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re: When did PPP 8 weeks start?
Posted on 5/9/20 at 12:46 pm to VanJoe
Posted on 5/9/20 at 12:46 pm to VanJoe
You are basically in the same situation as me but I never laid anyone off.
You can use the money as a 1% loan. Pay rent for awhile with it. I don’t think there’s any other punishment is there?
The problem with hiring them back is will you be open?
Frankly I’d probably stand still and see what happens. Put the money in a money market and it’s a break even. Then if you are open being them back, use the PPP to pay them or pay it back.
You could ask for up to 2.5X monthly payroll but the only part forgiven is what you actually need. So if your rent, utilities, etc add up to only .25X payroll that’s all that’s forgiven.
You can use the money as a 1% loan. Pay rent for awhile with it. I don’t think there’s any other punishment is there?
The problem with hiring them back is will you be open?
Frankly I’d probably stand still and see what happens. Put the money in a money market and it’s a break even. Then if you are open being them back, use the PPP to pay them or pay it back.
You could ask for up to 2.5X monthly payroll but the only part forgiven is what you actually need. So if your rent, utilities, etc add up to only .25X payroll that’s all that’s forgiven.
1
Posted on 5/9/20 at 3:29 pm to baldona
Not so fast.
PPP Loan Fordiveness Update
quote:
Guidance released by the SBA provides that borrowers of PPP loans may be subject to charges of fraud for the unauthorized use of proceeds. The SBA’s interim final rule released on April 3, 2020, provides that if a borrower uses PPP funds for “unauthorized purposes,” the SBA will direct them to repay those amounts. Further, if a borrower knowingly uses the funds for unauthorized purposes, the borrower will be subject to criminal liability for charges such as fraud. In addition, if a borrower’s “shareholders, members, or partners uses PPP funds for unauthorized purposes, SBA will have recourse against the shareholder, member, or partner for the unauthorized use.” So far, there is no further guidance on the extent of recourse against shareholders, members or partners for unauthorized use of PPP loans.
PPP Loan Fordiveness Update
Posted on 5/12/20 at 7:39 am to VABuckeye
I have a specific question...
If I use 80% of the PPP loan to pay all the laid off employees, and 20% to pay rent while the business is still closed during the 8 weeks period. Is my loan qualify for 100% forgiveness?
If I use 80% of the PPP loan to pay all the laid off employees, and 20% to pay rent while the business is still closed during the 8 weeks period. Is my loan qualify for 100% forgiveness?
Posted on 5/12/20 at 7:49 am to VanJoe
Yessir.
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