Small Business Owners - PPP

[ClarkstonMark]

For those who haven't tried to get a PPP, there is still around $100B in the pool
I know there are a couple restaurant owners on here (Clearfield and MB) that these loans should really help out.
And I believe for loans under $2m the forgiveness is pretty clear once approved.

 

[Rip_E_2_Joe_PA]

For those who haven't tried to get a PPP, there is still around $100B in the pool
I know there are a couple restaurant owners on here (Clearfield and MB) that these loans should really help out.
And I believe for loans under $2m the forgiveness is pretty clear once approved.

... as clear as mud! I was wired PPP and still have not received noticed.that is was PPP. The original 22 pages of requirements for forgiveness (made available to accountants a couple weeks ago) were just followed up with another 11 pages of requirements for forgiveness with the caveat that more requirements will come. I am sending the damn money back. PPP is a disaster according to the 3 CPAs I have spoken to..... and after reading it myself..... I agree....

 

[katchthis]

For those who haven't tried to get a PPP, there is still around $100B in the pool
I know there are a couple restaurant owners on here (Clearfield and MB) that these loans should really help out.
And I believe for loans under $2m the forgiveness is pretty clear once approved.

It's a potentially a great deal. The forgiveness aspect is a moving target.

 

[ClarkstonMark]

It's a potentially a great deal. The forgiveness aspect is a moving target.

yes it is, but I wouldn't be sending money back right now, no reason to

 

[Rip_E_2_Joe_PA]

yes it is, but I wouldn't be sending money back right now, no reason to

I doubt I will, But the process is out of control, Kinda like people running the Treasury don't know what they are doing. The SBA, in the same boat.

 

[LionDeNittany]

I doubt I will, But the process is out of control, Kinda like people running the Treasury don't know what they are doing. The SBA, in the same boat.

The people running the treasury know what they are doing.
The SBA was a little overwhelmed, but they seem to have fixed the process.

My bank, Wells (a pos), never got my loan. I applied through square capital and it was funded within 36 hours.
Square is managing the payback part as well.

Amazing what a good technology company can do.

LdN

 

[LionDeNittany]

... as clear as mud! I was wired PPP and still have not received noticed.that is was PPP. The original 22 pages of requirements for forgiveness (made available to accountants a couple weeks ago) were just followed up with another 11 pages of requirements for forgiveness with the caveat that more requirements will come. I am sending the damn money back. PPP is a disaster according to the 3 CPAs I have spoken to..... and after reading it myself..... I agree....

Loan forgiveness is pretty simple, but yes the documentation is difficult now. However, so is the tax code.
By the time it matters, April 2021, it will be fairly simple.

LdN

 

[katchthis]

Loan forgiveness is pretty simple, but yes the documentation is difficult now. However, so is the tax code.
By the time it matters, April 2021, it will be fairly simple.

LdN

Loan forgiveness is pretty simple, but yes the documentation is difficult now. However, so is the tax code.
By the time it matters, April 2021, it will be fairly simple.

LdN

IDK, it's in flux. For instance, initially full time equivalents were 30/31 hours a week to 40. Now its only a full 40 hours per week.

 

[LionDeNittany]

IDK, it's in flux. For instance, initially full time equivalents were 30/31 hours a week to 40. Now its only a full 40 hours per week.

Yeah it is. But again, so is the tax code.

What is the downside?

LdN

 

[dbbp]

Thanks for the heads up. I actually secured mine. On the first go around. My accountant and local bank. Handled it like rock stars! It was a process for sure. They changed what they needed 3 times. Of course just got another 11 pages to fill out. Booooo! But the fact I have all my full time employees back. And it’s helping pay some other bills. It’s worth the hassle.

 

[mn78psu83]

Thanks for the heads up. I actually secured mine. On the first go around. My accountant and local bank. Handled it like rock stars! It was a process for sure. They changed what they needed 3 times. Of course just got another 11 pages to fill out. Booooo! But the fact I have all my full time employees back. And it’s helping pay some other bills. It’s worth the hassle.

That's great to hear. Best wishes to you moving forward with your business and employing members of your community. The importance of this across the country for those like you and their employees cannot be overstated.

 

[psualt]

Ive said from the beginning it helps those still operating. If you are fortunate enough to receive the money while heading back to full business this is a great program. It is definitely a challenge for those employing numerous part time that are still in limbo but they’ve clarified a lot of info in the last few weeks that helps plan.

 

[Lion78]

Application was in for the first round, but too late. Got it loan a couple of days into the second round, after SBA fixed their intake process. I tend to think the rules, while still being worked out, will be flexible enough to not have massive return of money due to non-forgiveness. They are currently working on extending my biggest issue (loan amount based on 10 weeks payroll and forgiveness based on 8). Looks like they will fix this and give some flexibility on the 75%-25% rule for those with higher percentage of rent, utilities and leases). Am able to keep all that want to employed. Had one employee move to another company and the rules allow me to not count him which would reduce forgiveness.

 

[Rip_E_2_Joe_PA]

Loan forgiveness is pretty simple, but yes the documentation is difficult now. However, so is the tax code.
By the time it matters, April 2021, it will be fairly simple.

LdN

One can hope.

 

[ClarkstonMark]

Some good changes passing now ....
60% min on payroll expenses.
24 weeks to use the funds.
5 years repayment.

 

[Lion78]

Some good changes passing now ....
60% min on payroll expenses.
24 weeks to use the funds.
5 years repayment.

by the house. Senate will probably reduce the number of weeks (they are talking 16). Either way, a much better solution to allow more companies to get forgiveness on all the funds taken.