Coronavirus Stimulus Aid Package

[TBD]

Application form

it seems that payroll will be based on 2019 not on the 12 months proceeding loan application.. and only 25% will be anle to be used for rent, utilities under the forgivness program

[aygart]

https://www.nbcnews.com/politics/congress/many-americans-may-have-wait-months-coronavirus-relief-checks-n1175216

[cgr]

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

Looks like they moved it to the FAQ section

[etech0]

Looks like they moved it to the FAQ section

link?

[cgr]

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:

.

[etech0]

.

But as you said that is specific to PUA not regular unemployment?

[cgr]

But as you said that is specific to PUA not regular unemployment?

No. It's for all unemployment. See the section for general unemployment questions

[TravelSER]

Ok thanks. Will look into it.

Any clarification on this?

[cgr]

Any clarification on this?

Yes, the grant is separate from the loan. Not sure how it's supposed to work (as far as the gov is concerned) because you can always choose not to take the loan, which means they're giving grants away to anyone who has seichel enough to fill out an application and use the money for allowed expense.

[shapsam]

Yes, the grant is separate from the loan. Not sure how it's supposed to work (as far as the gov is concerned) because you can always choose not to take the loan, which means they're giving grants away to anyone who has seichel enough to fill out an application and use the money for allowed expense.

Do you need to apply for the PPP loan in order to get the $10k or is this application enough?
https://covid19relief.sba.gov/#/

[cgr]

Do you need to apply for the PPP loan in order to get the $10k or is this application enough?
https://covid19relief.sba.gov/#/

This application, EIDL, is for the 10k grant.
The PPP is a different program with different rules and no grant (does have a forgiveness option but with stricter rules on how/when to use)

[TravelSER]

Yes, the grant is separate from the loan. Not sure how it's supposed to work (as far as the gov is concerned) because you can always choose not to take the loan, which means they're giving grants away to anyone who has seichel enough to fill out an application and use the money for allowed expense.

Thanks.

[shapsam]

This application, EIDL, is for the 10k grant.
The PPP is a different program with different rules and no grant (does have a forgiveness option but with stricter rules on how/when to use)

So anyone that has ANY small business can get $10k if they feel they were impacted by covid?

[AsherO]

So anyone that has ANY small business can get $10k if they feel they were impacted by covid?

From the application it seems like it’s “up to $10k”, and on a PowerPoint from an an SBA office it seemed like how much might depend on # of employees. Could very well have been a PowerPoint created by someone who made incorrect assumptions.

[cgr]

So anyone that has ANY small business can get $10k if they feel they were impacted by covid?

Yes, but grant must be used for certain expenses such as payroll (under EIDL company doesn't have to have any), mortgage/rent, utilities etc all in the companies name.
I have a feeling most people will be seeing grants in the $500 range because of the volume of applications (remember it's up to 10k)

[S209]

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

Seems it’s 1% above 2M

https://home.treasury.gov/system/files/136/PPP--IFRN%20FINAL.pdf

[Shauly101]

is the 600 Unemployment based on income? or is it a flat amount no matter the income amount?

[etech0]

is the 600 Unemployment based on income? or is it a flat amount no matter the income amount?

flat amount

[justmeha]

Anyway to e-file a return with 0.00 income?

has anybody figured this out? or now that social security recipients will get it automatically everybody else (high school students and college freshmans) are out of luck

[etech0]

some info here
https://matzav.com/coronavirus-news-from-agudas-yisroel/