Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 166748 times)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #540 on: April 29, 2020, 10:37:29 PM »
There is a lot of talk about how the big banks have been able to upload more than small banks. Isn't that the way it should be? Why should a bank with 2 branches be able to get all of theirs in while the banks with hundreds of branches get throttled so that these 2 should get their customers in while the customers of these hundreds of branches get pushed off?
Welcome to the government!
Why is it that someone earning $1k a month(small bank with 2 branches), who was fired, receives now 3K UI, and someone who earns 2K a month ( medium bank with 10 branches) and was not fired only gets 2K a month???????????

Offline avrumy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #541 on: April 29, 2020, 10:44:36 PM »
You can be on unemployment, then PPP for 8 weeks, then unemployment again.
The ppp is meant- that one got their job back. if one gets their job back  for 8 weeks and then file for SE unemployment again and get the $600? i would guess not unless you know otherwise.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #542 on: April 29, 2020, 11:01:36 PM »
or partial unemployment together with PPP
Not really. You have to keep employees at 75% of previous wages during those 8 weeks.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #543 on: April 29, 2020, 11:01:51 PM »
The ppp is meant- that one got their job back. if one gets their job back  for 8 weeks and then file for SE unemployment again and get the $600? i would guess not unless you know otherwise.
Nothing in the law to contradict that.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #544 on: April 29, 2020, 11:18:54 PM »
3 days out of a 4 days week is 75%. and you are eligible for partial UI
For PPP it's about wages, not hours.
I hope 75% of their wages disqualifies them from unemployment.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #545 on: April 29, 2020, 11:20:14 PM »
i understand that you can not be on unemployment and PPP. is that at the same time or can i be on one and then the other? assuming you can only be on one - which would be better?

They seem to be mutually exclusive because UI/PUA you have to get less than $504 income to be eligible (thats for NY, other states probably have similar provisions that you canít be employed/have income), and PPP requires you to pay yourself to get forgiveness.

Iíll go with what others have said, UI/PUA before PPP, 8 weeks of PPP, then back to UI/PUA.

Which is better would depend on how much youíd get from each, so might vary from person to person.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #546 on: April 29, 2020, 11:20:45 PM »
For PPP it's about wages, not hours.
I hope 75% of their wages disqualifies them from unemployment.
:-\ :'(

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #547 on: April 29, 2020, 11:21:57 PM »
For PPP it's about wages, not hours.

One of the banks I applied with (I think Dime) had info about PPP forgiveness, and there was a section there about maintaining full time equivalents or something, which would imply that hours could be a factor too.

Offline aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #548 on: April 29, 2020, 11:25:45 PM »
For PPP it's about wages, not hours.
I hope 75% of their wages disqualifies them from unemployment.
Not in NJ
Feelings don't care about your facts

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #549 on: April 29, 2020, 11:50:28 PM »
They seem to be mutually exclusive because UI/PUA you have to get less than $504 income to be eligible (thats for NY, other states probably have similar provisions that you canít be employed/have income), and PPP requires you to pay yourself to get forgiveness.

Iíll go with what others have said, UI/PUA before PPP, 8 weeks of PPP, then back to UI/PUA.

Which is better would depend on how much youíd get from each, so might vary from person to person.

I wonder if they UI will spike after June 30th for a month till the PUA stops.

Its actually interesting that there is a month difference between the end of PUA and the end of the PPP. I wonder why they didn't end them at the same time

Offline ckdkimhi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #550 on: April 30, 2020, 06:10:02 AM »
If you did not receive funds from this program and you have an employee on payroll (not 1099), apply fast! Feel free to contact me regarding individual scenarios. https://app.bluevine.com/signup/ppp?pid_login=0002910

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #551 on: April 30, 2020, 07:50:17 AM »
If you did not receive funds from this program and you have an employee on payroll (not 1099), apply fast! Feel free to contact me regarding individual scenarios. https://app.bluevine.com/signup/ppp?pid_login=0002910

Theyíre not doing independent contractors? Why would they differentiate?

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #552 on: April 30, 2020, 08:25:16 AM »
Theyíre not doing independent contractors? Why would they differentiate?
What bank is giving loans to business that pay mostly 1099'ers?

Most banks are balking on that as they interpret the guidance to state that each 1099'ed person needs to apply on their own.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #553 on: April 30, 2020, 08:46:50 AM »
If you did not receive funds from this program and you have an employee on payroll (not 1099), apply fast! Feel free to contact me regarding individual scenarios. https://app.bluevine.com/signup/ppp?pid_login=0002910

Are you getting a commission on this?

Offline Zalc

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #554 on: April 30, 2020, 08:54:03 AM »
Are you getting a commission on this?
Aren't lenders getting a 5% fee for processing loans under $1mm?