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re: Who has received their $10,000 EIDL advance grant?
Posted on 4/5/20 at 4:56 pm to VABuckeye
Posted on 4/5/20 at 4:56 pm to VABuckeye
I’m self employed. I had the best first quarter I’ve ever had, even with the March stoppage . And then very suddenly-ZERO. No income. It’s weird, because I constantly compete against my own production numbers and half of my pain right now is just experiencing the “ death” of those Projected numbers And this idea of the “ best year ever” that I was gunning for. All which existed only in my head. I’m laughing at myself about this reaction. I would SO much rather earn than receive. My Dad was right back in 1980 when he explained the value of work to me.
1
Posted on 4/5/20 at 5:01 pm to Lsupimp
We're all in the same boat. I'm just working on a plan so I can A) keep my people paid and B) hit the ground running hard when it's back to business as usual. If it ever is.
Fortunately, we do a lot of work in data centers and those are going to be even busier than before as customers are understanding their need for greatly increased bandwidth.
Fortunately, we do a lot of work in data centers and those are going to be even busier than before as customers are understanding their need for greatly increased bandwidth.
Posted on 4/5/20 at 10:35 pm to VABuckeye
We still have not heard anything on the EIDL nor PPP nor Personal checks.
Posted on 4/6/20 at 8:55 am to Fat Bastard
quote:
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?
She would be taxed on the taxable income of the S corp, regardless if she takes out the income in cash.
But in this case, there is no taxable income.
Posted on 4/6/20 at 9:05 am to LSUFanHouston
quote:
LSUFanHouston
What is your profession?
Posted on 4/6/20 at 9:06 am to LSUFanHouston
If she had no income before, she wouldn't have lost any income in the shut down?
Posted on 4/6/20 at 1:04 pm to Fat Bastard
I don’t think the site is working properly. I can’t check my status either.
I applied BEFORE making an account. Think that has anything to do with it?
I applied BEFORE making an account. Think that has anything to do with it?
Posted on 4/6/20 at 5:25 pm to mastersoftext
quote:
If she had no income before, she wouldn't have lost any income in the shut down?
Her business was making money, she just wasn’t paying herself via payroll.
Looking like the EIDL grant may be her best chance at getting some help. However, still trying for unemployment as well. She may have to temporarily “fire” herself for that to work.
Posted on 4/6/20 at 7:45 pm to Tigerbait337
No. I did same as you. System is just overloaded. May take weeks to get an answer.
Posted on 4/7/20 at 10:31 am to Fat Bastard
Watched a YouTube video of a kid named Graham Stevens where he claims the SBA just released new information where EIDL grants will $1k/employee up to a max of $10k
Posted on 4/7/20 at 11:20 am to Neil Caffrey
quote:
Does anyone know if she would qualify for the EIDL grant, the PPP loan, or unemployment?
She will not qualify for the PPP, that is based on payroll. (someone correct me if i am wrong here)
Not sure about EIDL, but i would imagine, just go to sba.gov and check.
Unemployment rules were modified to allow many who never qualified before to do so now. My understanding is it has been left up to each state as far as how to handle the 'bending of the rules', but 1099 people and many more should now qualify. Check the state workforce site.
This post was edited on 4/7/20 at 11:22 am
Posted on 4/7/20 at 12:13 pm to ValZacs
There's only two of us (50/50). Last year we didn't report any payroll. We were just notified that our S-Corp Distributions will not count for the PPP. We filed K-2's.
We started our company in March 2019 - this seems crazy. There sure seems like there's got to be a "bending of the rules." It isn't totally uncommon for start up companies to not report payroll.
We've submitted the SBA Economic Disaster Loan App, but haven't heard anything back (nor does the site state our status). Hell - I haven't got anything other than a confirmation number after submitting.
Anyone else in a similar situation?
We started our company in March 2019 - this seems crazy. There sure seems like there's got to be a "bending of the rules." It isn't totally uncommon for start up companies to not report payroll.
We've submitted the SBA Economic Disaster Loan App, but haven't heard anything back (nor does the site state our status). Hell - I haven't got anything other than a confirmation number after submitting.
Anyone else in a similar situation?
Posted on 4/7/20 at 12:25 pm to lsugerberbaby
If you had payroll for this year, 2020, then that can be used if there is none for last year i believe. If your K-1 (K-2?) shows a positive amount then the S-corp did have a profit, keeping in mind that shareholder distributions is not a cost but basically an advance on the profits.
Assuming this is the only source of 'income' for your wife, she still may be able to apply and get unemp benefits. I just skimmed over the new guidelines but they definitely include tons more folks thru this program.
Assuming this is the only source of 'income' for your wife, she still may be able to apply and get unemp benefits. I just skimmed over the new guidelines but they definitely include tons more folks thru this program.
Posted on 4/7/20 at 3:45 pm to 3morereps
quote:
new information where EIDL grants will $1k/employee up to a max of $10k
yeah and i have no employees as a landlord. only contractors. the EIDL form was made for landlords also, albeit shoddy work. Trump messed up running this through SBA. he shoulda run the LL help through HUD. separate program. OR forced lenders to shitcan forbearance with big fat balloon payments at end and just defer mortgage to back of loan. They completely shite the bed on this. Being a RE guy he shoulda known better. I will make it regardless but others are in a bind right now. I still have not heard back from SBA on my application. Probably never will. Absolute clownshow. Posted on 4/7/20 at 7:13 pm to ABNRanger
quote:
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.
Total guess. Did you register for the site BEFORE filling out a loan app?
Posted on 4/7/20 at 8:58 pm to 3morereps
I think that person that did the video is full of shite.
Posted on 4/7/20 at 10:09 pm to VABuckeye
No. I saw the update from an SBA Massachusett’sDistrict Office memo.
Being a sole proprietor I will only get 1k as it now apparently stands. These interpretations are changing by the day it seems.
My CPA says the SBA is clueless.
Being a sole proprietor I will only get 1k as it now apparently stands. These interpretations are changing by the day it seems.
My CPA says the SBA is clueless.
Posted on 4/8/20 at 7:09 am to SoloTiger
quote:
Being a sole proprietor I will only get 1k as it now apparently stands.
grant or loan?
Posted on 4/8/20 at 7:46 am to Fat Bastard
The SBA site now says UP TO a $10000 grant. Way to change the fricking rules midstream SBA.
Posted on 4/8/20 at 8:46 am to VABuckeye
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