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Messages - beeweegee

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91
Any updates on how to claim Unemployment for 1099 worker in NJ?

Says Claim Status: Filed
        Weekly Benefit Rate: $0
In this case, you are supposed to do nothing until they email you (they claim that will next by next week).

92
As an independent contractor, my accountant recommended that I open a business checking account (I currently use a personal account for paycheck direct deposits)  and have PPP direct deposited into that account. I can then write myself biweekly checks from that account to my personal account (to provide proof for loan forgiveness).

Any recommendations for a business checking account that would work for this purpose? Chase? BOA? Also, while I'm an (unofficial) sole proprietorship, I don't have a business ID number or name aside from using my own name as the business name. Will banks allow me to sign up for a business account using my own name (perhaps followed by the words Sole Proprietorship) if I haven't registered that business name as a DBA?
Any thoughts about the second half of the above? Can I open a business account with, say, Chase, and click on Sole Proprietorship (even though I never registered my business in any way, or registered a DBA)? And if so, what am I allowed to call it aside from just my name? 

93
Even if they do they'll probably need to return some, because that's capped at 25%.
If you're calculating 8/52 for Schedule C for forgiveness, but calculated 2.5/12 for loan, you'll have about 1% of your loan leftover that should go towards your 75% of payroll, but is capped and therefore can't be used.

The only way to get around this (I think) is if you have healthcare/other benefit costs that you can include in the 75% but is not part of the 8/52 cap.
Was wondering the same. 8/52 comes out to slightly less than 75% of the loan. If no rent, utilities, or healthcare costs associated with the business, how would one even get to 75%?

94
In general it's a good idea to have separate accounts but have your accountant read the rules. Your forgiveness will be 8/52 of your Schedule C and not based on checks you cut.
I thought that too. He told me this morning that it will not be based on 8/52, and that checks can be written for the full loan (over the 8 weeks...). He said the schedule C 8/52 was for them to figure out the loan amount, but that once you do in fact get approved, you can use the full loan for payroll if you choose (for an independent contractor). I didn't think this was the case, but he was adamant.

95
As an independent contractor, my accountant recommended that I open a business checking account (I currently use a personal account for paycheck direct deposits)  and have PPP direct deposited into that account. I can then write myself biweekly checks from that account to my personal account (to provide proof for loan forgiveness).

Any recommendations for a business checking account that would work for this purpose? Chase? BOA? Also, while I'm an (unofficial) sole proprietorship, I don't have a business ID number or name aside from using my own name as the business name. Will banks allow me to sign up for a business account using my own name (perhaps followed by the words Sole Proprietorship) if I haven't registered that business name as a DBA?

96
Perhaps this answers the question?
For me it raises some more... What if I had no income in the weeks leading up to PPP so I can legitimately certify the above, but in those 8 weeks business picks up? Does the fact that I lost a few weeks of income and need the cash infusion to keep going cover me? Or the fact that I'm earning in those 8 weeks make me ineligible even though I have a payroll gap (and what I earn in those 8 weeks would cover missed payroll and the PPP would cover the actual payroll of those 8 weeks)?
My thoughts exactly... I don't want to do the wrong thing and take PPP if I'm not entitled to it due to a new salaried job, but I did miss many weeks and "double-dipping" during the 8 weeks is really just covering for missed weeks prior.

97
Can an independent contractor who is approved for PPP and will use the finds to cover their paycheck go out and take a new salaried job during those 8 weeks? Any reason someone couldn't be "paid" for their lost 1099 work while simultaneously accepting a new paid position (entirely separate from their 1099 work that they are in fact missing out on...)?
And this question would also apply to additional NEW unrelated 1099 work...

98
Can an independent contractor who is approved for PPP and will use the finds to cover their paycheck go out and take a new salaried job during those 8 weeks? Any reason someone couldn't be "paid" for their lost 1099 work while simultaneously accepting a new paid position (entirely separate from their 1099 work that they are in fact missing out on...)?

99
For an independent contractor (1099 and submitted a Schedule C), am I correct in assuming that for the 75% requirement of covering payroll, there will be no need to "prove" payroll (there is no payroll...), as you are simply replacing the funds of your lost 1099 income (as calculated by the 2019 Schedule C)?

100
What are some skills or hobbies that you have taken up or have restarted because of extra time you now have or because of new necessity?
Spending a lot more time on DDF these days :)

101
Is this also if we already applied weeks ago, our claim shows filed $0 benefits, but we didn't receive a letter or email yet that our claim is payable?
I don't think so. I'm in this boat too.

102
Does a PPP app need to be placed with a bank in your state? I'm in NJ - can I use Dime in NY? They are asking for documents (on that final page) that I don't have, but don't let me move on without submitting something.

103
How about saddest?
Agreed, wrong word choice - edited.

104
Can this be nominated for the saddest thread in DDF history?  :'(

105
COVID-19 / Wuhan Novel Coronavirus Discussion / Re: Unemployment Help
« on: April 26, 2020, 11:33:42 AM »
Are people who have lost their job applying for SNAP benefits? If so, how would it work if you qualify for SNAP due to current (lack of) income but in a month, unemployment may kick in and will also be backdated...?

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