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Started By
Message
1
Posted on 4/15/20 at 9:36 pm to tgrbaitn08
quote:spoken like the guy running a big ol business.
I don’t keep track of all the payroll to the cent.
Plus there was other taxes and medical cost that were factored in.
We removed some taxes and it increased our application by $10k.
My CPA and banker caught that last minute change they made to the program.
I would have never caught that.
I should yield to the genius presented.
Posted on 4/15/20 at 9:38 pm to tgrbaitn08
quote:the one you couldn’t work? Thank God someone was there to help you with the big numbers and the fancy words
The worksheet did the rest.
Posted on 4/15/20 at 9:41 pm to shawnlsu
Holy shite they have been so inconsistent.
Posted on 4/15/20 at 9:42 pm to tigerfoot
quote:
your big changes netted you 10k i would just keep that quiet
the increase was $10k on top of what I already was expecting. I’m pretty much the only “working” employee but I have a couple other people on payroll that don’t really do much. We aren’t getting 6 figures but pretty damn close and I’m very satisfied with that. Posted on 4/15/20 at 9:44 pm to tigerfoot
quote:
the one you couldn’t work? Thank God someone was there to help you with the big numbers and the fancy words
Yeah no shite. It freed up a lot of my time and since he’s on retainer I guess it made sense for me to let him do it.
Posted on 4/15/20 at 9:59 pm to Cymry Teigr
quote:
I’m assuming Nevada is a mistake
Probably not. Think of how many people it takes to run a 5,000 room hotel/casino. Now think of how many small casinos are all over that state. All those casinos are shut down, big and small.
ETA: Oh, I see what you mean now. Yeah, you're probably right.
This post was edited on 4/15/20 at 10:01 pm
Posted on 4/15/20 at 10:26 pm to VABuckeye
That is correct. I’m sorry I didn’t clarify more with what I had said. Employee benefits (employer portion of health insurance premiums and retirement) are factored into the application figure as well.
I didn’t want to get too technical bc the employee benefits fall into the ‘payroll costs’ in the actual language of the CARES act.
The employer portion of employee benefits are also not subject to the $100k cap per individuals like the W-2 wages bc they’re not considered ‘compensation paid’.
Bottom line is, if any business owner is reading this and going through the process, have your CPA review for you first and get feedback from your lender before going final. Don’t leave money on the table so to speak.
I didn’t want to get too technical bc the employee benefits fall into the ‘payroll costs’ in the actual language of the CARES act.
The employer portion of employee benefits are also not subject to the $100k cap per individuals like the W-2 wages bc they’re not considered ‘compensation paid’.
Bottom line is, if any business owner is reading this and going through the process, have your CPA review for you first and get feedback from your lender before going final. Don’t leave money on the table so to speak.
This post was edited on 4/15/20 at 10:27 pm
Posted on 4/16/20 at 10:08 am to MrLSU
PPP ran out of money today. No new apps. EIDL apps also not being accepted.
This post was edited on 4/16/20 at 10:09 am
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