CARES act forgivable loans for businesses

[gbflyer]

Do we need to first fill out the application at SBA.gov?

You can sign up for EIDL here:

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov

I’m feeling like a welfare case. Then I thought about all the taxes I’ve paid on the good years. I’m feeling better about it now.

 

[WV Mountaineer]

Thank you very much!!!!!!

 

[DougP]

You can sign up for EIDL here:

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov

I’m feeling like a welfare case. Then I thought about all the taxes I’ve paid on the good years. I’m feeling better about it now.

Also - you know we’re going to have to pay for all this down the road. We might as well take some advantage now!


Sent from my iPhone using Tapatalk

 

[menhaden_man]

You can sign up for EIDL here:

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov

I’m feeling like a welfare case. Then I thought about all the taxes I’ve paid on the good years. I’m feeling better about it now.

Amen - even if we get the “loan” it’ll be a small fraction of what was taken from us last year alone. Only sad part is the federal debt that’ll eventually ruin us all.

 

[String&stick]

Do we need to first fill out the application at SBA.gov?

Your bank will have applications and instructions for you that will also feed into this.

 

[Kimber7man]

You want the Paycheck Protection Program loan.
2.5 times monthly payroll, all forgiven if you maintain payroll.
salaries capped at $100,000 for calculating loan.

Banks here are supposed to roll it out tomorrow (Friday) but they don’t have everything from the feds yet.

this is what you’ll need to file with the bank. https://www.sba.gov/sites/default/files/2020-03/Borrower Paycheck Protection Program Application.pdf

 

[Capra]

If you are a business owner you need to apply for everything possible. Weather you qualify for one or another is irrelivant. Hell you dont have to sign the loan docs if you don't like them.

We are the lifeblood of our communities, I'm onrry as hell and a Libertarian BUT i'm also smart enough to understand that the velocity of our money just came to the biggest screeching halt ever imaginable.

If we do not employ and spend in our local economy's this thing is going to be longer and more painful than most can comprehend. I have taken this time to actually encourage my clients to apply for the programs.

Without all of us little guys the whole thing crashes, everyone is naked now.

SIDE NOTE: Don't Bankrupt you personal household, I was a young entrepreneur in 2008 and I managed OK but I learned that pride will F you in the modern economy. You have a family and a household that you are responsible for. Don't forget this. You have to take care of them. Business entities and and the government will be a moving target in the coming future. Don't feed an Alligator today that will eat your leg in the future.

 

[Billy Goat]

Still no roll out here. Banks don't yet know what's going on. But seems things are changing by the hour.

 

[Titan]

Any idea for payments to independent contractors? I am getting mixed answers. One part of the PPP info on the treasury sight says to include payments, while part (h.) says to not include those since they can apply for their own loan on the 10th.

We have a couple different businesses. Self employed individual (which I will apply on the 10th) as well as a business that pays $100k on a 1099 and $40k on W-2.

I can't find hard evidence one way or the other.

 

[String&stick]

Any idea for payments to independent contractors? I am getting mixed answers. One part of the PPP info on the treasury sight says to include payments, while part (h.) says to not include those since they can apply for their own loan on the 10th.

We have a couple different businesses. Self employed individual (which I will apply on the 10th) as well as a business that pays $100k on a 1099 and $40k on W-2.

I can't find hard evidence one way or the other.

SBA response to this kind of this so far is "we will look into that and get back to you"

Sorry I can't be of more help there yet

 

[String&stick]

If you have a small business that will see a loss of income please also apply for the EIDL advance. This is a $10,000 grant essentially that can be used for short term expenses. Someone put a link to the application a few posts back.

If you have less than 8000 in payroll for 2 months this may be a better option as well.

Also landlords can qualify for this if expecting missed rent.

 

[Kimber7man]

New form out today.
Fifth Third bank said they hope to accept applications for PPP on Monday.

 

[blackdawg]

Stick and String, should we also contact our accountant before we apply for these loans? I would like to pm you or call if possible. Thanks

 

[Pghhunter]

String&Stick is spot on with advice in this thread.

I’m a small business underwriter and we just rolled out our PPP today but it is a cluster F. Unfortunately we are only offering to current customers due to the lack of direction from the fed at this time.

I saw Chase announced they aren’t ready yet. Be aware of scams also. The best place to look is to your current Banker. If they don’t offer any SBA lending, they should be able to point you in the right direction.

@blackdawg - yes you will most likely need to get some documentation from your accountant. He/she might even be able to help you with the information needed when submitting an application.

 

[180splitg3]

I am self employed (Realtor) but have zero employees - I am struggling right now with coming up with money for property taxes, mortgage etc and also have renters who are sounding like they can't pay their rent. Fortunately my business is relatively inexpensive to run but I am not making anywhere close to my my normal wage at the moment. Could any of these programs help me out? I need the money not to only to pay my business expenses but just to get by so that I can stay in business...ugh.

 

[Titan]

I believe that you will be looking at the loan available on the 10th. My guess is there will be more information coming on that...probably on the 9th. Ha

 

[adventure907]

What if they've used up all the money by the 10th for independent contractors? I've heard they already have paid out 3 billion for these PPP loans as of noon today.

 

[Titan]

It is a first come first serve process. But I can't imagine them stopping these loans before the self employed individuals get a cut.

 

[ohoopee]

Spoke with a Revenue agent friend today. Said more assistance was coming. He didnt
elaborate.

 

[TBHasler]

What if they've used up all the money by the 10th for independent contractors? I've heard they already have paid out 3 billion for these PPP loans as of noon today.

What if they’re NOT