- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
2
Posted on 5/8/20 at 10:10 am to Im4datigers
quote:
Yes, $5200 at 1% is hardly a disappointment, but when you're expecting to walk into the bank, drop off some paperwork and have no debt it will be a nice surprise. That's going to be a nice $300 a month payment for the business owner for the next 18 months. Bet that wasn't in the budget?
They could just save that 25% and pay it all back immediately.
Posted on 5/8/20 at 10:35 am to Sneaky__Sally
Where are you seeing the 80%? I'm seeing what Grits saw on the SBA site. It claims "fully forgiven" in the Loan details and forgiveness. What am I missing?
This post was edited on 5/8/20 at 10:38 am
Posted on 5/8/20 at 10:55 am to Grits N Shrimp
quote:
From SBA dot gov PPP forgiveness section “The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).”
That makes it appear that as long as 75% of the loan is used on payroll the entire loan is forgivable? Or is that what everyone’s been saying and I’m misunderstanding?
That's for company's with payroll (940/941) and not for sole proprietors (schedule C).
This could all be blown up in a weeks time though as there is no "official" guidance on exactly how all this shite gets forgiven. Anybody that says the have the exact details right now is full of shite. Business, owners, bankers, CPA's, attorney's. Nobody knows as nothing has been released by SBA at this point. Yes, 4 weeks into the program. If you think it's aggravating as a business owner, we're right there with you on the banking side.
Posted on 5/8/20 at 12:41 pm to Chad504boy
I thought it was 80%, but people in here kept saying 75% so I went with that
They give you 10 weeks of average pay. My understanding is that 8 of those are refundable as payroll.
ETA: As others have said we dont' really know how it will work out. I"m saving as much of the money as possible after transferring it out of my LLC account and into my personal as weekly "payroll". Then after the dust settles I'll see what I need to do in terms of a loan / repaying / forgiven amounts.
I'm assuming at this point I'm going to have to repay / take as a loan 20%. If that turns out to be incorrect it will be a nice bonus.
They give you 10 weeks of average pay. My understanding is that 8 of those are refundable as payroll.
ETA: As others have said we dont' really know how it will work out. I"m saving as much of the money as possible after transferring it out of my LLC account and into my personal as weekly "payroll". Then after the dust settles I'll see what I need to do in terms of a loan / repaying / forgiven amounts.
I'm assuming at this point I'm going to have to repay / take as a loan 20%. If that turns out to be incorrect it will be a nice bonus.
This post was edited on 5/8/20 at 12:51 pm
Posted on 5/8/20 at 8:30 pm to Grits N Shrimp
quote:
(due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).”
If 100% is used on payroll then 100% is forgiven. 75% is just a minimum.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News