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Started By
Message
re: SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 9:00 pm to I B Freeman
Posted on 3/29/20 at 9:00 pm to I B Freeman
quote:
I guess people that own more than one business can file for each business too.
Why couldn't they?
0
Posted on 3/29/20 at 9:00 pm to BamaCoaster
quote:I just went through the app.
These businesses have to show there have been hardships, like layoffs and loss of sales.
It’s not a fricking free for all.
No it doesn't. . .and it might be a free for all, I dunno.
But it never asks about hardships or any such
Posted on 3/29/20 at 9:02 pm to Roaad
Which app? I don’t believe the app for PPP is out yet. The vote was Friday.
Posted on 3/29/20 at 9:06 pm to VABuckeye
quote:
Which app? I don’t believe the app for PPP is out yet. The vote was Friday.
Maybe this one?
But that's not the PPP. That's the EIDL loan.
Posted on 3/29/20 at 9:06 pm to Roaad
Thanks. That’s the EIDL application. The PPP is a different loan. I’m not sure the same application will be used.
Posted on 3/29/20 at 9:07 pm to VABuckeye
quote:
The PPP is a different loan. I’m not sure the same application will be used.
If I'm not mistaken, you'll go to the bank for the PPP loan.
Posted on 3/29/20 at 9:08 pm to SSpaniel
That is my understanding. They can also give an immediate grant of $10000 at the time of application which must be disbursed within three days.
Posted on 3/29/20 at 9:09 pm to VABuckeye
quote:
They can also give an immediate grant of $10000 at the time of application which must be disbursed within three days.
Which you get to keep if you request more and it's denied.
Posted on 3/29/20 at 9:11 pm to SSpaniel
I’m having a difficult time thinking of denials. Delinquent on federal taxes? Amour certainly. Other than fraud if you’re a legit business paying employees it almost seems like it’s a rubber stamp loan.
This post was edited on 3/29/20 at 9:12 pm
Posted on 3/29/20 at 9:12 pm to VABuckeye
How much did they set aside for this? $250 billion? They will run through that with quickness, if what all we are saying is true.
Posted on 3/29/20 at 9:31 pm to SSpaniel
I have a question about overhead coverage.
Is company insurance payable with this “loan”? (Vehicle insurance, liability?)
Is company insurance payable with this “loan”? (Vehicle insurance, liability?)
Posted on 3/29/20 at 9:35 pm to Sheepdog1833
quote:
Is company insurance payable with this “loan”? (Vehicle insurance, liability?)
My understanding is...
Health insurance... yes.
Any other insurance... you'd have to pay back the portion of the loan used to pay for that.
But it still buys you quite a bit of time.
This post was edited on 3/29/20 at 9:36 pm
Posted on 3/29/20 at 10:09 pm to Nephropidae
quote:
That’s promising. Owners draw is my main source atm.
Might want to tread lightly then. It’s generally considered a misuse of an S-Corp classification if you are not paying yourself an industry wage through payroll. Just pointing that out.
Posted on 3/29/20 at 10:18 pm to TigerDeBaiter
What if ABC Corp pays rent to XYZ Corp that owns the building and the ownership is the same? This is a very common arrangement. Will the loan be forgiven?
Posted on 3/29/20 at 10:36 pm to Roaad
quote:
I just went through the app.
No it doesn't. . .and it might be a free for all, I dunno.
But it never asks about hardships or any such
It says that the may request monthly financials and to have them ready, you have 7 days to provide.
Posted on 3/30/20 at 7:42 am to SSpaniel
quote:
Yes, they are.
Whew!!!!
Thanks for the clarifications! That makes me feel A LOT BETTER!
I sell medical equipment. All of my referral sources are shut down. Revenue is down about 80%. There is no way I could remain afloat with out this. I am in two different towns, both locations located in small strip malls. Out of the the 7 tenants at one location, there are two businesses that are open. The other location only has one. Funny thing is, both strip malls with an open business is a cleaners. Apparently, they are doing well during this crisis.
Posted on 3/30/20 at 8:01 am to udtiger
quote:
So, if you were going to be business as usual for the next 2 months, you can get a loan for that amount and essentially pocket that money.
Thanks UD, thats the point. Its obvious the first few months going forward your business is going to suck.
Posters on here pretend you open your business tomorrow and suddenly your sales are what they were before this.
I doubt many will "profit" from it, and just may save many small businesses.
Id be curious how many on here have actually owned a substantial business during an economic downturn, or actually understand the economics of running a business with a substantial number of employees.
Posted on 3/30/20 at 8:31 am to VABuckeye
quote:
Thanks. That’s the EIDL application. The PPP is a different loan. I’m not sure the same application will be used.
So, the application for the 2.5x payroll loan is not available yet? Am I understanding this correctly?
The link provided is for an SBA loan?
This post was edited on 3/30/20 at 8:34 am
Posted on 3/30/20 at 8:36 am to TigerDeBaiter
quote:So an owner must pay himself a wage? Why?
Might want to tread lightly then. It’s generally considered a misuse of an S-Corp classification if you are not paying yourself an industry wage through payroll. Just pointing that out.
This post was edited on 3/30/20 at 8:37 am
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