my liver transplant two years ago today. We still need to live our lives as full as we can and that is pretty much what the economy is reliant on. The ripple effect is huge.

This aligns with everything we've been told. It's a lifeline if things get going by mid-may-ish. If not, a massive wave of bankruptcies is coming.

Think like an owner not an employee.

Employee's see- WOW 2.5X payroll that can be forgiven, awesome
Owner's see- 5 weeks of Oxygen if things aren't rolling by then, just delayed the inevitable

Yeah, even when they can reopen, A lot of businesses are going to struggle to survive during The Great Corona Hangover.

Yeah, even when they can reopen, A lot of businesses are going to struggle to survive during The Great Corona Hangover.

SBA 7a program is certainly temporary relief. EIDL is more long-term working capital. Either way, the economic impact this will have on the city, state, country is difficult to comprehend and unprecedented. I imagine that there will be additional relief coming if this continues.

SBA 7a program is certainly temporary relief. EIDL is more long-term working capital. Either way, the economic impact this will have on the city, state, country is difficult to comprehend and unprecedented. I imagine that there will be additional relief coming if this continues.

I'm sure there will be trillions more given out. It will be tough to get money flowing again. Everyone is going to be super tight with money going forward though.

SBA 7a program is certainly temporary relief. EIDL is more long-term working capital. Either way, the economic impact this will have on the city, state, country is difficult to comprehend and unprecedented. I imagine that there will be additional relief coming if this continues.

Worldwide. That's one of the most substantial problems here: so much of what has caused the economic explosion over the last 20+ years has been the increase in efficiencies from the global economy. Countries are going to be so focused on just getting their bearings after this that the idea of capital returning to global trade is going to take some serious time and more importantly, faith.

I'm sure there will be trillions more given out. It will be tough to get money flowing again. Everyone is going to be super tight with money going forward though.

i've been tight as **** for years, and I've been telling everyone I know that they shouldn't be wasting their hard earned cash on $90 fajitas at Uncle Julio's in Chisholm Creek. But their Instagram pictures by the impoundment pond were great, and they ended up with a lot more Insta followers than me. So there is that.

I'm sure there will be trillions more given out. It will be tough to get money flowing again. Everyone is going to be super tight with money going forward though.
Hence why I keep saying it’s an L recovery not V. Or as Bloomberg described it, a Nike swoosh.

i've been tight as **** for years, and I've been telling everyone I know that they shouldn't be wasting their hard earned cash on $90 fajitas at Uncle Julio's in Chisholm Creek. But their Instagram pictures by the impoundment pond were great, and they ended up with a lot more Insta followers than me. So there is that.
You can’t put a price on insta followers and being social media cool.

i've been tight as **** for years, and I've been telling everyone I know that they shouldn't be wasting their hard earned cash on $90 fajitas at Uncle Julio's in Chisholm Creek. But their Instagram pictures by the impoundment pond were great, and they ended up with a lot more Insta followers than me. So there is that.

Well, the last couple weeks we've been living your life and it sucks. Lol. The absolute minute I'm able to go enjoy a great night out for dinner and spend whatever it takes to enjoy that evening with my family I'm going to do it now more than ever. This experience hasn't taught me I need to live like a caveman. It's taught me that we need to cherish our experiences and time with our friends and family even more than we did before. Not just with going out either. I'm going to get the best meat to grill at home and take those extra trips with family and friends.

You want to die with your stacks of sheckles, then you do you. This virus has shown me that I could lose my friends and family no matter how rich or broke. I can't wait to get out there and live my life even more than I did with the $90 fajitas. Life is too short. But, that's just me...

Well, the last couple weeks we've been living your life and it sucks. Lol. The absolute minute I'm able to go enjoy a great night out for dinner and spend whatever it takes to enjoy that evening with my family I'm going to do it now more than ever. This experience hasn't taught me I need to live like a caveman. It's taught me that we need to cherish our experiences and time with our friends and family even more than we did before. Not just with going out either. I'm going to get the best meat to grill at home and take those extra trips with family and friends.

You want to die with your stacks of sheckles, then you do you. This virus has shown me that I could lose my friends and family no matter how rich or broke. I can't wait to get out there and live my life even more than I did with the $90 fajitas. Life is too short. But, that's just me...


Don't mind him. He just hates on Chisholm any chance he can get. FWIW, I bet if you ask nicely they'll lower the price on the fajitas from $90

Tacos Don Nacho is closed indefinitely.

https://www.facebook.com/Tacos-Don-Nacho-111932382175801/

Tacos Don Nacho is closed indefinitely.

looks like they plan on reopening at some point, though... (emphasis mine)


To our loyal customer: We are sorry to inform you that for the safety of our employees and family, we have decided to close until further notice. Making our last day open today March, 25, 2020. Thank you all for understanding! We look forward to seeing you when we re-open! Please stay tuned on facebook for updates!

looks like they plan on reopening at some point, though... (emphasis mine)
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I sure hope they come back - my favorite Mexican in the metro.

Magnolia Bistro in downtown OKC is closing until the restrictions are reduced.

Their sister restaurant in MWC/Spencer, Brielle's Bistro, is still open. They are doing family size dinner to go that are awesome and feed a lot of people for a good price. The chicken and the catfish are awesome.

The parlor is closing on Sunday. Pachinko parlor, mob and providence were all still open and offering carry out, but not after tomorrow.

Patty Wagon is closed temporarily as of this past Wednesday 4/8/20.

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?

Birra Birra and prices are half off.

It seems more and more places are just completely closing, at least for now.

I suspect they don't want to order more food and carry-out only has not generated enough business to justify the operating expenses.

Saw Torchy's at 63rd & Western has closed for the time being.

Hideaway at 50th and Western was open for takeout as of last week, did they close since then? Google Maps is still reporting them as open for takeout, but they may be behind.

They may be, I was calling the one attached to UCO Jazz Lab.

Tacos Don Nacho on S Council reopened today for call in and drive thru

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?

We've ordered pick up from Village Pizza a few times lately. I guess a lot of these are day to day, so I'm not sure if they are open as of today.

Hopefully, some of you guys ordered Easter meals from local places. There were several doing family meals. We ordered from Social Deck and Dining and it was wonderful..

A contributing factor has to be the limited access to loans.

Many were hoping to get a quick cash infusion but most everyone I talked to has yet to get the funds.

For the Gazette, I applied on the first day through BancFirst (our primary bank) which does more SBA loans that just about anyone. They finally got back to me on Friday with some questions, so I know they are backed up and that there has been a lot of confusion and logjams at the federal level.

My impression is that many places were hoping to keep their core employees through carry-out until the loans came in. Now, the reality and delays are starting to hit.

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?


Humble Pie in Edmond is still offering carryout.

A contributing factor has to be the limited access to loans.

Many were hoping to get a quick cash infusion but most everyone I talked to has yet to get the funds.

For the Gazette, I applied on the first day through BancFirst (our primary bank) which does more SBA loans that just about anyone. They finally got back to me on Friday with some questions, so I know they are backed up and that there has been a lot of confusion and logjams at the federal level.

My impression is that many places were hoping to keep their core employees through carry-out until the loans came in. Now, the reality and delays are starting to hit.

That turnaround time is surprising. We've already funded a majority of our loans that applied on the first day.

That turnaround time is surprising. We've already funded a majority of our loans that applied on the first day.

It seems that some of the very first loans went through and now the system is overwhelmed.

It seems that some of the very first loans went through and now the system is overwhelmed.

I'm sure BancFirst has been indundated being the largest SBA lender in the state. As of Friday we'd received 240 apps and 155 had been approved by the SBA.

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?

Sauced is still posting on Facebook, they look like they're still open. Hideaway on 50th/Western is still open, but we had the worst order we've ever had there (been eating at various Hideaways for decades), weird because I assume the kitchen staff is still the same... Picked it up, they gave us the wrong app (half mushrooms, half mozz sticks instead of all mushrooms, so we just tossed the sticks), the pizza didn't have enough sauce or cheese, the chicken had some gristle in it, and the crust was so pathetically floppy you couldn't even pick up a piece.

^ Falcones is open

Important question. Which pizza places ( besides Dominoes, Pizza Hut, Marcos and that ilk) are still open?
By my count, Empire, Sauced, Hideaway, Upper Crust all closed.
Gabriella's still open and good pizza, but any other local places?

Empire is still open.

Empire is still open.

Fantastic! I thought I had read that Rachel Cope had shut down her stuff. Empire is my preference.

^They shut down the Tulsa store.

I had heard that Sauced laid off ALL of their staff, and since they are also owned by Paseo Grill which closed, I assumed Sauced had closed as well. Sorry.

I think I was going off this earlier post. Good to know Sauced is hanging on.

They may be, I was calling the one attached to UCO Jazz Lab.

Really? We order a few pizzas from that one on Friday night.

Incidentally, for Hideaway I recommend their online ordering experience. It works fairly nicely.

They may be, I was calling the one attached to UCO Jazz Lab.
The one on NW Exp and the one on Memorial are both open for pick-up or delivery. All Hideaways did close Sunday for Easter.

Incidentally, for Hideaway I recommend their online ordering experience. It works fairly nicely.It does. One thing I learned though. I always get an in-betweener salad with a couple extra Blue Cheeses. Online there’s a charge for extra dressing. OK, in fine with that. Then I get home and find that there’s a charge because to-go extra dressing is a 6 to 8 oz container of dressing, not the little black plastic containers. I have enough Blue Cheese for awhile.

Incidentally, for Hideaway I recommend their online ordering experience. It works fairly nicely.

They don't have an option for a half-and-half pizza, so we had to call. :(

They don't have an option for a half-and-half pizza, so we had to call. :(

As in, one set of toppings on one side, another set on the other? I assumed that was available based on the ordering UI but have not tried it. It had the typical half circle, full circle, half circle per topping buttons I would expect for that functionality.