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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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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Originally posted by CastAndBlast View PostSame here...
It hadn't even crossed my mind until I got the word from the accountant.
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Originally posted by chadt1234 View PostNot 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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Small business owners
Originally posted by Radar View PostDo 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 TapatalkLast edited by Sparkles; 04-02-2020, 05:47 AM.
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Originally posted by SaltwaterSlick View PostI 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!!
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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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Originally posted by dalaka View PostI 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.
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.
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Originally posted by ForEverlast View PostCorrect 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 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.
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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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