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re: Small Business Resource Thread COVID-19
Posted on 4/4/20 at 3:54 pm to Doctor Strangelove
Posted on 4/4/20 at 3:54 pm to Doctor Strangelove
quote:
Are you guys using rent, retirement, health care coverage, etc as part of that payroll dollar amount?
My understanding is that rent is NOT to be used to calculate the loan but part of the loan can be used to PAY rent.
1
Posted on 4/4/20 at 8:18 pm to eyepooted
(no message)
This post was edited on 4/4/20 at 10:43 pm
Posted on 4/4/20 at 9:51 pm to cmlsu
You have a source for what you read? We’re trying to keep this thread to facts. Not doubting you but links would really be helpful for all of us.
Posted on 4/4/20 at 10:04 pm to Sho Nuff
quote:
Correct. ETA: Not as of today. 1099 opens applications on April 10th.
So does that mean that my independent contractors are on their own and have to also file and I have to let them go?
Posted on 4/4/20 at 10:43 pm to VABuckeye
Posted on 4/5/20 at 9:18 am to cmlsu
My wife has an LLC operating as an SCorp and she’s the only employee in her business. She’s only been in business for 2 years. In both years the business has operated at a net loss and thus she has not had to do payroll.
Does anyone know if she would qualify for the EIDL grant, the PPP loan, or unemployment?
Having a hard time finding out what she would qualify for based on her unique situation.
TIA
Does anyone know if she would qualify for the EIDL grant, the PPP loan, or unemployment?
Having a hard time finding out what she would qualify for based on her unique situation.
TIA
Posted on 4/5/20 at 12:17 pm to Neil Caffrey
You can definitely apply for the EIDL grant as her business has been impacted. I'd be on the phone with my banker tomorrow morning about the PPP loan. I'm just not sure you'll have success with it but best of luck to you.
Posted on 4/7/20 at 10:09 am to VABuckeye
VA, have you head anything on the EIDL? Have they even started processing?
Posted on 4/7/20 at 10:27 am to Jjdoc
Not a thing. I filled out the preliminary form and the SBA site claims there's an application online to be completed but it takes you to the form for the $10k grant. Frustrating.
I'm looking to take out a small EIDL loan in addition to the PPP loan. If I can do that I can keep everyone paid through the end of July at full pay without layoffs. That is with zero new business coming in which won't be the case as we're essential (fingers crossed).
I'm looking to take out a small EIDL loan in addition to the PPP loan. If I can do that I can keep everyone paid through the end of July at full pay without layoffs. That is with zero new business coming in which won't be the case as we're essential (fingers crossed).
Posted on 4/7/20 at 2:17 pm to VABuckeye
We have heard nothing.
Posted on 4/8/20 at 7:49 am to SippyCup
quote:
EIDL will forgive the advance 10k. PPP will forgive 8 weeks of payroll, utilities, rent and/or interest.
Where are you seeing a place to add these amounts to the PPP application? It only allows for avg monthly payroll capped at $100k/year plus the amount of EIDL applied.
I’m wondering if I should modify my app to include money insurance, 401k rent and utilities which are significant amounts? I’d appreciate it if you can explain this part to me. My CPA said not to include these amounts.
This post was edited on 4/8/20 at 7:59 am
Posted on 4/8/20 at 9:40 am to Doctor Strangelove
It doesn't add to the application. Up to 25% of the loan can be used for rent, health insurance premiums and utilities and the loan is still forgivable. 75% of the loan MUST be used for payroll for the loan to be forgiven.
There is some confusion as to whether health insurance premiums can be part of the loan amount. SBA is moving the goal posts daily it seems.
There is some confusion as to whether health insurance premiums can be part of the loan amount. SBA is moving the goal posts daily it seems.
Posted on 4/8/20 at 10:14 am to VABuckeye
quote:Aren’t those consider payroll expenses, especially if it’s part of a typical cafeteria plan?
health insurance premiums a
quote:Oops. I should have read the whole post first.
There is some confusion as to whether health insurance premiums can be part of the loan amount. SBA is moving the goal posts daily it seems.
This post was edited on 4/8/20 at 10:15 am
Posted on 4/8/20 at 10:52 am to buckeye_vol
We included health insurance premiums on the app. I pay 100% of my employees healthcare. Hopefully we did the right thing.
Posted on 4/8/20 at 2:05 pm to VABuckeye
quote:
My understanding is that rent is NOT to be used to calculate the loan but part of the loan can be used to PAY rent.
I have no idea why I didn't check this board earlier.
I have had to redo my loan paperwork no less than 10 times since Thursday of last week.
I just sent the latest and greatest back to the bank.
Anyone else having issues or anyone else that banks with Hancock having issues?
My local branch people are awesome, I think its corporate/SBA that keeps moving the goal posts.
This post was edited on 4/8/20 at 2:31 pm
Posted on 4/8/20 at 2:26 pm to Doctor Strangelove
quote:
I’m wondering if I should modify my app to include money insurance, 401k rent and utilities which are significant amounts? I’d appreciate it if you can explain this part to me. My CPA said not to include these amounts.
No, you cannot include typical overhead that isn't directly related to payroll for the amount of the loan.
I just sent the "last forms" over to my bank. The max loan amount is 2.5 times monthly payroll, including PAID employers taxes/heatlthcare premiums and benefits, per the form from hancock I just filled out. Example, I couldn't include my vacation because I didn't actually pay that out, but I did pay healthcare premiums.
You CAN use the funds for rent, utilities, and mortgage payments, but at least 75% of the loan MUST be used directly for payroll to be forgiven.
I am opening a separate checking account for this money to go straight into and out of so it will be easy to audit.
This is all info per what I just got finished filling out a few minutes ago.
This post was edited on 4/8/20 at 2:32 pm
Posted on 4/8/20 at 2:28 pm to VABuckeye
quote:
We included health insurance premiums on the app. I pay 100% of my employees healthcare. Hopefully we did the right thing.
That is part of payroll/benefit and from the latest info I have, is included.
Posted on 4/8/20 at 2:29 pm to shawnlsu
thanks guys. I purposely waited until some of the dust settled and there is still uncertainty. My CPA and Banker are giving me different answers as well.
Posted on 4/8/20 at 11:26 pm to Neil Caffrey
Circle back if you find anything out or decide on a plan of attack.
I own an LLC as well that's relatively small. More of a side hustle than anything that's operated at a net loss the last 2 years also. This all will certainly impact normal sales.
I own an LLC as well that's relatively small. More of a side hustle than anything that's operated at a net loss the last 2 years also. This all will certainly impact normal sales.
Posted on 4/9/20 at 6:12 am to LSUShock
quote:
Circle back if you find anything out or decide on a plan of attack
Will do. Have a phone call with my accountant scheduled for today.
Applied for EIDL grant and for unemployment. We’ll see if either of those work out.
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