A letter to my clients

[Willie99]

"Gross payroll up to $100k"...i need clarification

1)anyone that made 100k in 2019 dont get salaries that count?
2) anyone that reaches 100k in 2020 not eligible once they hit 100k?
3) everyone qualifies but only the first 100k paid within that 8 week period?

I assume #3 but you know about assuming

Number 3

absolutely true for determining what you can borrow, which is based on the monthly average of your payroll from March 2019 through February 2020 (borrow based on monthly average for preceding year, with $ 100,000 cap per employee)

Most likely true in some manner for what qualifies for discharge during your 8 week discharge period (debt discharge based on 8 weeks immediately following loan being received)

 

[shdw01]

Sorry just curious. How does someone file for the $10k?

Where is the application?

 

[rolltide]

(with all the 24/7 bs out there, amazing the media does not have time to provide a summary like this...)

they need to make it so mobdeeper and bengals34 can understand it which means either 1) dumb it down to a catch phrase 2) write a stimulus rap song

a couple notes from my accountant:


Home Repair Businesses: For anyone in the home repair business there is a great Facebook group out there that was created by HouseCall Pronamed "Coronavirus Discussion for Home Service Businesses" … you don't need to be a HouseCall Pro subscriber to view

SCAMS
Watch out for people calling and emailing claiming:
• Need your bank info to setup direct deposit of stimulus money
• Need your info to help you apply for disaster loans
• Collecting charitable donations directly that they say will help those in need due to the pandemic

Links of interest:
Small Biz low-interest loans https://www.journalofaccountancy.co...cpald&utm_medium=email&utm_campaign=23Mar2020
Payroll Protection Act https://bench.co/blog/operations/paycheck-protection-program/[SUB][SUP]<strike>
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[bigbet1234]

Thanks for the info Willie!

They extended it to self employed. So is the unemployment available for Uber/Lyft drivers that drive full time?

 

[rolltide]

Thanks for the info Willie!

They extended it to self employed. So is the unemployment available for Uber/Lyft drivers that drive full time?

https://www.usatoday.com/story/mone...timulus-package-means-freelancers/2934128001/

 

[Willie99]

Sorry just curious. How does someone file for the $10k?

Where is the application?

SBA.gov

 

[shdw01]

SBA.gov

w-thumbs!^

 

[CaptainLee]

Thanks for the info Willie!

They extended it to self employed. So is the unemployment available for Uber/Lyft drivers that drive full time?

Yep and as I'm reading it, so does the sba 10k gift.

 

[Willie99]

Yep and as I'm reading it, so does the sba 10k gift.

too good to be true

I just applied for the $ 10,000 grant for my business, it took 10 minutes or less (that means 30 minutes for you guys )

What they asked for

Name, address, EIN/SSN, telephone numbers for business and business owners

business description

are you a criminal

Sales 2/1/19 - 1/31/20

COGS 2/1/19 - 1/31/20 (I read this has NOT operating expenses)

# employees 1/31/20

Bank name, routing number and account number

they'll let you know in a few days

I've never completed an easier application for anything ever

 

[Willie99]

^^^^^^^

I did this to get a feel for the process since I'm doing this stuff (and more) full time starting tomorrow

In most cases I think I'm looking at the 10K and the payroll stuff. In a few cases I'll have to do time consuming / extensive stuff

 

[Knightrofins]

Willie,

is this from sba.gov where u click the link at the top?

i thought the link was for the loan where you can get 2.5x your payroll and be forgiven to pay employees and overhead?

can u apply for the 10k grant AND that 2.5x payroll loan (Is it called pup?)

 

[Knightrofins]

Let me rephrase my previous post.

Is the 10k grant state or fed?

if fed, can you do both paycheck protection program AND get the 10k grant?

is the 10k grant listed on the top link at sba.gov?

thx

 

[Willie99]

SBA.gov is where you apply for the 10k loan and it's a very streamlined process

You apply for the payroll loan with your bank.

The 10k is available to self employed individuals and landlords

For the payroll based loan, you obviously need to have payroll


These are the two easy processing loans

 

[Willie99]

all other loans have a more traditional application process, albeit with a shortened processing time and easier access to funds

 

[CaptainLee]

they'll let you know in a few days

I've never completed an easier application for anything ever

If their 3 day turnaround timeframe is remotely accurate, this really is too good to be true.

I sent my own thru last night and several for other struggling business owners today.

we$$$

 

[shdw01]

Willie, do you have any advice on tracking spending in terms of PPP loans. I know the rules (what it can be used on and % for payroll related. etc). But are there any tracking requirements or tips?

For example, i know another business owner that is opening a bank account and using it entirely on PPP funds to help with tracking. Seems excessive to me but for all i know maybe it is a good idea

 

[Willie99]

If their 3 day turnaround timeframe is remotely accurate, this really is too good to be true.

I sent my own thru last night and several for other struggling business owners today.

we$$$

The three day processing seems to be a tad bit too optimistic

The new commitment is "within days after submitting a successful application"

 

[THawk+]

Willie, sorry to bother you but could use a little help.

I have a regular job where I get a paycheck and I have a small business that I sell on Amazon, get a 1099 for that.

Am I eligible for anything? That $10,000 grant/loan?

Thank you, much appreciated if you can help

 

[Willie99]

Willie, do you have any advice on tracking spending in terms of PPP loans. I know the rules (what it can be used on and % for payroll related. etc). But are there any tracking requirements or tips?

For example, i know another business owner that is opening a bank account and using it entirely on PPP funds to help with tracking. Seems excessive to me but for all i know maybe it is a good idea

I don't think that's necessary, but it doesn't hurt. If there's an issue about "tracking" what the funds were used for, that will help. But I haven't seen anything that references "tracking", they just want you to spend

 

[Willie99]

Willie, sorry to bother you but could use a little help.

I have a regular job where I get a paycheck and I have a small business that I sell on Amazon, get a 1099 for that.

Am I eligible for anything? That $10,000 grant/loan?

Thank you, much appreciated if you can help

You're business is eligible, they don't even ask you about other jobs.

On the PPP, they ask you about related businesses, but they don't even ask about on disaster relief applications

Today is the 6th straight day that this stuff is all I'm working on

On a sidebar, there's a new program to help businesses that don't have employees coming out this Friday, something similar to the PPP