Posted by
Message
CajunInFL
LSU Fan
New Orleans, LA
Member since May 2007
1677 posts

PPP forgiveness
Anyone been forgiven yet? My bank still isn’t accepting forgiveness applications, but I doubt the SBA changes the application again. TIA


Fat Harry
Tulane Fan
70115
Member since Mar 2005
1868 posts

re: PPP forgiveness
To me, it makes sense to take the forgiveness in 2021. Take the deductions in 2020.


Ford Frenzy
New Orleans Saints Fan
337 posts
Member since Aug 2010
6645 posts

re: PPP forgiveness
I had my small PPP loan forgiven about a month ago


Replies (0)
Replies (0)
00
hedgediver
LSU Fan
LSU
Member since Sep 2004
2006 posts

re: PPP forgiveness
The IRS released a revenue ruling this week stating that if you have a reasonable expectation of being forgiven, even if that forgiveness doesn’t occur until 2021, you cannot take the deductions in 2020.


Replies (0)
Replies (0)
30
barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
48567 posts
 Online 

re: PPP forgiveness
Ours hasn't and my accounting firm said none of their clients had been forgiven yet either.


Replies (0)
Replies (0)
00
The Torch
LSU Fan
DFW The Dub
Member since Aug 2014
14089 posts

re: PPP forgiveness
What would you do if you knew someone who cheated to get a PPP loan ?

I know some people well who own a company, it's just the husband/wife but they have all of her kids (they all have different last names) on the payroll as contract employees.

They took a loan of 350K-1million per public record.

Since they took it they have bought a 100K truck, a new home and gone on at least two vacations.


Pisses me off
This post was edited on 11/27 at 7:45 pm


ReyCamino
70116
Member since Feb 2019
63 posts

re: PPP forgiveness
I just got an email earlier this week from Regions that I am now eligible to apply for forgiveness through their online portal. I'll deal with it next week.


Replies (0)
Replies (0)
00
cgrand
New Orleans Pelicans Fan
HAMMOND
Member since Oct 2009
25998 posts

re: PPP forgiveness
quote:

They took a loan of 350K-1million per public record.

at that loan value they will have to provide detailed records of expenses. Payroll was capped at 100K per annum so they better have a good accountant


Replies (0)
Replies (0)
20
Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
15181 posts
 Online 

re: PPP forgiveness
quote:

What would you do if you knew someone who cheated to get a PPP loan ? I know some people well who own a company, it's just the husband/wife but they have all of her kids (they all have different last names) on the payroll as contract employees. They took a loan of 350K-1million per public record. Since they took it they have bought a 100K truck, a new home and gone on at least two vacations.



All that is great, but what proof do you have that they cheated?


Spasweezy
LSU Fan
Member since Jan 2014
3929 posts

re: PPP forgiveness
Report them.


The Torch
LSU Fan
DFW The Dub
Member since Aug 2014
14089 posts

re: PPP forgiveness
quote:

but what proof do you have that they cheated?


I know these people personally, a friend of mine helped them start their company. They have two employees and a few contract employees (maybe 7 at max). The wife's kids all work for them, they are all from different husbands and have different last names.

Company profile listed shows: has 2 total employees across all of its locations.

Loan Size:
$350,000 to $1M
Likely Actual Range:
$350,000 to $520,833
Jobs Retained:
25
Loan Approved:
2020-04-28

When accounting for 25 claimed employees and the PPP salary cap of $100k per employee, the actual maximum PPP received by this business is likely $520,8332.

No freaking way they have 25 employees and I guarantee you the two of them are living on the PPP loan money because their business is doing nothing and they are used to living large. Oil/Gas service business.

This post was edited on 11/28 at 9:08 am


kaaj24
LSU Fan
Dallazz
Member since Jan 2010
430 posts
 Online 

re: PPP forgiveness
The PPP loan should have been calculated based on payroll wages, not 1099/independent contractors.

I’ve helped several business submit the PPP loan forgiveness application to banks. Some of the banks have approved it on their end and then submitted to SBA for final approval for the ones I worked on personally.

Banks have 60 days to act on it. Then SBA has 90 days for final approval.


Replies (0)
Replies (0)
00
kaaj24
LSU Fan
Dallazz
Member since Jan 2010
430 posts
 Online 

re: PPP forgiveness
The max a loan with two employees should have been a little over 40k.

They may get flagged during the review process as you have to submit 941s, unemployment filings, 940s, so it’ll be quite obvious if their is any due diligence performed by banks or SBA.



doya2
LSU Fan
Charenton
Member since Jan 2005
7017 posts

re: PPP forgiveness
Keep hearing $100k and under will be automatically forgiven. Anyone have any info on this?


Replies (0)
Replies (0)
00
The Torch
LSU Fan
DFW The Dub
Member since Aug 2014
14089 posts

re: PPP forgiveness
quote:

Report them.



I've thought about it, they are not my favorite people.

Crooks and always have been

Is there a way to do it without them knowing it was me ?
I don't want to get in the middle of it or sued


BottomlandBrew
LSU Fan
Member since Aug 2010
22584 posts

re: PPP forgiveness
Report them. You could get a hefty reward.

We have not filed for forgiveness yet. I ave a good relationship with my banker, and she told me she'd let me know when it was time to file.
This post was edited on 11/28 at 10:01 am


Replies (0)
Replies (0)
00
Spasweezy
LSU Fan
Member since Jan 2014
3929 posts

re: PPP forgiveness
You wouldn’t get sued for reporting them. As far as anonymity goes...do they read this site?

Regardless, here is a link to report SBA Fraud.


Replies (0)
Replies (0)
00
first pageprev pagePage 1 of 1next pagelast page
refresh

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram