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    #76
    My CPA says she doesnt know about this program, but knows a little about the Paycheck Protection Program. Looking at them both they look they same to me. She said it will be early next week before full details are hashed out.

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      #77
      Not true Miket. My banker intends on starting to process PPP applications by Friday. They have been on calls with the SBA every day. The EIDL is not forgivable, the PPP is. EIDL can be used for many other things than PPP. Call your bank. Let them know you want to be included in the program. Once they have their guidelines in place, they should contact you for necessary information. I'm not going to wait and then find out that the lenders have already maxed out their capacity.

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        #78
        We got our forms last night... application to our bank is in process this morning. I'm collecting the necessary payroll data, insurance data and such now, but demand on the system (Insperity) is high right now so it's taking some time.

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          #79
          Originally posted by CastAndBlast View Post
          Same here...

          It hadn't even crossed my mind until I got the word from the accountant.
          They moved the interest rate to .5% yesterday so this is a no-brainer guys we need to take full advantage to keep our business going until this crap moves on...

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            #80
            Originally posted by chadt1234 View Post
            Not true Miket. My banker intends on starting to process PPP applications by Friday. They have been on calls with the SBA every day. The EIDL is not forgivable, the PPP is. EIDL can be used for many other things than PPP. Call your bank. Let them know you want to be included in the program. Once they have their guidelines in place, they should contact you for necessary information. I'm not going to wait and then find out that the lenders have already maxed out their capacity.
            Correct applications will being to be accepted on the 3rd Friday, so get your payroll info., rent/lease, etc. together and be ready and apply. the other grant is currently available to apply for now i will post link but it takes about 5 minutes to complete for 10K and will be direct deposited into your account in which my Chamber director said they expect turn around to be 3-5 days so that is promising!

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              #81
              Link for grant:

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                #82
                Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?

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                  #83
                  Small business owners

                  Originally posted by Radar View Post
                  Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?


                  I got an email notice yesterday from intuit, doesn’t look postponed or deferred


                  Sent from my iPhone using Tapatalk
                  Last edited by Sparkles; 04-02-2020, 05:47 AM.

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                    #84
                    Originally posted by Radar View Post
                    Do any of y'all know if the IRS moved the Estimated Quarterly Tax date for April?
                    I just (like a minute ago) received an email from TWC saying quarterly have been extended to May 15.

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                      #85
                      Originally posted by SaltwaterSlick View Post
                      I don't have to tell any business owner or senior manager of a company what it is like to have to do a layoff, but for those who haven't experienced what it's like on the employer side, let me tell you, it is the most gut wrenching horrible experience an employer can go through short of just locking up and shutting down. I've been through a bunch of these turn-downs. My first one was the big one in '81-'82... I was a senior manager for my company. It hit me so hard physically, I have been on blood pressure medication pretty much since that time... I almost stroked out. I got thru all the others without having to making personnel cuts until the 2014-15 turn-down... difference this time was I was the business owner... It was even worse!!! It's one thing to have to fire someone for not doing their job, I don't like it, but it doesn't bother me mentally other than trying to keep from getting upset a the employee for blowing their chance at a good job... Having to tell a loyal employee that is like family to you that you can't use 'em anymore and that their insurance and pay are dropping to zero... well, that's the hardest and worse thing I've ever had to do! I don't want to have to ever do it again and God willing we will get through this one without having to do it again!!
                      Yes sir you are spot on. Its brutal and takes years off your life for sure. I start with the guys that have the habits of being sick on Fridays and Mondays and also come crying to me that they are not getting enough hours, go figure. Then I move to the guys that are chronically late to work. Then I move to the guys that constantly complain and think either myself or another employee is trying to screw them over, or being mistreated. I keep a tube of Vagasil handy for these guys and when they start to complain I tell them to rub some on their lady parts. Then the truly hard part comes when you get to the men that are like family. Been there through thick and thin for 30+ years and you have to look them in the eye and give them the bad news. Kills me to even type this.

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                        #86
                        I feel for the small business guys and prayers out to y'all. I hope these government programs help save as many businesses and employees as possible! Now, those that take advantage of the system during these harsh times should be wooped. As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.

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                          #87
                          Originally posted by dalaka View Post
                          As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.
                          Report him.

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                            #88
                            Originally posted by dalaka View Post
                            I feel for the small business guys and prayers out to y'all. I hope these government programs help save as many businesses and employees as possible! Now, those that take advantage of the system during these harsh times should be wooped. As I already heard of a guy that is doing very well thru this, but is still going to get in line for "free money".....that is criminal.
                            What's criminal about it?

                            I'll agree that the money is intended for those in a bad spot and is to prevent employers from going out of business causing more unemployment. If you don't need it, you shouldn't apply for it. But from what I know of the "grant" is any business 500 employees or less can apply.

                            Comment


                              #89
                              Originally posted by ForEverlast View Post
                              Correct applications will being to be accepted on the 3rd Friday, so get your payroll info., rent/lease, etc. together and be ready and apply. the other grant is currently available to apply for now i will post link but it takes about 5 minutes to complete for 10K and will be direct deposited into your account in which my Chamber director said they expect turn around to be 3-5 days so that is promising!
                              I am getting conflicting information on this grant. My CPA sent me info on the Disaster loan from the SBA website that states that the 10K will not have to be paid back. However, my banker is telling me that it will.

                              I was also told by my banker that you could only apply for one or the other. However, I am hearing different info from my CPA.
                              Last edited by CastAndBlast; 04-02-2020, 08:29 AM.

                              Comment


                                #90
                                PPP remains a bit of a moving target and there have been changes this week as already indicated on this thread. Tomorrow is the first day to officially start making loans here is some information that I have received from my source.

                                1. Early proposal
                                2. New Guidance as of weds 3/31

                                1. Annual Percentage Rate 4.0%
                                2. Annual Percentage Rate 0.5%

                                1. Term: 10 Years
                                2. Term: 2 Years

                                1. Deferral Period 6-12 months
                                2. Deferral Period: 6 months

                                1. Forgiveness: Proceeds used on mortgage, rent, utilities & payroll are forgivable.
                                2. Forgiveness: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. You will also owe money if you do not maintain your staff and payroll.

                                - Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
                                - Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders

                                As part of my air-conditioning plumbing and electrical service contracting consulting business, I’m kind of on the front line with a large SBA lender in regards to the PPP . Regardless of your business if you have any specific questions feel free to PM me .

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