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Started By
Message
re: Small Business Resource Thread COVID-19
Posted on 4/9/20 at 11:24 am to Neil Caffrey
Posted on 4/9/20 at 11:24 am to Neil Caffrey
Just got an email from the bank saying my PPP loan was approved through them and sent to the SBA for approval.
Guess that means I'm one step closer?
Guess that means I'm one step closer?
1
Posted on 4/9/20 at 11:25 am to shawnlsu
quote:
PAID employers taxes
What is an example of paid employers taxes? Do you mean SOC Sec/Medicare portion paid by empolyer through payroll tax?
Posted on 4/9/20 at 11:30 am to Doctor Strangelove
Yes, but you can't be delinquent on them and also include them, if that makes sense.
Sort of like the back child support qualifier on the "cover checks"
Sort of like the back child support qualifier on the "cover checks"
Posted on 4/9/20 at 12:03 pm to shawnlsu
Congrats to all that have been approved. Hopefully the rest of us come up in the queue before long.
Posted on 4/9/20 at 12:10 pm to shawnlsu
quote:
shawnlsu
How long ago did you apply and what bank are you using?
Posted on 4/9/20 at 12:46 pm to Dandy Lion
What happens if you have employees quit after getting your PPP money, will you owe the amount of their pay back?
Posted on 4/9/20 at 2:48 pm to Shankapotamous
I’m so damn confused. I am an independent insurance agent and am 1099. I have an LLC set up that agencies pay me on. I however do not have payroll as it is just me and I pay myself what the business makes. I don’t understand how they have self employed option but will turn me down bc I do not have payroll. We have other agents that pay themselves a payroll and they will qualify but I don’t think I will.
Being that i am in the first quarter I can turn around and run payroll and myself for the last 3 months. Then do I qualify?
I applied for the SBA loan so not sure if you can do both or if there is further guidance on that.
Being that i am in the first quarter I can turn around and run payroll and myself for the last 3 months. Then do I qualify?
I applied for the SBA loan so not sure if you can do both or if there is further guidance on that.
Posted on 4/9/20 at 3:03 pm to Dandy Lion
quote:
How long ago did you apply and what bank are you using?
I filled my first app out on 4/1 but it changed a dozen times. Final app submitted around noon yesterday and it was BANK approved this morning. They send it to the SBA for what I'm sure is a guarantee and then funding.
Posted on 4/9/20 at 3:04 pm to SaintNation
I posted a link here this morning that included 1099. Let me find it.
ETA: you can do both, but I have a hunch that they are approving and funding these PPP loans first.
ETA: you can do both, but I have a hunch that they are approving and funding these PPP loans first.
This post was edited on 4/9/20 at 3:06 pm
Posted on 4/9/20 at 3:29 pm to shawnlsu
Thank you please post, is the self employment app out yet?
Posted on 4/9/20 at 3:33 pm to SaintNation
I believe tomorrow (4/10) is the day for the SE and 1099 app.
Posted on 4/9/20 at 3:46 pm to VABuckeye
Chase Bank won’t let you apply through them if your 1099 unless you have a business account set up. That’s what I am being told. They are trying to get a work around so they can process them still but right now 1099 people would have to go through the formal government app.
Posted on 4/9/20 at 4:20 pm to eyepooted
I need help on the EIDL.
Thanks in advance.
Sole proprietor, I own one rental property.
Tenant can't pay. Rent is $1000/mo.
So I have lost $1k.
Help needed specifically with this question on the app:
"Rental Properties (Residential and Commercial) Only - Lost Rents Due to the Disaster"
Do I put $1000 on this line or is this a forward looking thing with the expectation that the unemployed renter won't be paying me for the forseeable future?
I'd rather put $12k on this line and be able to pay the mortgage for a year, but I don't want to run afoul.
Any clarification is appreciated.
Thanks in advance.
Sole proprietor, I own one rental property.
Tenant can't pay. Rent is $1000/mo.
So I have lost $1k.
Help needed specifically with this question on the app:
"Rental Properties (Residential and Commercial) Only - Lost Rents Due to the Disaster"
Do I put $1000 on this line or is this a forward looking thing with the expectation that the unemployed renter won't be paying me for the forseeable future?
I'd rather put $12k on this line and be able to pay the mortgage for a year, but I don't want to run afoul.
Any clarification is appreciated.
Posted on 4/9/20 at 4:29 pm to HarrisonTown
quote:
Do I put $1000 on this line or is this a forward looking thing with the expectation that the unemployed renter won't be paying me for the forseeable future?
Pretty sure you can input $1000/Month.
At the end of the day, the EIDL is a loan, so you can put $12K if you want. The repayment terms haven't been finalized as far as I know other than a not to exceed rate and life.
ETA: there is some talk about principle forgivness with the EIDL, I just haven't heard any specifics yet.
This post was edited on 4/9/20 at 4:32 pm
Posted on 4/9/20 at 5:33 pm to shawnlsu
Thanks
Can't, can only input numericals.
It'd be perfect if I could input $1k/mo.
Somewhat redeeming question comes a little earlier in the app that asks for gross revenue for previous 12 mos, so that's something.
In the end, I just want the free $10k (or whatever they want to give me) if I'm legally eligible to it.
Am I even on the right program (EIDL)? as a sole prop just looking to cover the mortgage/lost rent?
Lots of conflicting info.
I don't want a loan, I'll just suck it up if that's the case, but if they will give me money, I want it.
quote:
Pretty sure you can input $1000/Month.
Can't, can only input numericals.
It'd be perfect if I could input $1k/mo.
Somewhat redeeming question comes a little earlier in the app that asks for gross revenue for previous 12 mos, so that's something.
In the end, I just want the free $10k (or whatever they want to give me) if I'm legally eligible to it.
Am I even on the right program (EIDL)? as a sole prop just looking to cover the mortgage/lost rent?
Lots of conflicting info.
I don't want a loan, I'll just suck it up if that's the case, but if they will give me money, I want it.
This post was edited on 4/9/20 at 5:35 pm
Posted on 4/9/20 at 5:37 pm to HarrisonTown
I think you are on the correct app.
I have no idea how its calculated or how long we have to wait.
I have no idea how its calculated or how long we have to wait.
Posted on 4/9/20 at 5:48 pm to shawnlsu
ok i cannot find where it says employer paid fica/ss are considered part of payroll for the PPP loan or loan forgiveness. we used our 2019 w-3 to calculate loan $ and that form doesn't include employer portion,
so my question is do you know where it shows employer paid fica/ss can be included in the forgiven part of the loan? i've tried to read it all but can't seem to find this nugget.
so my question is do you know where it shows employer paid fica/ss can be included in the forgiven part of the loan? i've tried to read it all but can't seem to find this nugget.
Posted on 4/9/20 at 6:26 pm to ValZacs
Most of you small business owners need to listen to this webinar. Lots of misinformation out there. SCORE is the nonprofit arm of the SBA. They are doing tons of things like this now.
SBA Coronavirus Webinar
SBA Coronavirus Webinar
Posted on 4/9/20 at 6:27 pm to presnapclap
As far as banks go, getting the SBA approval is easy if they have access to ETRAN. If they do not and are using an agent, then it will take longer for a "bank approved" borrower to get "SBA approved". Again, documentation is the holdup with most banks now. Remember, if you borrow and use the proceeds on anything other than payroll, then there is strong chance the nonpayroll portion will not be forgiven. Keep track of how your business uses the proceeds - very important.
Posted on 4/9/20 at 7:02 pm to ValZacs
quote:
ValZacs
That's what my bank asked for. All payroll expenses.
I sent them a payroll report straight out of quickbooks
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