The only businessmen I know who take a loan to boost payroll are those with a government contract. Real businessmen (the majority of us) boost payroll gradually based on profits that are actually in our hands and a reasonable expectation of steady demand, or we used to. I, like many employers, no longer boost payroll at all. I helped some employees to go into business for themselves, watched others leave through attrition, and I’m not hiring as long as the socialist is in power. It’s fear of Obama/Pelosi, not fear of difficulty getting a loan that gets in the way. As for getting a loan, I can get one any time I want it. I just would never use a loan to hire employees on speculation.
We decided to put our house on the market and pay down any outstanding debt. Our main goal right now is risk mitigation. While we have not seen the revenue hit that many small businesses have, I am concerned about direction. Hence, limit spending, reduce exposure, and reduce income near-term.
Next home will be a rental, BTW. No debt is my mantra right now.
Good time to spend with the kids.