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re: SBA loans in stimulus---basically give aways for any business with less than 500 employees
Posted on 3/29/20 at 7:22 pm to udtiger
Posted on 3/29/20 at 7:22 pm to udtiger
quote:
Right.
My understanding is if you keep people on payroll for the 8 week period, the loan amount for those costs, plus other overhead (rent utilities) WILL be forgiven. Whether you suffered a loss or would have fired them otherwise is irrelevant.
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.
Walk me through this please
What you’re saying is ......
Keep 10 employees on payroll next
9 weeks(2 months) at $8000/wk or $72,000 + WC $12,500
Plus overhead of $10,000
Then I get free check of $95,000 to keep?
Is that what you’re saying?
1
Posted on 3/29/20 at 7:58 pm to Little Trump
quote:
Walk me through this please
What you’re saying is ......
Keep 10 employees on payroll next
9 weeks(2 months) at $8000/wk or $72,000 + WC $12,500
Plus overhead of $10,000
Then I get free check of $95,000 to keep?
Is that what you’re saying?
Yes, but it may or may not be possible for the smaller businesses like the example you posted. From what I am reading anyway.
Key caveat is that you can only borrow up to 250% of monthly payroll.
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