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Started By
Message
Should my wife fire herself?
Posted on 4/6/20 at 11:22 am
Posted on 4/6/20 at 11:22 am
She owns a business that's shut down- she's the only employee, everyone else is 1099. Payroll expenses are about $1,000/month. She files as an S-Corp.
Would she be better off firing herself and collecting unemployment? From what I've read, it's possible to do, and it seems like she'd be one of the ones that would benefit from unemployment moreso than the PPP, but I admittedly don't know a whole lot about some of the new stuff I'm reading about.
Would she be better off firing herself and collecting unemployment? From what I've read, it's possible to do, and it seems like she'd be one of the ones that would benefit from unemployment moreso than the PPP, but I admittedly don't know a whole lot about some of the new stuff I'm reading about.
5
Posted on 4/6/20 at 11:33 am to LSUGUMBO
PPP will cover her salary, rent, utilities, phone, internet, and health insurance premiums.
Posted on 4/6/20 at 11:37 am to LSUGUMBO
She can also file for the EIDL $10K grant.
Posted on 4/6/20 at 11:56 am to VABuckeye
We did file for EIDL, and she's going to talk to the bank about what number she should be asking for with PPP.
Thanks all.
Thanks all.
Posted on 4/6/20 at 12:07 pm to LSUGUMBO
Best of luck. We've filed for the $10K grant and the PPP loan. We may also do a small EIDL loan.
Posted on 4/6/20 at 12:25 pm to LSUGUMBO
quote:
We did file for EIDL
Good luck. Its crazy that the feds are promising money within 3 days and I haven't heard of a single person who has gotten their grant yet.
Posted on 4/6/20 at 12:27 pm to Drunken Crawfish
The site now says it can take a week to process. I filed a week ago and nothing yet.
Posted on 4/6/20 at 1:11 pm to Drunken Crawfish
quote:
Good luck. Its crazy that the feds are promising money within 3 days and I haven't heard of a single person who has gotten their grant yet.
That ain't crazy, baw. Crazy is really believing it would take only 3 days. Hang in there.
Posted on 4/6/20 at 2:17 pm to LSUGUMBO
Don’t think you can do both the EIDL and the PPP, unless you would qualify for more than the 10k. If payroll is $1000 don’t think that’s going to happen.
Posted on 4/6/20 at 3:56 pm to TigerDeBaiter
Good point. The PPP has much relaxed guidelines. The EIDL loan has some relaxed requirements but it’s still a fully underwritten loan.
Posted on 4/8/20 at 4:03 pm to TigerDeBaiter
quote:
Don’t think you can do both the EIDL and the PPP
You can do both, no matter what as far as I understand.
The EIDL just has some relaxed restrictions, terms ect on approval over a standard SBA loan, again from what I understand from my bank.
Posted on 4/8/20 at 5:54 pm to LSUGUMBO
quote:
Should my wife fire herself?
I spend WAY too much time on the PB. So many really punchable replies popped into my mind.
Posted on 4/8/20 at 7:00 pm to LSUGUMBO
With those amounts of money I would feel pretty confident that she could attempt this because reasonable compensation for officers/shareholders might not even come into play.
Most of the audits for my clients I have seen are when there is say $200,000 in net income and they report zero for officer compensation and send it all to dividends. That is not a reasonable compensation.
Very little hard and fast rules on this.
Most of the audits for my clients I have seen are when there is say $200,000 in net income and they report zero for officer compensation and send it all to dividends. That is not a reasonable compensation.
Very little hard and fast rules on this.
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