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re: Next Round of PPP Loans - Info Inside - Updated 1/8/21
Posted on 12/21/20 at 5:01 pm to hubertcumberdale
Posted on 12/21/20 at 5:01 pm to hubertcumberdale
We got full forgiveness in early December.
1
Posted on 12/21/20 at 5:14 pm to VABuckeye
What about for essential businesses hurting from this but not heavy on employees.
Posted on 12/21/20 at 6:37 pm to Nephropidae
That’s what it’s for. Companies with less than 300 employees. I only have seven.
Posted on 12/21/20 at 6:56 pm to VABuckeye
Could I use the PPP loan to open up a store front?
Posted on 12/21/20 at 7:35 pm to VABuckeye
Any idea if the 1st round of PPP loans under 150k will be automatically forgiven
Posted on 12/21/20 at 8:22 pm to VABuckeye
Any idea if they will use all of the payroll data from the first PPP process to determine how much you are eligible for, or is it going to be like starting from scratch?
Posted on 12/21/20 at 8:36 pm to Mud_Till_May
No but you could possibly get an SBA loan.
Posted on 12/21/20 at 9:02 pm to Finch
My first round was forgiven but I had to fill out the forgiveness application which took about a month for them to review.
I got hit with a $1000 forgiveness fee or something of the sort. I figure since my PPP was fairly low I wasn’t going to complain. I’m Hancock Whitney FYI.
I got hit with a $1000 forgiveness fee or something of the sort. I figure since my PPP was fairly low I wasn’t going to complain. I’m Hancock Whitney FYI.
Posted on 12/21/20 at 10:35 pm to Tigerpaw123
I'm wondering the same thing. I've heard you will need to fill out the application and recalculate how much you should get. But, I've also heard they will automatically give you how much you had forgiven.
At this point, I think the bankers are simply guessing
At this point, I think the bankers are simply guessing
Posted on 12/22/20 at 7:23 am to PaBon
quote:
I got hit with a $1000 forgiveness fee or something of the sort
That was your EIDL advance , 1k per employee up to 10
Posted on 12/22/20 at 9:01 am to Tigerpaw123
quote:
That was your EIDL advance , 1k per employee up to 10
Will he get that back? Or are people who already filed and had their EIDL advances deducted just sort of screwed?
Posted on 12/22/20 at 9:34 am to SSpaniel
No. The EIDL advance must be paid back outside of the PPP loan. I have $5000 to pay back.
Posted on 12/22/20 at 9:35 am to Finch
quote:
Any idea if the 1st round of PPP loans under 150k will be automatically forgiven
It isn't automatic, but it supposed to be an "express" processing. You still have to apply for forgiveness. Part of that process is submitting your payroll info for the period.
Posted on 12/22/20 at 9:36 am to VABuckeye
quote:
No. The EIDL advance must be paid back outside of the PPP loan. I have $5000 to pay back.
I thought last nights legislation changed that.
Posted on 12/22/20 at 9:50 am to SSpaniel
It would be nice but I'm not sure.
Here is the PPP loan language from last night. Forgiveness up to $150K loan is now a simplified process. It's basically just a certification from the borrower.
PPP Loan Language 12-21-20
Here is the PPP loan language from last night. Forgiveness up to $150K loan is now a simplified process. It's basically just a certification from the borrower.
PPP Loan Language 12-21-20
Posted on 12/22/20 at 10:32 am to VABuckeye
Here it is.
quote:
15. EIDL Advance Non-Taxable and No Longer Reduces PPP Loan Forgiveness The Act also replenishes the EIDL Advance fund, which allows businesses suffering a substantial economic injury to apply for an advance that does not need to be repaid or up to $1,000 per employee limited to $10,000 total. Prior law stated that any EIDL Advance received would reduce PPP Loan Forgiveness, essentially requiring the Advance to be repaid. The new Act repeals this provision so the receipt of an EIDL Advance will have no impact on PPP loan forgiveness. Borrowers that have already applied for and received loan forgiveness presumably may now amend their application to request that the $10,000 EIDL Advance (or amount actually received) not reduce their forgiveness amount and request repayment.
Posted on 12/22/20 at 11:16 am to SSpaniel
Damn looks like I'm only down 15.5% for Q2 for 2020 from 2019. Which was my worst quarter. So I likely won't qualify, even though my business was on a projection to do a 50-60% increase in gross revenue and my expenses reflect that.
Financially I'm fine, but I'll certainly be keeping an eye on the next round of PPP as the government has fricked me over multiple times.
Financially I'm fine, but I'll certainly be keeping an eye on the next round of PPP as the government has fricked me over multiple times.
This post was edited on 12/22/20 at 11:17 am
Posted on 12/22/20 at 11:42 am to SSpaniel
Here is a summary of the new PPP and as SSpaniel noted the EIDL Grand now does not have to be repaid.
PPP Round 2 Summary
PPP Round 2 Summary
This post was edited on 12/22/20 at 11:51 am
Posted on 12/22/20 at 11:59 am to VABuckeye
The first round was so good why not.
Couple I know took up to 400k (they own an oil/gas service company in New Mexico but live in La), since the loan they have been on three vacations, purchase a 350k home and the husband just bought a truck that costs around 90k.
All while doing little to no business in the O/G field.
Couple I know took up to 400k (they own an oil/gas service company in New Mexico but live in La), since the loan they have been on three vacations, purchase a 350k home and the husband just bought a truck that costs around 90k.
All while doing little to no business in the O/G field.
Posted on 12/22/20 at 12:01 pm to diat150
My cpa emailed this morning to let us know expenses would be deductible.
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