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Messages - cgr

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Thanks to all those who replied about the Pesach issue.

As you know, the PPP loan amount is based on 2.5 months of gross profit while qualifying payroll forgiveness expense is net profit. In his situation, he only keeps about 1/3 of gross profit; the rest is expenses. This means that it would take him about 32 weeks to make the entire payroll amount.

Is he better off applying after Pesach in order to begin his 22 weeks over a period with greater net income (which will be forgiven as payroll), or is there a risk in delaying the application?

As of now PPP for sole props are based on net profit- never gross.
In the first week in March when the rule change is expected to be implemented and changed to gross, it's also expected that forgiveness will follow gross and not net.

In theory they based the max loan amount offered to you on your 2019 income. If you misstated that then you technically lied by overstating your income on a loan application.
It's for the grant- the month to month comparison.
My concern here is that they'll pull his TR, see the two don't match, and dump it into a pile where it'll never see the light of day...

Your forgiveness requires you to spend the money on qualifying expenses over a covered period of 24 weeks. Unless you're borrowing more than 22 weeks of payroll (unlikely) and other expenses, I can't see how Pesach is relevant.
It's not relevant even in a hypothetical impossible case like this, because Pesach will still be part of his covered period and owner comp will still be forgivable during that time- you don't have to put in a certain amount of work for it to qualify as owner comp.

If someone makes less over Pesach (net income is a forgivable "payroll expense" for self-employed), does he gain by waiting until after Pesach to apply?

It's a first PPP loan.
How would earning less during your covered period benefit you?

BH there’s progress on the targeted advance. SBA emailed me this morning:

Continue Your SBA Economic Injury Disaster Loan Application

When I signed in I saw:

There was also a 4506-T document to sign. Hoping funding comes quickly. Anyone else get this or EIDL funding?

I have a feeling that this step resets the 21 day clock, but it's probably only sent to those who a) live in a LIC, and b) had a 30% reduction, so if you get it, you're on the right path.

my wifes business was just denied by cross river.
for this:  "Insufficient information or documentation to make a PPP credit decision."
I submitted the same stuff I did for her as I did for my 2 businesses and didnt have a problem.  any ideas on where to go now?
PM me

COVID-19 Discussion Board / Re: Unemployment Help
« on: February 23, 2021, 05:38:15 PM »
someone that got approved in NJ for benefits back in July but never certified weekly. can they certify now for all these weeks until current?

I'm not the NJ guru here, but does it give you all those weeks to certify for when you log in or not?

Deals/Deal Requests / Re: Uber Eats Promos Master Thread
« on: February 22, 2021, 06:35:46 PM »
Get 30% off your next order, up to $15
Offer expires at 11:59pm ET on 2/26/2021

COVID-19 Discussion Board / Re: Emergency Rental Assistance (ERA) Program
« on: February 22, 2021, 05:45:20 PM »
How would that work for someone not on unemployment... What would loss of income include .

The exact wording is: is collecting unemployment, is experiencing a reduction in household income, has incurred significant costs, or is experiencing financial hardship due to Covid-19

a) partial loss of income, loss of a second source of income, etc
b) increased medical expenses or other covid related significant expenses

COVID-19 Discussion Board / Re: Emergency Rental Assistance (ERA) Program
« on: February 22, 2021, 04:46:38 PM »
aside from falling behind in rent/utilities, is this at all useful for someone not on Unemployment?
The program is open to anyone who suffered financially due to covid, not just to those on unemployment. This could include those that had a lot of expenses or lost some income but not enough to qualify for UI.

COVID-19 Discussion Board / Re: Emergency Rental Assistance (ERA) Program
« on: February 22, 2021, 04:08:33 PM »
now sounds like a good time to start falling behind in rent
It's not just for retroactive rents, but obviously these people will get more because each application will first be approved for the total backrent owed, and then 3 months going forward at a time.

I doubt it'll last for more than one set of 3 months going forward.

COVID-19 Discussion Board / Re: Unemployment Help
« on: February 22, 2021, 01:13:38 PM »
Does anyone else have login issues with NY dol?


I'm not sure I'm following.

According to this, sole props count their gross income on Schedule C, as apposed to net income?

COVID-19 Discussion Board / Re: Emergency Rental Assistance (ERA) Program
« on: February 22, 2021, 11:21:11 AM »
Does NYC/NYS have a different program for ERA?

They will. Any program that was rolled out prior to February 2021 was not ERA funded.

COVID-19 Discussion Board / Re: Emergency Rental Assistance (ERA) Program
« on: February 22, 2021, 11:13:57 AM »
This is the same as NYC RRP?
Similar but not the same.
Doesn't require one to have 80% AMI prior to the pandemic- just for months that you require assistance.

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