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Started By
Message
re: Who has received their $10,000 EIDL advance grant?
Posted on 4/5/20 at 11:15 am to SoloTiger
Posted on 4/5/20 at 11:15 am to SoloTiger
quote:
They are basically screwing shite up, which has prompted at least one letter from the Senate telling them to get people their damn $ now
While I am in no way defending the SBA, Congress has no idea how the bureaucracy they created actually works. If the intent of Congress was just "give them $ now" they never should have selected the SBA to be the middle man. They should have just had people submit info directly to the treasury. Problem is, treasury isn't set up for that, either.
People are screaming that the money needs to get to people yesterday, and they are also screaming there needs to be checks and balances to prevent fraud. Well, you can't have it both ways. Checks and balances add time to the process. Add to that the SBA is having trouble figuring congressional intent, and you get here.
1
Posted on 4/5/20 at 11:33 am to LSUFanHouston
Not necessarily disagreeing with you, but the SBA would have to be retarded to not understand the intent of the $10,000 advanced grant.
The initial online application was meant to be simple for people to fill out and the grant $ was supposed to be distributed as quickly as possible.
Congresses intent as I interpret it is...get people the $ as fast as possible to keep the economy from cratering...we will sort the rest out later.
If the advanced grant is significantly delayed then then EIDL will not have achieved it's initial primary goal.
The initial online application was meant to be simple for people to fill out and the grant $ was supposed to be distributed as quickly as possible.
Congresses intent as I interpret it is...get people the $ as fast as possible to keep the economy from cratering...we will sort the rest out later.
If the advanced grant is significantly delayed then then EIDL will not have achieved it's initial primary goal.
This post was edited on 4/5/20 at 11:35 am
Posted on 4/5/20 at 11:46 am to Neil Caffrey
quote:
Having a hard time finding out what she would qualify for based on her unique situation.
it is tricky if she is not a straight 1099/SP/IC and does not have a normal W2 job.
however, if she is taxed as a s-corp, she should have a W2 and be paying FUTA/SUTA taxes on the salary side. but you say she has not been taking a salary? and leaving it all in the dividend/distribution side? I think you COULD be screwed there. If she had been taking a salary paying the FUTA/SUTA tax on the W2 side maybe better off?
If she is the sole owner/shareholder I am not even sure you can lay yourself off even if you had an unemployment account setup with LA works. Maybe your CPA can help you out. I never had to even consider this with my old S-corp. I am starting a new one now though. It would be good info to know. I will ask my CPA when i see her in a few days once she finishes my taxes.
Posted on 4/5/20 at 11:51 am to MapGuy
quote:
It’s not a straight grant. You will have to pay money back if not used exactly as the loan stipulated.
Incorrect. It's a $10000 grant and you get it even if you're denied for an EIDL loan.
Posted on 4/5/20 at 11:52 am to SoloTiger
Click on green check application status.
Sign in to SBA then you should see my application and status in a tan bar.
Should see a blue status circle to the far right.
Click on that and should give you an update.
Sign in to SBA then you should see my application and status in a tan bar.
Should see a blue status circle to the far right.
Click on that and should give you an update.
Posted on 4/5/20 at 12:00 pm to ABNRanger
no tan bar
so blue status
so blue status
Posted on 4/5/20 at 12:02 pm to VABuckeye
quote:
Incorrect. It's a $10000 grant and you get it even if you're denied for an EIDL loan.
Part of the problem is that the SBA refers to it as an advance, while Congress / politicians are referring to it as a grant.
If you apply for $100,000 EIDL loan, you would get $10,000 "quickly" and if you are approved, you will get $90,000 at the end of the process, and only have to pay $90,000 back.
If you are rejected, you will get nothing further, and the $10,000 amount you got still does not need to be repaid.
Remember, EIDL isn't going through the banks. So getting it in 3 days is a direct result of how quickly the federal government can process these requests.
Posted on 4/5/20 at 12:04 pm to SoloTiger
quote:
Not necessarily disagreeing with you, but the SBA would have to be retarded to not understand the intent of the $10,000 advanced grant.
You must never have dealt with the SBA.
Again, Congress/Admin is requiring processes to be used for purposes that they were never intended to be used for.
I understand why, but to expect this to be smooth is deluding yourself. But to start a whole new process would probably take even longer.
FEMA isn't perfect either but at least they have some experience in quick payouts for major, major disasters. I don't know why they aren't being used more here.
Posted on 4/5/20 at 12:07 pm to ABNRanger
quote:
hen you should see my application and status in a tan bar.
nothing there
quote:
Should see a blue status circle to the far right.
nothing there
Posted on 4/5/20 at 12:09 pm to Neil Caffrey
quote:
Does anyone know if she would qualify for the EIDL grant,
Probably, if she can show a loss of revenue
quote:
the PPP loan
No, as she has no wages, and she has no net income
quote:
or unemployment?
Maybe. But if her net profits are zero, I don't know how that would work.
The intention of these programs is to replace revenue so you can keep paying your bills and paying yourself/your employees. If she's never taken a dime of salary or distributions, she has nothing to replace, and thus, no ability to get money to replace it. If she has expenses she can no longer pay because of a drop of revenue, that's where EIDL would come in.
As a side note, 2 years of not working and she's not cash flowing enough to pay herself SOMETHING? What's happening here? I'm hearing a much bigger issue may be at play.
Posted on 4/5/20 at 12:12 pm to Fat Bastard
quote:
however, if she is taxed as a s-corp, she should have a W2 and be paying FUTA/SUTA taxes on the salary side. but you say she has not been taking a salary? and leaving it all in the dividend/distribution side? I think you COULD be screwed there. If she had been taking a salary paying the FUTA/SUTA tax on the W2 side maybe better off?
Sounds like she hasn't been taking any money at all. The rules about S Corp shareholder-employees taking salary are meant to prevent abuses by taking all money as distributions and not paying payroll tax on any of it. But if you aren't taking any money at all... that's not really an issue.
Of course, after 3 years straight of that, IRS is going to wonder if you are a legit business. Just a couple of weeks ago I had a LONG conversation with a lady who is a "realtor" about this. First 4 years in business, has never had more than $1,000 in commissions in any year, and has over $10,000 in expenses each year.
Posted on 4/5/20 at 12:20 pm to LSUFanHouston
quote:
Of course, after 3 years straight of that, IRS is going to wonder if you are a legit business
This
Posted on 4/5/20 at 12:28 pm to LSUFanHouston
quote:
Sounds like she hasn't been taking any money at all. The rules about S Corp shareholder-employees taking salary are meant to prevent abuses by taking all money as distributions and not paying payroll tax on any of it.
right.
quote:
But if you aren't taking any money at all... that's not really an issue.
but even if she leaves it in the company she is still taxed on the distribution side of an S-corp(whether she actually takes distribution or not) regardless unless she is a C corp where she could leave it in without paying distribution tax. right?
Posted on 4/5/20 at 12:29 pm to VABuckeye
yeah you can only show losses for X amount of years then they re-categorize your "business" as a hobby If i recall correctly.
Posted on 4/5/20 at 12:58 pm to Fat Bastard
This post was edited on 4/5/20 at 12:59 pm
Posted on 4/5/20 at 1:11 pm to ABNRanger
WOW. just viewed your pic. mine has none of that. Thanks for helping though. 
Posted on 4/5/20 at 1:12 pm to LSUFanHouston
quote:
First 4 years in business, has never had more than $1,000 in commissions in any year, and has over $10,000 in expenses each year.
Curious if she was really shitty at her job or did she just do this as a hobby and an excuse to lease a nice vehicle and other "perks"?
Posted on 4/5/20 at 1:33 pm to baldona
quote:
Curious if she was really shitty at her job or did she just do this as a hobby and an excuse to lease a nice vehicle and other "perks"?
Posted on 4/5/20 at 3:21 pm to LSUFanHouston
quote:
As a side note, 2 years of not working and she's not cash flowing enough to pay herself SOMETHING? What's happening here? I'm hearing a much bigger issue may be at play.
She's getting close to being able to pay herself something. For the first 2 years she's been spending a lot on marketing, training, rent, etc. Income and expenses have been between $25k and $35k per year. We estimated that she would have been able to pay herself this year based on her recent income trends and projections, before the COVID epidemic.
It's frustrating being in this position since her business income has now gone to $0.
ETA I had her apply for unemployment and for the EIDL grant. We'll see what happens.
Thanks for the responses everyone.
Posted on 4/5/20 at 4:19 pm to Neil Caffrey
quote:
It's frustrating being in this position since her business income has now gone to $0.
Sh'e not the only one. My invoicing was down over 70% in March and April looks worse.
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