Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 72130 times)

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #60 on: April 19, 2020, 06:06:21 PM »
If it's a company that you don't work for then it's an INVESTMENT for you. Usually the IRS requires you take some W2 payroll from a company that you WORK for.
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll
You can say what you think when you think what you say.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #61 on: April 19, 2020, 06:08:06 PM »
Amex still accepting applications

https://americanexpresssbappp.force.com/s/login
only Amex business costumers it seems.
You can say what you think when you think what you say.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #62 on: April 19, 2020, 06:09:55 PM »
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll

Don't think so. Maximum loan amount is 2.5 times your average monthly payroll costs (including benefits) from the past 12 months.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #63 on: April 19, 2020, 06:10:41 PM »
I work for my own company, S Corp, but I'm not taking out any payroll, any way to apply and get anything out of ppp? Besides doing retro payroll
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.

Offline SwellCindy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #64 on: April 19, 2020, 06:37:47 PM »
Anyone know of someone who got through Citibank?
- Faith begins where logic ends -

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #65 on: April 19, 2020, 06:48:07 PM »
Not sure what your accountant told you, but one of the strict laws of S Corp is that you must take a reasonable wage compared to others in your field.
If there is a profit I believe

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #66 on: April 19, 2020, 07:05:26 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #67 on: April 19, 2020, 07:06:53 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Why not more? Certainly less costly than debt elsewhere, no payments for a year, and frankly there is a good chance the rest of the money will be forgiven eventually as well, IMHO
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Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #68 on: April 19, 2020, 07:08:13 PM »
Why not more? Certainly less costly than debt elsewhere, no payments for a year, and frankly there is a good chance the rest of the money will be forgiven eventually as well, IMHO

Not borrowing what you donít need is a good path through life my friend. Iím actually afraid the forgiveness process will be tough as hell.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #69 on: April 19, 2020, 07:08:38 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Nice!  Im happy to hear.   Its difficult times but at least to get the help that might be available is a big blessing!

Online thebudgetdeals

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #70 on: April 19, 2020, 07:08:53 PM »
I got one. I specifically only took what I know will be forgiven, ie i did not borrow against (entire 2019 payroll/12)*2.5

Donít need to take any more debt on at this time. I got $120,000 and funded on Friday. It will go to pay people who absolutely cannot be laid off regardless.
Thru which Bank?

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #71 on: April 19, 2020, 07:09:33 PM »
Not borrowing what you donít need is a good path through life my friend. Iím actually afraid the forgiveness process will be tough as hell.
Absolutely about the forgiveness.   I hope people understand that this might come to bite them.

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #72 on: April 19, 2020, 07:10:46 PM »
Thru which Bank?

First National Bank of Ames, IA

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #73 on: April 19, 2020, 07:16:02 PM »
First National Bank of Ames, IA
You had prior relationship with them?

Offline YesThatsMe

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #74 on: April 19, 2020, 07:22:43 PM »
You had prior relationship with them?

Yes. Frankly, I reached out to 4 relationships at different banks, and only they even got back to me. The average American Banker has not slept in the last 2 weeks and has ticked off many good clients to boot.