Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 232586 times)

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2880 on: January 17, 2021, 04:16:27 PM »
'Destination Marketing Organization'
does this include travel agents?

No. DMOs are generally location based.
https://www.tripsavvy.com/what-is-a-dmo-3252439

Offline 123-Rosh

  • Dansdeals Gold Elite
  • ***
  • Join Date: Feb 2017
  • Posts: 109
  • Total likes: 48
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New Jersey
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2881 on: January 18, 2021, 10:09:56 AM »
Are HRA payments to employees included in PPP calculations?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2882 on: January 18, 2021, 10:11:31 AM »
Are HRA payments to employees included in PPP calculations?
If employer paid, then yes.

Offline Deal Guy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2009
  • Posts: 4737
  • Total likes: 56
  • DansDeals.com Hat Tips 9
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2883 on: January 18, 2021, 10:40:43 AM »
Is there any reason to do ppp round 2 before or after targeted eidl?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 26056
  • Total likes: 3219
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2884 on: January 18, 2021, 10:46:27 AM »
Is there any reason to do ppp round 2 before or after targeted eidl?

None that I am aware of. There’s no way to currently apply for the EIDL grant yet.

ETA: You can still apply for an EIDL loan and that should make you eligible for a grant. But it might not be worth the hassle if you don’t need the loan as the grant application they’ll open might be a simpler process.
« Last Edit: January 18, 2021, 10:59:51 AM by AsherO »

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2885 on: January 18, 2021, 01:02:15 PM »
I am a flipper ( buy and sell houses) Do I fall into any of these restrictions below?

Passive Businesses
Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible.
Businesses primarily engaged in subdividing real property into lots and developing it for resale on its own account are not eligible.
Businesses that are primarily engaged in owning or purchasing real estate and leasing it for any purpose are not eligible. For example, shopping centers, salon suites, and similar business models that generate income by renting space to accommodate independent businesses that provide services directly to the public are not eligible.

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2886 on: January 18, 2021, 01:04:07 PM »
I am a flipper ( buy and sell houses) Do I fall into any of these restrictions below?

Passive Businesses
Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible.
Businesses primarily engaged in subdividing real property into lots and developing it for resale on its own account are not eligible.
Businesses that are primarily engaged in owning or purchasing real estate and leasing it for any purpose are not eligible. For example, shopping centers, salon suites, and similar business models that generate income by renting space to accommodate independent businesses that provide services directly to the public are not eligible.

do you know what your NAICS code is? It's a 6 digit code located on your business tax return.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 26056
  • Total likes: 3219
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2887 on: January 18, 2021, 01:06:44 PM »
I am a flipper ( buy and sell houses) Do I fall into any of these restrictions below?

Passive Businesses
Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible.
Businesses primarily engaged in subdividing real property into lots and developing it for resale on its own account are not eligible.
Businesses that are primarily engaged in owning or purchasing real estate and leasing it for any purpose are not eligible. For example, shopping centers, salon suites, and similar business models that generate income by renting space to accommodate independent businesses that provide services directly to the public are not eligible.

Wouldn’t that qualify you?

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2888 on: January 18, 2021, 01:09:27 PM »
do you know what your NAICS code is? It's a 6 digit code located on your business tax return.

Do you know where I can find it?

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2889 on: January 18, 2021, 01:11:26 PM »
do you know what your NAICS code is? It's a 6 digit code located on your business tax return.

it is 531110

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2890 on: January 18, 2021, 01:11:52 PM »
Do you know where I can find it?
Which type of return do you file?

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2891 on: January 18, 2021, 01:14:25 PM »
Which type of return do you file?

Form 1120.  I found the code it is 531110

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2892 on: January 18, 2021, 01:16:53 PM »
Form 1120.  I found the code it is 531110
Does it list you as a passive owner? Do you run payroll?

Note that for those with NAICS code 531110 (and code 531311) your eligibility is based on annual net receipts, not number of employees.
531110 have a $30 million annual net revenue limit, while 531311 has an $8 million annual net revenue limit.

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2893 on: January 18, 2021, 01:20:59 PM »
Does it list you as a passive owner? Do you run payroll?

Payroll

Note that for those with NAICS code 531110 (and code 531311) your eligibility is based on annual net receipts, not number of employees.
531110 have a $30 million annual net revenue limit, while 531311 has an $8 million annual net revenue limit.
[/quote]

I'm nowhere near that number ;)

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2894 on: January 18, 2021, 01:30:02 PM »
Payroll

Note that for those with NAICS code 531110 (and code 531311) your eligibility is based on annual net receipts, not number of employees.
531110 have a $30 million annual net revenue limit, while 531311 has an $8 million annual net revenue limit.


I'm nowhere near that number ;)

Than you should be good :)

Offline yossisch1

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2011
  • Posts: 78
  • Total likes: 6
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: b.p.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2895 on: January 18, 2021, 01:32:05 PM »
Than you should be good :)

Thank you

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3768
  • Total likes: 695
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2896 on: January 18, 2021, 03:16:20 PM »
what assistance is there available for non for profits. schools etc in NJ?
#TYH

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2897 on: January 18, 2021, 03:25:37 PM »
what assistance is there available for non for profits. schools etc in NJ?

Schools need to decide between GEER funds (if they qualify) vs PPP. They can't go for both.
Non profits can go for PPP.

If you'd like a summary and webinar recording done by the Agudah on these two programs geared specifically towards schools, feel free to email me at chaiplus1@gmail.com.

Offline shulemw

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Mar 2012
  • Posts: 375
  • Total likes: 30
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2898 on: January 18, 2021, 05:03:52 PM »
on a nutshell what is GEER?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3391
  • Total likes: 790
  • DansDeals.com Hat Tips 4
    • View Profile