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Started By
Message
PPP forgiveness
Posted on 11/27/20 at 12:06 pm
Posted on 11/27/20 at 12:06 pm
Anyone been forgiven yet? My bank still isn’t accepting forgiveness applications, but I doubt the SBA changes the application again. TIA
5
Posted on 11/27/20 at 12:15 pm to CajunInFL
To me, it makes sense to take the forgiveness in 2021. Take the deductions in 2020.
Posted on 11/27/20 at 12:20 pm to CajunInFL
I had my small PPP loan forgiven about a month ago
Posted on 11/27/20 at 1:55 pm to Fat Harry
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.
Posted on 11/27/20 at 4:18 pm to CajunInFL
Ours hasn't and my accounting firm said none of their clients had been forgiven yet either.
Posted on 11/27/20 at 7:44 pm to CajunInFL
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
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 11/27/20 at 7:45 pm
Posted on 11/27/20 at 7:46 pm to CajunInFL
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.
Posted on 11/27/20 at 9:09 pm to The Torch
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
Posted on 11/28/20 at 8:17 am to The Torch
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?
Posted on 11/28/20 at 8:55 am to The Torch
Report them.
Posted on 11/28/20 at 9:01 am to Tigerpaw123
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 11/28/20 at 9:08 am
Posted on 11/28/20 at 9:08 am to The Torch
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.
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.
Posted on 11/28/20 at 9:12 am to The Torch
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.
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.
Posted on 11/28/20 at 9:44 am to kaaj24
Keep hearing $100k and under will be automatically forgiven. Anyone have any info on this?
Posted on 11/28/20 at 9:52 am to Spasweezy
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
Posted on 11/28/20 at 10:01 am to The Torch
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.
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 11/28/20 at 10:01 am
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