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Messages - yitz1000

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1
I see most of the recent talk here is about EIDL. Are there some people here still waiting for funding on PPP draw 2?

I did not apply until this week. I applied with BV as I did for draw one. Just wondering how the experience has been, especially in comparison to BV with draw 1, in regards to speed/issues.

I have 2 applications currently under review. TIA!

2
COVID-19 Discussion Board / Re: Stimulus Checks
« on: March 17, 2021, 09:33:26 PM »
I didn't get yet. TD

4
Just Shmooze / Re: Interesting Articles...
« on: January 26, 2021, 08:37:36 AM »

5
Has anyone had any success with Cross River this time around?
I think they took on more than they can chew, and they can't handle it.
I tried getting through, and I spoke to someone in India or wherever, that had zero clue what Application under review means.
First he said it was sent to the sba, but then under further questioning and putting me on hold, said its under review, and wasn't sent yet, and I will get an email when approved.
Then under more questioning and hold time, he said it was already sent to the sba, and then moments later, Its still being reviewed, and not sent......

All I wanted to know was, what are the proper steps? First it's under review, and then they send it to sba.
Does your status change from APPLICATION UNDER REVIEW, once it goes to the sba? What does it say then?

It's ok to have somewhat clueless people answering the phone, but at least teach them the basics, what Application under review means, and what the next step is.
It's been 5 days with zero movement, while the other banks seem to be at least moving along and getting approvals.

Who did you apply through? Through CR directly??

6
Apparently it varies by lender (BlueVine is a platform, not a lender). Your loan docs from BlueVine (Docusign) should tell you who the actual lender is.

For instance, it seems CrossRiver via BlueVine borrowers can request forgiveness on a platform called Scratch.

Correct, and although Scratch allows you to apply for Forgiveness now, they display this message:

ATTENTION: YOU MAY BENEFIT FROM WAITING TO SUBMIT THIS FORGIVENESS APPLICATION. CHANGES ARE COMING TO THE PPP FORGIVENESS PROCESS THAT MAY MAKE YOU ELIGIBLE FOR MORE FORGIVENESS.
A new law was recently enacted that includes changes to the PPP forgiveness application. You may benefit from waiting to submit your application so you can take advantage of the upcoming updates, which are not available in todayís forgiveness application:

New categories of expenses will be eligible for forgiveness, including certain operational costs (such as business software), certain supplier costs, COVID-19 worker protection costs (such as personal protective equipment or changes to your business space for safety), and property damage costs not covered by insurance. Read more about newly forgivable expenses here.
The forgiveness application will be simplified for loans of $150,000 and under.
Borrowers will be able to change their covered period to end any day thatís between 8 and 24 weeks after their loan disbursement date.

If you would like to take advantage of these changes, we recommend you wait to submit your forgiveness application until the updated application is released in February 2021. Youíll receive a notification over email when this application is available.

If you donít expect the above changes to affect your forgiveness amount, itís okay to go ahead and submit your forgiveness application now.

Remember that your PPP loan will not enter repayment until 10 months after the end of your covered period. You can apply for forgiveness at any point before the maturity date of your loan.

7
Looks like streamlined app for 2nd draw applicants who got their 1st draw via BlueVine

That's what they say. We'll see. Even 1st draw was quite smooth.

8
Bluevine opened tonight.

10
A sole prop (Schedule C) owner is not legally allowed to be on payroll.
Did you check out the link in the previous post?

Nevermind, I misread your post.

11

(this is not spelled out for sole props so perhaps it's not a requirement for them)
Ok. Specifically for this I was asking for a source. Many sole props don't have payroll and did not start one up for PPP.

12
Partnerships (K-1 1065) must cut themselves checks.
C & S corps must pay themselves via payroll.
Source?

13
Cross River found the business and is the bank of record, Kabbage seems to have done most (all?) of the processing work.

BlueVine also processed for Cross River

14
Based on the new guidelines released, can employees be laid off now to collect partial unemployment since the FTE count can be looked at later?

15
For individuals with self-employment income who file a Schedule C, the Administrator, in consultation with the Secretary, has determined that it is appropriate to limit loan forgiveness to a proportionate eight-week share of 2019 net profit, as reflected in the individual's 2019 Form 1040 Schedule C. This is because many self-employed individuals have few of the overhead expenses that qualify for forgiveness under the Act. For example, many such individuals operate out of either their homes, vehicles, or sheds and thus do not incur qualifying mortgage interest, rent, or utility payments. As a result, most of their receipts will constitute net income. Allowing such a self-employed individual to treat the full amount of a PPP loan as net income would result in a windfall. The entire amount of the PPP loan (a maximum of 2.5 times monthly payroll costs) would be forgiven even though Congress designed this program to limit forgiveness to certain eligible expenses incurred in an eight-week covered period. Limiting forgiveness to eight weeks of net profit from the owner's 2019 Form 1040 Schedule C is consistent with the structure of the Act, which provides for loan forgiveness based on eight weeks of expenditures. This limitation will also help to ensure that the finite appropriations are directed toward payroll protection, consistent with the Act's central objective. Finally, 75 percent of the amount forgiven must be attributable to payroll costs for the reasons specified in the First PPP Interim Final Rule.

https://www.federalregister.gov/documents/2020/04/20/2020-08257/business-loan-program-temporary-changes-paycheck-protection-program-additional-eligibility-criteria

Gosh am I tired of seeing this quote, lol. If I hear about that windfall one more time  >:(

16
I fell off this thread for a bit the last week or 2 and I'm not sure if there were any changes to the limitations of 8/52 on self-employed in regards to PPP loan forgiveness. Specifically, I have 2 questions:

1 - Can expenses be counted for forgiveness if they are schedule C eligible but were not added to the schedule C submitted?
2 - Is there any allowance for bonuses for self-employed if 8/52 is less than $15,385 to reach this max?

Thanks!

17
It's not about my feelings, it's about the legalities of it.

For PPP you need to have an FTE that's receiving those owner comp funds. Agreed?

Unemployment only excludes SE income if you're on regular UI. Think about it: if you're approved for PUA because you've lost your SE income, how can you still file for PUA when you've regained it for 8 weeks? (Again, look at the DUA link. DUA is intended for SE folk...)

It's unethical (at best) from the PPP standpoint and illegal from the UI standpoint. That's my take on it, as someone who studies legal docs A LOT. You can have a differing opinion but I wouldn't recommend it if asked.
What about accepting UI for a  period prior to receiving PPP? Such as in a scenario where one applied for both knowing about eligibility for UI and the uncertainty off PPP approval.

18
COVID-19 Discussion Board / Re: Bungalow colonies 2020
« on: May 19, 2020, 09:52:35 PM »
Bungalow colonies have fewer shared spaces and, in theory, allow for more social distancing than a camp, where group activities, public bathrooms, dining rooms, and shuls/social halls make distancing virtually impossible.
Allow? Maybe. At all likely? I think not.

19
I don't think there's a legal difference between a cancelled check and a wire transfer confirmation from your bank.
Transfers may not be a issue legally but cutting checks is definitely cleaner

20
COVID-19 Discussion Board / Re: Donating blood/plasmas
« on: May 17, 2020, 01:33:28 PM »
Iím told you can donate plasma as long as you have any amount of antibodies. My question is what the avg amount of antibodies ppl are getting-it seems to vary wildly. My parents had the virus (father worse than mother) and I never showed  any symptoms Baruch HaShem. My father got 216 antibodies and I have 17. It seems weird though bc my brotherís father in law who had the virus has 2800 antibodies... is there a pattern here or what?
First thing to know is that there are different scales being used. You need to understand each one before making comparisons of tests, unless they are taken at the same site.

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