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| Favorite team: | LSU  |
| Location: | Baton Rouge, Louisiana |
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Price is $1,699.99. Looks like online delivery only.
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Question - I have a pier and beam house and am worried about frozen pipes. If I shut off my water main at the street and then drain all my water lines inside and outside, will that prevent frozen/busted pipes? Is there enough residual water left in the pipes to still cause an issue?
re: PPP 2nd Round Update 1/14/21
Posted by Spock on 1/12/21 at 11:20 am to Tigerpaw123
Sent
I couldn't find anything specific in the language excluding previous CARES act stimulus amounts - only previous PPP Loan forgiveness. Look at the bottom of page 8 of the IFR I attached in the email. It gives a detailed breakout of what is considered "receipts."
I couldn't find anything specific in the language excluding previous CARES act stimulus amounts - only previous PPP Loan forgiveness. Look at the bottom of page 8 of the IFR I attached in the email. It gives a detailed breakout of what is considered "receipts."
(No Message)
quote:
Correct. Only revenue from business.
VABuckeye - do you have a source on this? We are a healthcare entity and received a significant amount of stimulus through HHS and it would knock us out of the 25% reduction in revenue requirement if we included. Thanks!
The only thing stopping me from applying again is the "loan necessity" requirement. Specifically, SBA guidance has stated:
"all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
While that was definitely true for the first round, we are now pretty close to operating back at a normal revenue level from before COVID. I would be hesitant to accept another large loan for the same amount even though we would technically qualify since our revenues were down around 31% in the second quarter.
"all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
While that was definitely true for the first round, we are now pretty close to operating back at a normal revenue level from before COVID. I would be hesitant to accept another large loan for the same amount even though we would technically qualify since our revenues were down around 31% in the second quarter.
re: Let’s talk about pellet smokers/grills
Posted by Spock on 11/6/20 at 1:26 pm to Jibbajabba
I bought a Yoder YS640s about 3 months ago. It is now my favorite thing that I own. I think the smoke flavor is just as good as my old weber and the direct heat side gets as hot as I need it. If you want to do a lot of direct heat searing on it, you need to get the grill grates and the heat diffuser with an access door. I don't know what your price range is, but fully equipped it's going to run you at least $2k with shipping - nobody around here sells them.
My only problem with it is that it's too boring. I throw the meat on and set the temp, then I don't have an excuse to be outside nursing the temp and drinking beer.
My only problem with it is that it's too boring. I throw the meat on and set the temp, then I don't have an excuse to be outside nursing the temp and drinking beer.
re: Roth IRA and capital gains taxes
Posted by Spock on 10/7/20 at 11:25 am to Ballstein32
No, as long as everything is done within the IRA there are no tax implications.
So, our business is now eligible to apply for forgiveness. One question I can't figure out the answer to though - since we received a loan based on 8 weeks of payroll and the forgiveness extended to 24 weeks, we have clearly spent well over the required payroll amount to qualify for forgiveness. So on line 1 of the forgiveness application, do I put the total payroll costs for our 24 week period even if it exceeds the total loan amount? It seems like since we spent so much more on payroll during the covered period, even if we had a small FTE reduction, it would still qualify for full forgiveness since it would basically be reducing a number that is 3x bigger then the actual loan amount.
re: Capital Gains question
Posted by Spock on 8/14/20 at 9:15 am to Covingtontiger77
Think of it like this... you bought 100 shares of stock A @ $50. The price of stock A then increased to $100. In order to pull out $5,000 you have to sell 50 shares of stock A. So you have a realized gain of $50 per stock - so $50 x 50 shares = $2,500 of taxable gains.
re: Health Savings Accounts (HSA) for ALL
Posted by Spock on 8/3/20 at 3:47 pm to BamaAlum02
I support everything in this bill - I really hope it gains some traction. The only reason I am enrolled in a HDHP is so I would have access to an HSA.
I don't know how removing the contribution limit would work though. HSAs are already the ultimate retirement account - removing the contribution limit would basically make it an unlimited traditional IRA + tax free withdrawals on health related expenses.
I don't know how removing the contribution limit would work though. HSAs are already the ultimate retirement account - removing the contribution limit would basically make it an unlimited traditional IRA + tax free withdrawals on health related expenses.
quote:
How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?
5% is not that far off - we're in the same boat. Got about a $2.5M loan and we've only spent around $2.4M. Since it was calculated based on full pre-covid payroll cycles it would make sense that you would be a little under as you continue to ramp up.
Yeah I understand better now. It makes sense, but your original statement made it seem like you just wanted to pocket all the PPP money and lay everyone off.
quote:
Because I’m required to keep people on payroll weeks longer than others’ who got the money sooner. It should be your application date. I applied the first day.
Now a bunch of companies that got the PPP are going to be laying people off weeks before I am able to.
This is the wildest PPP take I've seen yet. How are you going to spend all the PPP money on payroll if you lay everyone off?
re: $175 Billion of the $310 Billion has already been allocated in the 2nd batch of the PPP
Posted by Spock on 5/3/20 at 7:18 pm to JakeRStephenes
There are already provisions in the tax code that disallow the deduction of expenses from tax free income. I don’t see them making an exception for this, especially after already announcing it. But that still doesn’t make the loan taxable.
Your CPA is wrong. But I’m guessing you just misunderstood his email.
Yeah that is how I always assumed it would work. There's no way they would make it non-taxable and also give you a tax deduction for it.
re: The Payroll Protection Plan shows the ineptness of Govt. and the fleecing of taxpayers
Posted by Spock on 4/23/20 at 4:57 pm to cuyahoga tiger
quote:
I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
That’s called fraud.
re: PPP Payroll Allocation
Posted by Spock on 4/22/20 at 3:56 pm to Goodell Clown
quote:
I’m in similar situation. My receptionist said she’s making more on unemployment than she would working with me and asked me if she can stay home until the $600 kicker expires and in the meantime I can “hire” my wife and pay her. Don’t know what I’m gonna do
We have the same situation with a few of our employees. We've had pretty frank discussions with them that the unemployment pay is a temporary benefit and if they'd rather collect unemployment then they may or may not have a job after all this is over. We're paying people 75% to 100% of their pay for basically sitting at home all day. If that is not enough for them then it really shows that they're not the type of people we want to work with.
re: PPP Payroll Allocation
Posted by Spock on 4/22/20 at 3:39 pm to tgrbaitn08
quote:
They both made over $100k in 2019
Then, according to the current rules, any reduction in their wages does not affect the forgiveness calculation. But forgiveness is only applicable to salary's paid up to $100k (annualized). So their full salary in the 8 week period won't be forgiven anyway.
re: PPP Payroll Allocation
Posted by Spock on 4/22/20 at 3:34 pm to tgrbaitn08
Are both the owners paid W-2 wages? If so, in that situation assuming the owner with reduced salary is being reduced by more then 25% then it would decrease your forgiveness amount. Unless they made over $100k in 2019 - in that case you don't have to compare them for purposes of the loan forgiveness. But you can only have $8,333 per month paid and forgiven to them.
quote:
This is false.
FTE has to match, you don't have to pay someone that worked for you last year but is no longer there. That would be foolish.
Ok I'm sure that's how the final rules are going to come out, but it doesn't seem to be that way right now. But the bigger issue is that I don't think you can just hire and pay any random employee. It's going to look at each individual employee's salary in the prior quarter as a comparison. So anyone's salary that drops more then 25% will reduce the forgiveness amount.
re: PPP Payroll Allocation
Posted by Spock on 4/22/20 at 2:42 pm to LSUFanHouston
quote:
You can pay a different person. Otherwise, forgiveness would be tough.
I'm not sure this is correct. The language I'm looking at says "for any employee who did not earn during any period in 2019 wages at an annualized rate more than $100,000, the amount of any reduction in wages that is greater than 25% compared to their most recent full quarter."
I have been under the assumption that any employee that was employed in 2019 needs to be paid atleast 75% of their 2020 first quarter wages otherwise the forgiveness is reduced dollar for dollar. The question then becomes what to do with the employees who worked in 2019, but quit for some other reason other then COVID?
re: Those who received PPP funding
Posted by Spock on 4/17/20 at 5:13 pm to BamaAlum02
When calculating the loan amount, the retirements and healthcare contributions were still able to be counted even for employees who made over 100k. I would assume the same holds true for the forgiveness calculation.
re: Those who received PPP funding
Posted by Spock on 4/17/20 at 3:38 pm to JumpingTheShark
I'm confused on how to calculate the FTEs during the 8-week period. I can easily calculate average FTEs for either of the comparison periods since they are all based on hours worked. But we are going to be paying alot of employees for staying at home. So are the FTEs at that point based on pay - so if a normal 40 hour employee (1.0 FTE) is getting paid 75% of their salary for not working at all is their FTE reduced to 0.75? Or do they maintain their old FTE status of 1.0 just because they weren't furloughed/fired?
re: Those who received PPP funding
Posted by Spock on 4/17/20 at 3:33 pm to JohnWicksDawg
It starts the first day you receive any disbursement of the funds. So the day the funds hit your bank account.
quote:
My PPP loan is funding this afternoon. Hallelujah!
Congrats! Ours got funded this afternoon as well.
re: Any healthcare providers getting a surprise in their bank account today
Posted by Spock on 4/13/20 at 9:20 am to TenLittleIndians
Yeah that's the section that was giving me pause. I think it's pretty clear, but it just seems weird that the doctors themselves can't receive the money.
re: Any healthcare providers getting a surprise in their bank account today
Posted by Spock on 4/13/20 at 8:34 am to Tigerpaw123
The doctors at my clinic are wanting us to just distribute the funds to them directly. Does anyone know if this is allowed? There seems to be a provision in the terms that limits using it for executive pay.
re: LLC eligible for any gov assistance
Posted by Spock on 4/9/20 at 1:52 pm to Shepherd88
quote:
Expound on this, bc my wife has a single member LLC and we’ve been trying to figure this out. She doesn’t have a payroll as the LLC account just captures all her income and we take out whatever we need or decide to that month.
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