Coronavirus Stimulus Aid Package

[S209]

+1

Also heard me that the individual bankers mostly wont be incentivized to get these done because they are not really originating or bringing in the customer.. its all relationship based.

The banks themselves are trying to figure out their commission structure under the bill..

Banks receive a 5% origination fee on loans up to 350K and 3% from 350K-2M. Don’t know what they get 2M-10M.

[mgarfin]

Why would an essential worker report to work if his boss has to pay him in any case?

[Yammer]

Why would an essential worker report to work if his boss has to pay him in any case?

Was one of the Rs concerns about the package.

[mgarfin]

Finding a lender to work with you will be the biggest challenge

https://www.washingtonpost.com/business/2020/04/01/trump-coronavirus-small-business-loan-sba/

[aygart]

You have wrong information. The 10K is not repaid under any circumstances.

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Ok thanks. Will look into it.

Does this require having employees? I did not remember seeing that it did. Is there any reason this can't be claimed by every LLC owning a property?

[zevi]

Is there a minimum amount of time  you had to be employed to receive unemployment ?

[cgr]

Is there a minimum amount of time  you had to be employed to receive unemployment ?

Usually yes, but with PUA you don't have a minimum requirement.

[etech0]

Is there a minimum amount of time  you had to be employed to receive unemployment ?

Waived in NY at this point

[CountValentine]

Irs free file

That is not the complete answer to his question.
Before getting to tricks of the pros, let's wait and see if the IRS opens a system for these cases. They did give indication that they may do something.

Tried two sites and it will not let you e-file if your income is zero. Says IRS will not accept e-file for it and must be mailed.

[mgarfin]

This PPP calculator seems to be very good. it has the option for sessional and new businesses too
https://www.nav.com/cares-act-sba-loan-calculator/  

[etech0]

who is nav.com?

[mgarfin]

who is nav.com?

https://www.nav.com/company/

[justmeha]

Tried two sites and it will not let you e-file if your income is zero. Says IRS will not accept e-file for it and must be mailed.

https://www.washingtonpost.com/business/2020/04/01/bailout-checks-social-security/

[TBD]

Application form

[shwarmabob]

Waived in NY at this point

are you serious? can you point to a source?
tnx

[etech0]

are you serious? can you point to a source?
tnx

It was posted on https://www.labor.ny.gov/home/ last week, that they waived the waiting period. I don't see that now but it does say

Any claim you file will be backdated to the date you became unemployed. If you are eligible, you will be paid for all benefits due.

[etech0]

Also if you click this link on that page:
Frequently Asked Questions about Unemployment Insurance During the Coronavirus Emergency.
https://www.labor.ny.gov/ui/pdfs/ui-covid-faq.pdf

Here is one of the Q&A:

QUESTION: Do I have to wait a week after I became unemployed before I can receive PUA
benefits?
ANSWER: No, there is no weeklong wait period for PUA.

[JMHO]

Waived in NY at this point

Are you sure? Or are you referring to PUA?

[cgr]

It was posted on https://www.labor.ny.gov/home/ last week, that they waived the waiting period. I don't see that now but it does say

I think you're confusing the waiting week with minimal employment requirements.
The waiting week was waived by NY at the start of the crisis, and then instituted by the Fed as part of the CARES Act.

The minimum employment requirements still stand for State Unemployment Benefits, but everyone who doesn't qualify under the State because of that is eligible for Pandemic Unemployment Assistance, as part of the CARES Act. This is administered by the State as well, and in NY now has the same process as a regular unemployment claim. The amount you'll receive depends on several factors, but it'll always be augmented by $600/week from the Fed (no separate application or process needed. It's automatic).

[etech0]

The waiting week was waived by NY at the start of the crisis, and then instituted by the Fed as part of the CARES Act.

That's what I said, but now it's not posted on the website anymore