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Message
Give me the cons of getting a coronavirus SBA loan
Posted on 4/1/20 at 1:00 pm
Posted on 4/1/20 at 1:00 pm
My business is still doing really well but possible downturn could happen if this last for many months.
I basically want to know all the hidden BS I may have to go through for these loans
I basically want to know all the hidden BS I may have to go through for these loans
This post was edited on 4/1/20 at 1:01 pm
11
Posted on 4/1/20 at 1:02 pm to jlu03
Part of the loan would be forgiven but a majority will be a loan that you need to pay back. Contact your bank for accurate information.
Posted on 4/1/20 at 1:03 pm to ellishughtiger
PPP
Posted on 4/1/20 at 1:03 pm to jlu03
You've definitely come to the right place. The OT baws are experts on the intricate details of legislation passed last week in the wake of an almost unprecedented pandemic. I would prepare yourself for some thoughtful analyses of this regulatory issue.
Once finished with that, head on over to the "shaving your back" thread for some grooming advice.
Once finished with that, head on over to the "shaving your back" thread for some grooming advice.
This post was edited on 4/1/20 at 1:04 pm
Posted on 4/1/20 at 1:04 pm to Mo Jeaux
“You want a frickin’ handout?” - Ronnie, 240lb welder from Denham
Posted on 4/1/20 at 1:37 pm to jlu03
Google CARES Act SBA Loan. The payroll portion is forgivable if I understand correctly.
Posted on 4/1/20 at 1:45 pm to Mo Jeaux
quote:
You've definitely come to the right place. The OT baws are experts on the intricate details of legislation passed last week in the wake of an almost unprecedented pandemic. I would prepare yourself for some thoughtful analyses of this regulatory issue.
Once finished with that, head on over to the "shaving your back" thread for some grooming advice.
you can get good information here because a lot of us have been dealing with this. Don't be such a boob.
We are going with an sba loan. It's mainly to keep paying everyone their normal wages, we won't have to pay any of that back.
Posted on 4/1/20 at 1:46 pm to jlu03
Have to pay it back. It’s possible you could be cut out of any future grants.
Posted on 4/1/20 at 1:48 pm to jlu03
quote:
Give me the cons of getting a coronavirus SBA loan
quote:
My business is still doing really well but possible downturn could happen if this last for many months.
If you have the ability to keep paying your employees, there are some retention tax credits available in 2020. You can't get those credits if you take the PPP money. The credits last for the rest of the year, the PPP money only covers you for 8 weeks.
That's really the only one.
Posted on 4/1/20 at 1:50 pm to Mo Jeaux
quote:
You've definitely come to the right place. The OT baws are experts on the intricate details of legislation passed last week in the wake of an almost unprecedented pandemic. I would prepare yourself for some thoughtful analyses of this regulatory issue.
Once finished with that, head on over to the "shaving your back" thread for some grooming advice.
This post was edited on 4/1/20 at 1:51 pm
Posted on 4/1/20 at 1:50 pm to jlu03
My buddy tried to get one and jbe told him he’d have to eat a bowl of bat soup to qualify
The Dems really hate small businesses
The Dems really hate small businesses
Posted on 4/1/20 at 1:51 pm to Mo Jeaux
it is a good deal. Super low interest and deferment possible in a downturn. I got one after the flood and it is super cheap 2nd mortgage to rebuild my house. I have already paid over half of it back because of the low interest.
Posted on 4/1/20 at 1:56 pm to jlu03
Posted on 4/1/20 at 1:59 pm to ell_13
quote:
Have to pay it back. It’s possible you could be cut out of any future grants.
quote:
Forgiveness
The loan can be 100% forgiven if certain qualifications are met
Expenditures eligible for forgiveness over an eight-week period:
Rent
Utilities
Interest payments on any mortgage obligations or other debt obligations incurred before February 15, 2020 (but not any payments or prepayments of principal)
Payroll costs
Posted on 4/1/20 at 2:04 pm to LSUFanHouston
quote:
some retention tax credits available
I havent heard about this part.
Can you elaborate?
Payroll tax? income tax?
Posted on 4/1/20 at 2:07 pm to Mo Jeaux
quote:
You've definitely come to the right place. The OT baws are experts on the intricate details of legislation passed last week in the wake of an almost unprecedented pandemic. I would prepare yourself for some thoughtful analyses of this regulatory issue. Once finished with that, head on over to the "shaving your back" thread for some grooming advice.
First time here?
Posted on 4/1/20 at 2:08 pm to dgnx6
You will have to pay most of it back. The payroll is the only forgiveness part and you still have to qualify.
Posted on 4/1/20 at 2:13 pm to ell_13
Good Lord there is some bad advice / understanding in this thread already.
Posted on 4/1/20 at 2:14 pm to Red Beaulieu
quote:
Good Lord there is some bad advice / understanding in this thread already.
I was just to post this
Good God people..how do some of function on a daily basis?
Posted on 4/1/20 at 2:23 pm to poule deau
quote:
retention tax credits available
• A credit against payroll taxes, for any business that suspends or closes operations, yet continues to pay employees.
• This is defined as a government-forced closure, or a 50% or greater reduction in revenue in a 2020 calendar quarter, compared to the same quarter in 2019.
• Credit is equal to 50% of qualified wages
o More than 100 employees – qualified wages paid during time business was closed down
o Less than 100 employees – qualified wages paid during time business was closed down, and paid during time business revenue dropped 50% in a quarter over same quarter in prior quarter.
o Qualified wages include health insurance costs
o Qualified wages are capped at $10,000, per employee, per quarter.
• Wages used under this credit can not be used to qualify for credits under the Family Leave or Sick Pay programs.
• If you take any paycheck protection program loan, you are ineligible for any employee retention credit.
• In the event the credit exceeds the business’s liability for payroll taxes, the credit will be refundable.
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