SBA PPP and EIDL Small Business Loans (some money is forgivable)

[cgr]

Even the same employee. since the 46k you apply for forgivness will be reduced by lets say 30%, to 31K, however you only received 20k in the loan for the employee=full forgivness

So this whole "wage level" req is a scam. It's really "as long as you spend 8 weeks of payroll over 24 weeks you're fine"...

[Moshe123]

Anyone received EIDL advance/loan on more than 1 business with same owner?

Yes

[rivkao]

Anyone received EIDL advance/loan on more than 1 business with same owner?

Yes

[AsherO]

So this whole "wage level" req is a scam. It's really "as long as you spend 8 weeks of payroll over 24 weeks you're fine"...

Basically, by passing a law extending forgiveness to 24 weeks without thinking it through, they rolled back some of the workforce/payroll protections in the initial formulation.

[cgr]

Basically, by passing a law extending forgiveness to 24 weeks without thinking it through, they rolled back some of the workforce/payroll protections in the initial formulation.

Very disappointing.
When I initially read through the new forgiveness application I saw there's about 10 steps to get to the wage reduction, so I figured it was built in there to take into account the 24 weeks.

Working on an excel version of the forgiveness application to simplify calcs.

[AsherO]

Working on an excel version of the forgiveness application to simplify calcs.

Nice.

[TBD]

Very disappointing.
When I initially read through the new forgiveness application I saw there's about 10 steps to get to the wage reduction, so I figured it was built in there to take into account the 24 weeks.

Working on an excel version of the forgiveness application to simplify calcs.

They are still working on options how to get rid of the 140 Billion that congress approved and nobody is taking, you want they should take back funds?

[AsherO]

They are still working on options how to get rid of the 140 Billion that congress approved and nobody is taking, you want they should take back funds?

Increase everyone’s PPP proportionately now that forgiveness has gone up (with the 24-week option)?

[TBD]

Yes

Real Estate owned by a trust can the trust apply?

[TBD]

Dont know what the SBA thinks when they are asking ppl to sign on the EIDL loan docs the following paragraph for the next 30 years....
Maybe they can just build a prison gate around USA or a Mexican wall...


LIMITS ON DISTRIBUTION OF ASSETS
·        Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or give
any preferential treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to
any owner or partner or any of its employees, or to any company directly or indirectly controlling or affiliated
with or controlled by Borrower, or any other company.

[helpusout]

Real Estate owned by a trust can the trust apply?

did u have employees in each company?

[TBD]

https://www.doctorofcredit.com/tips-for-applying-for-an-eidl-loan-grant/

[Hjay]

2) If your loan is disbursed after 06/05/20 your covered period is automatically 24 weeks from your disbursement date (can't go past 12/31/20 though). These dates are noted on the forgiveness application, not on the loan application.

What about before 06/05? I get to choose on the forgiveness app?

[Hjay]

Increase everyone’s PPP proportionately now that forgiveness has gone up (with the 24-week option)?

That would be great, I wouldn’t mind another 8 weeks of pay

[AsherO]

That would be great, I wouldn’t mind another 8 weeks of pay

It would be an additional 1-2 weeks...

[Hjay]

In NY any SE who elects a 24-week period and received less than $12,096 in PPP should be able to stay on UI as long as they work 3 days or less weekly.

Is there another thread for UI? Wondering like this - I’ve gotten paid 4 times over the past 3 months from two diff companies on 1099, can I apply for UI? What days throughout this time would be considered employed & what not?

[Hjay]

It would be an additional 1-2 weeks...

Why? My 8 was off also but if we’d be able to get payroll forgiven for 24 weeks that would be awesome

[TBD]

Why? My 8 was off also but if we’d be able to get payroll forgiven for 24 weeks that would be awesome

https://www.businessinsider.com/americans-would-receive-2000-a-month-under-house-democrats-plan-2020-4

[Deal Guy]

If someone self employed got the eidl grant of $1000, and then applies for ppp loan, and gets 5000 that should be forgiven, will he get the 5000 forgiven, or do they count the 1000 eidl grant and will only forgive $4000?

[TBD]

If someone self employed got the eidl grant of $1000, and then applies for ppp loan, and gets 5000 that should be forgiven, will he get the 5000 forgiven, or do they count the 1000 eidl grant and will only forgive $4000?

only 4k