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Started By
Message
For those who got PPP money, how close are you to running out?
Posted on 6/11/20 at 2:43 pm
Posted on 6/11/20 at 2:43 pm
It was designed to last about 8 weeks, right?
Just curious about what some of the business owners on here are seeing.
Just curious about what some of the business owners on here are seeing.
9
Posted on 6/11/20 at 2:44 pm to Jag_Warrior
At this point I would be glad to get anything. Damn you capitalone!
This post was edited on 6/11/20 at 2:47 pm
Posted on 6/11/20 at 2:46 pm to Jag_Warrior
we've spent what we applied for
8 weeks payroll
2 months health ins
2 months prorated SEP
8 weeks payroll
2 months health ins
2 months prorated SEP
Posted on 6/11/20 at 2:59 pm to cgrand
I'll probably be under and owe if they audit.
My mortgage is really low and utilities are low. I only have about $1000 in utilities and interest. I need to see what all I can count for the items outside of payroll.
But 2 months of utilities and interest for me is considerably under 1 pay period of payroll. I knew that going in, if I owe $3000 at 1% I'll take it.
My mortgage is really low and utilities are low. I only have about $1000 in utilities and interest. I need to see what all I can count for the items outside of payroll.
But 2 months of utilities and interest for me is considerably under 1 pay period of payroll. I knew that going in, if I owe $3000 at 1% I'll take it.
Posted on 6/11/20 at 7:20 pm to Jag_Warrior
Plenty of my clients will be going the 24 week route....most will only need a couple weeks past the 8 week original deadline.
Posted on 6/11/20 at 8:35 pm to Jag_Warrior
I think we are about 95% through ours. Would be giving about $100k back if they didn’t extend to 24 weeks.
Posted on 6/11/20 at 8:37 pm to BamaAlum02
Im at 75% and taking the rest out in 13 days
Posted on 6/11/20 at 9:24 pm to Jag_Warrior
Out by early July. Received funding on April 15.
Posted on 6/11/20 at 9:56 pm to Jag_Warrior
After the June 15th payroll we’ll have $670 of PPP money left which will go towards the June 30th payroll.
Posted on 6/11/20 at 10:07 pm to BamaAlum02
I believe it is only for an 8 week window, but that window can be used with 24 weeks. If you don't hit 60%, it all goes back.
Posted on 6/12/20 at 6:10 am to BamaAlum02
quote:
think we are about 95% through ours. Would be giving about $100k back if they didn’t extend to 24 weeks.
How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?
Posted on 6/12/20 at 10:39 am to Jag_Warrior
Ran out on the last payroll. Didn't apply for enough actually but what I got was appreciated. 
Posted on 6/12/20 at 10:54 am to baldona
quote:
How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?
5% is not that far off - we're in the same boat. Got about a $2.5M loan and we've only spent around $2.4M. Since it was calculated based on full pre-covid payroll cycles it would make sense that you would be a little under as you continue to ramp up.
Posted on 6/12/20 at 11:07 am to JakeRStephenes
quote:
I believe it is only for an 8 week window, but that window can be used with 24 weeks. If you don't hit 60%, it all goes back.
You can choose an 8 week window OR a 24 week window.
The 60% "floor" rule is being fixed via SBA regulation.
Posted on 6/12/20 at 11:08 am to baldona
quote:
How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?
In most cases, it's not a calculation issue, but a spending issue. You have to have people back on payroll in order to spend the money.
Posted on 6/12/20 at 11:09 am to Nappy
quote:
Plenty of my clients will be going the 24 week route....most will only need a couple weeks past the 8 week original deadline.
Yeah. I would say I have a decent chunk for whom 8 weeks was fine, and another large chunk who will end up needing 12 or so weeks. The only ones that will need 24 are my hotel/restaurant/tourism clients who are just starting to re-open despite being 6-8 weeks in on the timeline, and will be a while before they get back to "normal".
Posted on 6/12/20 at 11:28 am to Jag_Warrior
We will likely exhaust all of our funds in 11 weeks total versus the 8 weeks that were originally proposed. With all funds we have used (7 figures) being eligible for 100% forgiveness.
This post was edited on 6/12/20 at 11:29 am
Posted on 6/12/20 at 6:02 pm to PrettyLights
We completed on last payroll. Just under the 8 weeks due to how payroll was run and the fact they didn’t extend it until we had already set our calculations.
Posted on 6/14/20 at 8:35 pm to JakeRStephenes
quote:
I believe it is only for an 8 week window, but that window can be used with 24 weeks. If you don't hit 60%, it all goes back.
It is written as using the full 24 weeks, not 8 weeks in the 24. Of course that could be changed as many other aspects of the PPP have.
Posted on 6/14/20 at 8:42 pm to baldona
quote:
How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?
It has nothing to do with calculating properly or improperly. We are a CPA firm, we calculated over a hundred of these. I think we are good on how to come up with the figures.
The application is based on payroll at 2.5 months and original forgiveness was based on 8 weeks of payroll plus other operating expenses such as rent and utilities. Unless your rent and utilities for 2 months equaled approximately half a month of payroll, the math doesn’t work out with adjustments. We are very heavy on payroll and not so much of the other expenses.
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