Author Topic: Coronavirus Stimulus Aid Package  (Read 25654 times)

Offline shapsam

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Re: Coronavirus Stimulus Aid Package
« Reply #255 on: March 31, 2020, 05:41:31 PM »
You only get the 10k advance within 3 days by applying for the loan.
Quote
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

Apply for the Loan Advance here.
It seems like it's 3 days after applying for this $10k loan advance (grant), not the PPP.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #256 on: March 31, 2020, 05:51:51 PM »
Anyway to e-file a return with 0.00 income?
Yes

Offline CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #258 on: March 31, 2020, 08:06:34 PM »

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #259 on: April 01, 2020, 03:19:55 AM »
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.

Offline S209

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Re: Coronavirus Stimulus Aid Package
« Reply #260 on: April 01, 2020, 03:33:50 AM »
+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. Donít know what they get 2M-10M.
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Offline mgarfin

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Re: Coronavirus Stimulus Aid Package
« Reply #261 on: April 01, 2020, 01:28:12 PM »
Why would an essential worker report to work if his boss has to pay him in any case?

Offline Yammer

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Re: Coronavirus Stimulus Aid Package
« Reply #262 on: April 01, 2020, 01:46:27 PM »
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.

Offline mgarfin

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Re: Coronavirus Stimulus Aid Package
« Reply #263 on: April 01, 2020, 03:19:15 PM »
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/

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #264 on: April 01, 2020, 09:23:52 PM »
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?
Feelings don't care about your facts

Offline zevi

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Re: Coronavirus Stimulus Aid Package
« Reply #265 on: April 01, 2020, 09:30:01 PM »
Is there a minimum amount of time  you had to be employed to receive unemployment ?

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #266 on: April 01, 2020, 10:06:08 PM »
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.

Offline etech0

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Re: Coronavirus Stimulus Aid Package
« Reply #267 on: April 01, 2020, 10:17:54 PM »
Is there a minimum amount of time  you had to be employed to receive unemployment ?
Waived in NY at this point
Workflowy. You won't know what you're missing until you try it.

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Re: Coronavirus Stimulus Aid Package
« Reply #268 on: April 02, 2020, 08:03:20 AM »
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.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline mgarfin

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Re: Coronavirus Stimulus Aid Package
« Reply #269 on: April 02, 2020, 03:05:11 PM »
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/