Well after looking into it and I don't have employees BUT I do send out 1099s and that should make me qualify. Thing is I don't know yet if rents will come in, my two highest renters are in the restaurant business so I know they are shut down.

This is my question — do they calculate it based strictly off payroll or does it include freelancers/people who get 1099s.

Now you have me wondering.

I send out multiple 1099s, but no one actually works for me full time either. The mother ****ing multinational cock sucking packer oligarchy sure a hell hurt my income and are still doing so via workforce shutdown rumors and other market manipulation tools.

Take it for what its worth

<iframe width="560" height="315" src="https://www.youtube.com/embed/Wu3qSCfMbP8" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

They have formulas that tell you what you get.

Everyone apply for both.

More info is coming.

https://twitter.com/mcuban/status/12...12365824?s=21M

Here’s a good starting place

Great find!

Here it is directly from chamber:

https://www.uschamber.com/sites/defa...al_revised.pdf

Good stuff, and cool if true (Wednesday taking applications - 48 hours funding)!

From a SBA rep:


Disaster customer service - https://www.sba.gov/funding-programs...ter-assistance

Disaster loan application – https://disasterloan.sba.gov/ela/

To determine your NAICS code – https://www.naics.com/naics-identification-help/

To determine your NAICS code small business eligibility – https://www.sba.gov/size

Doing well at this point.

Still signing up clients, new staff member starting Monday.

Setting up a VOIP system and using the savings on software and advertising.

Slowdown in medical treatment is gonna **** me later, tho.

OK....back on the trail of PPP and EIDL this morning....should be hearing things from the bankers today....

Would encourage all of you to reach out to the banks today!

I'm on it. Thank you.

I reached out to small business rep at my Bank of America down the street. Had a 1pm appointment that he cancelled bc he said they had a system wide conference call in regards to the stimulus. Told me he'd be back in touch with me tomorrow.

It wasn't terribly encouraging because I knew about 10 times more about the proposed details of the disaster loans and PPP than he did, but I guess we'll wait and see. I'd honestly rather do it through the bank where I do my personal business, but I figure verification of expenses would be easier if I applied through the bank that holds my business account.

Honestly, I've not heard much today that wasn't already in process on Friday...I agree that even the bankers are a little perplexed today, and may take several days before the real answers start coming out. I'm starting to think funding will come much sooner than anticipated (my original estimate was 2 months), but I don't think it will be in the next week, and I wouldn't make recommendations to that effect.

In the meantime, my consultants were greeted this morning with the mass confusion of small business owners, so we're trying to keep them as informed as possible based on what we know....

Thanks to everyone for posting. Great information in here.

Just saw this....posting various links

For PPP applications (looks like apps should be in process this week)
https://www.foxbusiness.com/economy/...navirus-update

https://www.bloomberg.com/news/artic...ning-this-week


For individual checks ($1,200 payments - looks like 3 weeks out):
https://www.cnbc.com/2020/03/26/coro...chin-says.html

I want to know what you guys are gonna do with your stimulus checks. Just keep them and/or hire back your staff?

Personally, I haven't let anyone go. But I have a very small staff and I'm also a hoarder and don't live month to month with the company bank balance. I have some cushion as well as a decent amount to still bill in the next few weeks.

It's gonna be much more noticeable to me in the summer when I see the lack of money coming in from being so damn slow for the past 2-3 weeks and continuing. I won't go broke if the PPP doesn't work out for me, but it'd sure help cover some of the losses.

There's another strange thing I've wondered, and I could be totally reading things wrong and haven't done the due diligence researching. I didn't lay off employees because I do have some cushion and their situations are certainly more in limbo than mine....but I wonder if it wouldn't actually help in the long run if I did. From the little I've read, they'd be making a decent amount more on unemployment right now (accounting for the extra $600 from fed) than what their weekly paychecks are from me. Seems like a pretty backwards way of incentivizing employers and employees from each taking advantage of the system, no?

Good to read that you are set for the immediate future!
If you lay them off, what guarantee that you have that they will come back to you? $600/week is for 4 months only.
We have not laid off anyone and stated to them that we are family and we will work through it. A lot of companies can't afford to do that and I respect that. We are in a position where we can.

Firm up the foundation and keep doing business as normal.

How much are Chiefs Season Tickets? :)

Lots of porn streaming on every device to keep morale up.

This is what the PPP is for....

So with the ppp, I just closed on my second practice March 6. It has been in operation for 30 plus years and I haven’t changed anything. We actually contractually closed January 1 but with loan issues had to do addendums to March 6.

I hope that isn’t a problem?

https://files.constantcontact.com/4f...5e7421297e.pdf

Creates a Small Business “Paycheck Protection Program”
This new $349 billion lending program would be modeled after the Small Business Administration (SBA) existing 7(a) loan program, but
would have a 100% federal government loan guarantee (as opposed to 75% currently). The loan eligibility criteria is as follows:
• Must be a small business as defined by the SBA (typically less than 500 employees, but various by business sector)
• Businesses in the Accommodation and Food Services Sector (NAICS Code 72) are eligible with up to 500 employees at each location.
• Non-profits with a 501 (c)(3) with fewer than 500 employees are eligible.
• Sole proprietors, the self-employed, and independent contractors are also eligible.
The requirement that a borrower cannot find credit elsewhere is waived, and all lenders can provide loans. Not personal guarantee or
collateral is required. Lender would defer fees, principal and interest for at least 6 months, and up to 1 year.
Loan Terms: The loans could be made for an amount equal to 2.5 months of payroll costs, up to a maximum of $10 million. Payroll costs
exclude compensation paid to individuals above $100,000 a year.
Loan Use: An employer must certify that the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, or
pay utilities.
Loan Forgiveness: Borrowers are entitled to loan forgiveness for the portion of their loan that is used for payroll costs for employees
earning less than $100,000 per year, interest payments on mortgages, rent payments, and utility payments made between February 15,
2020 and June 30, 2020. Loan forgiveness will be reduced if the borrower reduces employment by a ratio similar to their reduction in
employment or if borrower reduces salaries and wages by more than 25%.

Called three banks and this was my experience at all of them. None of them really had a clue what to do although they all knew something was coming.

Same experience.

Two I currently bank with. Last one was the largest SBA loan lender in the state.

Welcome to the wonderful world of .gov. Years of doing business with the USDA, FSC, NRCS, and even the corp and fema have made it clear that it's standard operating procedure with most gov programs. You often walk in their door with more knowledge of the program than they have.

Frustrating as hell to say the least.

Yeah, again, I'm not planning to lay anyone off. And financially I don't need to and can float things for awhile (although it's technically MY money in the company account).

What I was saying is, THEY (employees) might be better off if u did cut them bc their take home would increase. I think state unemployment is like $350 in MO. Tack on another $600/week from the Fed and they would be making more on unemployment than on my payroll. Just seems a little backwards is all I was saying, but I very well could be misunderstanding how those numbers work.

I imagine the banks are getting inundated with calls on this thing, and quite honestly, I (again) don't think all the fine details have been worked out. I've personally spent time reading the bill, and it's not an easy read by any stretch, and I'm sure as hell not an attorney or in congress to where this type of stuff is second nature.

I'm still concerned with how the PPP and the EIDL are going to work in tandem with each other as well....amongst other details. The language states that you can add the EIDL on top of the loan, but this would imply that the EIDL is already funded. What about the millions of applications that haven't been processed yet?

My original estimate to fund through the PPP was 2 months, mainly on the assumption that until these details are worked out, it was going to delay the process. I now think that funding in general will come sooner, but I'm not worried about when funding occurs....I'm worried about when funding will occur for my clients. While 2 months may be a stretch, I'm starting to think that, with all the logistical problems on top of the details, 2 months on average may not be too far off....

i thought i read on a pdf somewhere that to apply for the PPP you had to declare that you havent applied for any other SBA loan at this time.


but i could be totally wrong.

Whats sad is that people need this money NOW. Bills and shit are due.

got an e mail from sba this morning stating that they are giving out up to 10k advance on a loan and if you are denied it could be forgiven BUT you have to fill out another EIDL apllication. it said to do it and it wouldnt slow down the process any but you couldnt get the up to 10k unless you filled out another one...

This is a bridge loan advance while they process the EIDL....but yeah, there is apparently a new "application" process to go through...ugh!

From my banker this afternoon (PNC bank):

This is as close of an answer to what we discussed early, from an official source(US Senate), that is out there. It seems as though an EIDL can be refi’d under the PPP provisions as long as the EIDL was used for an approved cost and you aren’t “double dipping”.

What are allowable uses of loan proceeds?
• Payroll costs (as noted above)
• Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
• Employee salaries, commissions, or similar compensations (see exclusions above)
• Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation)
• Rent (including rent under a lease agreement)
• Utilities
• Interest on any other debt obligations that were incurred before the covered period

QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?
Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April.

QUESTION: If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?
Answer: Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April.

Just got these from my banker. Says that they can submit as early as Friday, April 3rd.

Same application as last time. Said the 10k will be forgiven. And you can still get it if your loan is denied.

Excellent!!! Major REP!!!

Seems like a good place to ask

I have a renter that owes me $2500. They also have a lien against them by our local hospital. Will the stimulus money make it to my renter or will that get intercepted by the lien holder like a tax refund would?

My buddy got that application from his banker. What I got from mine was a spreadsheet that went through the calculations of the loan. It had far less qualifications listed. I wonder if I can fill that out and have it work for the bank or if I’ll have to fill out the application here and provide that information too.

Either way, banker recommended I wait until It is hashed out a little bit more at the end of the week. Is that dumb or should I go ahead and apply through the website?

This outfit says there has to be a 50% revenue decrease in the applicable quarter. That will certainly be applicable to some of you guys but it may boot me out. I gotta look at some numbers. I’m not sure I took in any revenue in Q2 2019.

PPP application:
https://home.treasury.gov/system/fil...ontent=Special

you beat me to it....good information!

You're not referring to the PPP, are you? I don't see that requirement listed anywhere.

That is not a requirement for the PPP....the goal of PPP is to not have to lay people off, hence the loan forgiveness if you maintain your headcount and payroll spend....

DO NOT WAIT! Get the application ready now, so that you can get it in asap....you cannot apply on-line, you have to go through a bank for the PPP

and if anyone is so inclined, here's what the SBA is giving to the banks:

https://home.treasury.gov/system/fil...ontent=Special

Roger that. Thank you.

Yeah. So I’m an idiot. Apparently I need to quit reading technical shit at night.

I forgot to post the blog that I was reading. It’s here.

https://blogs.claconnect.com/agribus...ll-tax-credit/

But it’s talking about the refundable payroll taxes. That’s seems of far less importance than the PPP loan at the moment.

Thanks for the help guys.

I'm going to get my filled out and sent to my banker today so that he can look it over before Friday. Once Friday rolls around or when this opens up for applications to be submitted, I'm going to make sure my banker gets mine in ASAP.

Thanks for sharing all this info. The application doesn't have any lines to add the additional operating costs such as health care premiums and rent/leases. Not sure where we are suppose to enter those. Would it be possible for you to share a blank version of the spreadsheet your banker gave you? It seems I know more about what is going on than our business banker (Chase), although that doesn't really surprise me. Thanks bud!

Check your PMs. Banker said he got this from the SBA lady that did the training for them. I have no idea the validity of it all.

Done. Appreciate ya!

I've lost four jobs.

My business is dying a slow death.

That said, I still have hope.

Let me know if you don’t get it. Hope it helps.

Talk to your bank. There is supposed to be money for sole proprietors as well as corps and LLCs. Not that I know anything about all this, but that’s what I’m reading.

ok

thanks, buddy.

Best of luck. I don’t envy much of anyone at the moment.

Reiterating what Buehler said - talk to your bank. They'll get you headed in the right direction to help you make it through. There are several different options out there (or will be out there) to help.


I'll put this here for you, and anyone else, that I could help during all of this. The short version - I own an inbound call center and we answer calls for companies all across the country. Nearly 900 customers in all 50 states (and Canada). If anyone needs help taking orders, answering customer questions, setting appts.... whatever you need to keep your business running - shoot me a PM and I'll have my manager (wife) reach out to you. Won't charge you much if anything at all. We're here to help in anyway we can.

just got word from PNC bank that these applications are not "official", and they advised us not to use them to avoid having to re-do. For PNC, they are putting up a portal that users can access (as early as today).....

In short, two things:
1. Freaking government!
2. Keep in touch with your bank!

My renter called the other day and said he couldn't make the rent. Big ideas but the cash is all spent. Good thing I plan for these types of things, but it can only go on so long before other things have to happen. Either way, I took the pressure off him. I said that's okay...just feed me when you can.

Yeah that form was garbage and did not include a way to input any of the other supposedly covered business expenses such as healthcare premiums and rent. Not sure why I expected this to be rolled out any other way than it has been. Cluster.

Based on my understanding i won't be able to get this for my new office because we transitioned on March 6th and it had to have been in my possession on Feb 15. Is that how you are interpreting it?

I would think that would depend on how your business is structured? Not certain on this one....

I would still check on it with your banker regardless. The worst they can say is "No, this one doesn't qualify."

We just set it up as an LLC this month.

It's an existing dental practice that has been in operation for 30 plus years, i just took over March 6th. Kept everything the same, just name change.

With it being in business so long and with minimal changes, I would think it would qualify. But that is just my idiot's guess at it.

I mean, i would think so. I don't really understand why it wouldn't.

Me too. Only change would be change in ownership - not sure how that would disqualify you, but I saw the Chiefs win a Superbowl this year so at this point anything is possible.

Hang in there buddy.

If they end up basing it on payroll history you won’t have any.

Hope you can get something going. If PPP doesn’t work hopefully the disaster money will

I have all the payroll history from the previous owner. WOuld that matter?

That's why I think you'll qualify. You have a documented history of payroll with the office staff.

Not a religious man.
But praying for all of you small biz owners.
Its utter bull shit what we're going through.

No idea. I wouldn’t think so if you set up a new LLC as opposed to buying shares of an existing one. The new one would be legally separate which is why you want it. That would make it something altogether different.

That’s my guess, but if I were you I’d say “**** you Buehler” and try like hell to get it. All they can say is no.

Thats what I'm thinking i'm gonna do. Just file it and see what happens. I'm gonna use it to pay for employees either way and i'd think they want people to stay employed.

It asks how long the business has been open and how long you’ve owned it.

The PPP one or the EIDL?

Awww sorry that was the eidl

I would agree with it....the business in and of itself was operating pre-COVID. Of course, this is the government we're talking about!

I would tend to agree...it was an existing business prior to Feb....change of ownership shouldn't impact that....