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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27753 posts

re: Small Business Resource Thread COVID-19
I believe it does but that's just my opnion on it.


SippyCup
Bidens Basement
Member since Sep 2008
4154 posts

re: Small Business Resource Thread COVID-19
quote:

believe it does but that's just my opnion on it.


I would agree based on the language. Hopefully they correct that as hundreds of thousands of small businesses have already applied.


GravelLotinCanada
Anywhere, Anytime
Member since Dec 2019
77 posts

re: Small Business Resource Thread COVID-19
I read somewhere, a few different places actually that you are good even if you applied for the SBA economic disaster loan. If you get that loan done before you get the PPP loan you can still apply for PPP, and at closing they would refinance what ever you had in original loan into the PPP loan.

They don’t double dip though. So if you were going to get 30k of forgivable money through PPP deal, and you got 15K through SBA loan you’d only get 15k through PPP. Still same amount but from two different plans, and again they refinance it so it’s one loan once it’s all said and done. At least that’s the way I understand it.
This post was edited on 3/28 at 2:33 pm


SippyCup
Bidens Basement
Member since Sep 2008
4154 posts

re: Small Business Resource Thread COVID-19
That seems more logical but who knows at this point.


GravelLotinCanada
Anywhere, Anytime
Member since Dec 2019
77 posts

re: Small Business Resource Thread COVID-19
LINK

This link explains what I was talking about at the very bottom.


VOR
New Orleans Pelicans Fan
Member since Apr 2009
60463 posts

re: Small Business Resource Thread COVID-19
So, for some reason, you got some down votes. Go figure. lol.


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11
Penn
USA Fan
Jax Beach
Member since Jan 2008
23217 posts

re: Small Business Resource Thread COVID-19
I jumped the gun a applied last week, hope they let me in


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SippyCup
Bidens Basement
Member since Sep 2008
4154 posts

re: Small Business Resource Thread COVID-19
quote:

This link explains what I was talking about at the very bottom.


Thanks. That clears it up.


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10
Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14684 posts

re: Small Business Resource Thread COVID-19
Could a small biz, under50 employees be eligible for the family first act that allows 10 days of sick time to be reimbursed by the feds for each employee, plus the paycheck protection program that forgives 8 weeks of payroll expenses plus rent and utilities as well as an EIdL loan that has to be paid back over 30 years for other qualified business expenses???


SippyCup
Bidens Basement
Member since Sep 2008
4154 posts

re: Small Business Resource Thread COVID-19
According to that link you can’t do PPP and ELdL, but you can choose on or the other and those other programs you listed.


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14684 posts

re: Small Business Resource Thread COVID-19
Correct me if I am wrong but did I see where you can get ELDL first then you get the pay check one and refi the balance into it or vice versa????
This post was edited on 3/28 at 9:00 pm


Sho Nuff
New Orleans Saints Fan
Hawaii
Member since Feb 2009
10312 posts

re: Small Business Resource Thread COVID-19
I'm still trying to get clear on the over $100k salary. Let's say someone makes $150k, does that mean you can't use $100k of their payroll at all or you can use "up to it"? I've seen conflicting info.


JoeBobRuby
LSU Fan
Member since Sep 2005
5806 posts

re: Small Business Resource Thread COVID-19
I've heard you can use up to 100k on each employee toward the monthly average. The extra 50k won't apply to the averaging.

Source is a webinar put on yesterday by One Acadiana / The Picard Group
LINK


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20
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27753 posts

re: Small Business Resource Thread COVID-19
If you already have one. You can’t go out and get both now. Specifically prohibited.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27753 posts

re: Small Business Resource Thread COVID-19
You can use up to $100k prorated. Anything above is excluded. 8333.33 monthly is the max per person.


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10
bobdylan
LSU Fan
Cankton
Member since Aug 2018
562 posts

re: Small Business Resource Thread COVID-19
That’s not accurate. You can’t get both for the same expenses (payroll).

quote:

An applicant that receives assistance under the Economic Injury Disaster Loan Programs for purposes of paying payroll and providing payroll support is not eligible.
This post was edited on 3/28 at 8:32 pm


bobdylan
LSU Fan
Cankton
Member since Aug 2018
562 posts

re: Small Business Resource Thread COVID-19
quote:

If a company has already applied for an SBA loan, which many companies have, and it is pending, they don’t qualify.


You can if it’s not for the same purpose is my understanding.

This is pretty good:

US Chamber of Commerce Checklist
This post was edited on 3/28 at 9:41 pm


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27753 posts

re: Small Business Resource Thread COVID-19
Thanks for the clarification. Did not intend to give disinformation.


Sho Nuff
New Orleans Saints Fan
Hawaii
Member since Feb 2009
10312 posts

re: Small Business Resource Thread COVID-19
Good thread, boys and girls


SippyCup
Bidens Basement
Member since Sep 2008
4154 posts

re: Small Business Resource Thread COVID-19
quote:

Good thread, boys and girls


It really is. There is a thread on the OT or Poli that has so much Misinformation it makes me want to kick a baby seal.


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