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Started By
Message
re: For those who got PPP money, how close are you to running out?
Posted on 6/15/20 at 7:42 am to BamaAlum02
Posted on 6/15/20 at 7:42 am to BamaAlum02
quote:
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.
I wouldn’t accept a 5% margin of error from my cpa....
Look if your intention was to take some of it as a loan, I get it that’s good. But that’s not how your first post read to me. That’s all I was saying.
The idea was that you could take ‘up to’ half of a month in payroll for other expenses. Not that everyone should take half a month of payroll for expenses and roll the dice they can figure out things to spend it on. Those other expenses are fairly easy to calculate from the beginning.
I just feel like a lot of people calculated the total they could be allowed to take, then are complaining now because they can’t figure out how to spend it all.
As far as those that can’t hire people back, again that wasn’t the original intention either. The original intention was to allow businesses to keep people or immediately bring them back to payroll to prevent more from going on unemployment. If you couldn’t hire people back in 8 weeks...that should have been considered.
There’s more than one way to skin a cat here, don’t get me wrong. I just feel like this is a handout, people took more money than they should, and now there’s complaining about it. I’m grateful I got what I did even though it was a huge stressful pita.
2
Posted on 6/15/20 at 8:11 am to baldona
You consistently post dumb shite related to the PPP. The idea was to get as much free or low interest money as the business qualified for. With the flexibility act passed, that was a good decision because it should be free money for everyone that can fill out paperwork without committing fraud.
This post was edited on 6/15/20 at 8:12 am
Posted on 6/15/20 at 9:10 am to Jag_Warrior
We ran out at 7.5 weeks in to our 8 weeks, but we only took a 2.0x multiplier instead of the 2.5x multiplier. It was a godsend. I was 2 days away from massive layoffs.
Posted on 6/15/20 at 11:49 am to baldona
quote:
I wouldn’t accept a 5% margin of error from my cpa....
You don't seem to understand that it is not an error. The calculation factors differ from the payback factors.
quote:
Look if your intention was to take some of it as a loan, I get it that’s good. But that’s not how your first post read to me. That’s all I was saying.
No one's intention was to take it as a loan. We have worked with clients whose 8 weeks ended before the forgiveness period was extended and come up with ways to spend the money. We as a firm had ways to spend the money before the timeline was extended. But the question in the OP was "how close are you to running out?"
quote:
The idea was that you could take ‘up to’ half of a month in payroll for other expenses. Not that everyone should take half a month of payroll for expenses and roll the dice they can figure out things to spend it on. Those other expenses are fairly easy to calculate from the beginning.
I just feel like a lot of people calculated the total they could be allowed to take, then are complaining now because they can’t figure out how to spend it all.
I don't see anyone complaining (I certainly wasn't). You would be a fool not to take the maximum allowed especially with how much was changing during the process and is still changing. Anyone who didn't maximize shorted themselves given the change in the forgiveness period.
quote:
As far as those that can’t hire people back, again that wasn’t the original intention either. The original intention was to allow businesses to keep people or immediately bring them back to payroll to prevent more from going on unemployment. If you couldn’t hire people back in 8 weeks...that should have been considered.
We didn't have that problem as we never stopped working. We were down slightly from the beginning of the year because we usually have 10-12 interns and they were unable to work when their dorms closed and they had to go back home.
quote:
There’s more than one way to skin a cat here, don’t get me wrong. I just feel like this is a handout, people took more money than they should, and now there’s complaining about it. I’m grateful I got what I did even though it was a huge stressful pita.
Again, I didn't see anyone in this thread complaining but maybe I missed it. And you are right, it is a handout.
Posted on 6/15/20 at 12:06 pm to WDE24
quote:
With the flexibility act passed, that was a good decision because it should be free money for everyone that can fill out paperwork without committing fraud.
I’m a one person shop, what exactly do I need to do to make sure I don’t have to pay it back?
Posted on 6/15/20 at 1:30 pm to TJG210
Talk to your accountant or banker for specifics of your situation. I'm not going to give you specific advice because I don't know your specific situation and couldn't ethically do so. However, in general a borrower needs to spend at least 60% on payroll expenses and any remainder on qualified expenses such as utilities, rent, or mortgage interest within 24 weeks of funding. Track the spending and then apply for forgiveness.
This post was edited on 6/15/20 at 1:34 pm
Posted on 6/16/20 at 3:42 pm to TJG210
quote:
I’m a one person shop, what exactly do I need to do to make sure I don’t have to pay it back?
my cpa said I just have to come in and sign some forgiveness papers in a couple weeks.
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