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Old 03-26-2020, 09:25 AM  
Trivers Trivers is offline
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Hey Small Business Owners...What are you doing to ride the storm out?
How are you handling HR issues?

Are you applying for SBA loans?
There are several types of loans. And new info is appearing daily.

Capital up to $10MM.
Up to 30 years to repay. Some actually are forgivable.
3.75 to 4%

https://disasterloan.sba.gov/ela/

https://www.inc.com/kevin-j-ryan/sma...incthismorning



My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact:

I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds.

What are you doing to ride the storm out?
Last edited by Trivers; 04-02-2020 at 06:02 AM..
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Old 05-10-2020, 12:56 PM   #661
notorious notorious is offline
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I got accepted for PPP loan.


There is still loan money out there.
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Old 05-16-2020, 10:58 AM   #662
Trivers Trivers is offline
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Heads Up, the guidance for PPP FORGIVENESS has finally arrived.

http://www.sba.gov/about-sba/sba-new...ss-application
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Old 06-04-2020, 06:18 AM   #663
Trivers Trivers is offline
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Heads up, MAJOR changes in PPP use and forgiveness and repayment.

senate-passes-changes-to-small-business-ppp-loan-program

https://www.bloomberg.com/news/artic...p-loan-program
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Old 06-04-2020, 12:17 PM   #664
mililo4cpa mililo4cpa is offline
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Quote:
Originally Posted by Trivers View Post
Heads up, MAJOR changes in PPP use and forgiveness and repayment.

senate-passes-changes-to-small-business-ppp-loan-program

https://www.bloomberg.com/news/artic...p-loan-program
Hope everyone has been surviving well....and thanks Mr. Trivers for posting this

Here is the link to the actual bill if anyone wants some "light" reading!

https://www.congress.gov/bill/116th-...bill/7010/text

but the point is that they are making every effort to ensure most of these loans are forgiven, which was the original intent to begin with!
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Old 06-04-2020, 12:31 PM   #665
dlphg9 dlphg9 is offline
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Originally Posted by mililo4cpa View Post
Hope everyone has been surviving well....and thanks Mr. Trivers for posting this

Here is the link to the actual bill if anyone wants some "light" reading!

https://www.congress.gov/bill/116th-...bill/7010/text

but the point is that they are making every effort to ensure most of these loans are forgiven, which was the original intent to begin with!
Got a buddy who started in the middle of January as a 1099 employee. Is he eligible for the PPP?
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Old 06-04-2020, 12:36 PM   #666
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Originally Posted by dlphg9 View Post
Got a buddy who started in the middle of January as a 1099 employee. Is he eligible for the PPP?
My hunch is that a 1099 employee wouldn't be eligible. Those are technically contract positions.
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Old 06-04-2020, 12:39 PM   #667
dlphg9 dlphg9 is offline
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My hunch is that a 1099 employee wouldn't be eligible. Those are technically contract positions.
Is that due to him not working as a 1099 employee in 2019? Because I am a 1099 employee and I was able to get the loan. Im considered and independent contractor.
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Old 06-04-2020, 12:44 PM   #668
Rain Man Rain Man is offline
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Originally Posted by dlphg9 View Post
Is that due to him not working as a 1099 employee in 2019? Because I am a 1099 employee and I was able to get the loan. Im considered and independent contractor.
Oh, sorry. I misunderstood. I thought you hired him as a 1099 for a company you own and were asking if you could get a loan on him.

I would think a 1099 person could apply on his/her own since they're self-employed.
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Old 06-04-2020, 05:02 PM   #669
mililo4cpa mililo4cpa is offline
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Originally Posted by Rain Man View Post
Oh, sorry. I misunderstood. I thought you hired him as a 1099 for a company you own and were asking if you could get a loan on him.

I would think a 1099 person could apply on his/her own since they're self-employed.
I wish I could help more on this, but since I deal with small businesses, my focus has been entirely on qualified businesses.

From what I do know, if you are an independent contractor, you can apply for a PPP loan if you qualify, but I'm ignorant on the qualification requirements or how to calculate the loan amount.....
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Old 06-04-2020, 08:17 PM   #670
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Originally Posted by mililo4cpa View Post
I wish I could help more on this, but since I deal with small businesses, my focus has been entirely on qualified businesses.

From what I do know, if you are an independent contractor, you can apply for a PPP loan if you qualify, but I'm ignorant on the qualification requirements or how to calculate the loan amount.....
What little amount I can find on the matter is not very clear. Will probably have him just call his bank.
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Old 06-04-2020, 08:18 PM   #671
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Oh, sorry. I misunderstood. I thought you hired him as a 1099 for a company you own and were asking if you could get a loan on him.

I would think a 1099 person could apply on his/her own since they're self-employed.
How could you do this to me. I hate being misunderstood!
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Old 06-08-2020, 08:23 AM   #672
Mr. Plow Mr. Plow is offline
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Here's an email I just got from my bank. Sorry for the formatting....




Good morning!

Quite a few updates and changes have emerged as of late last week. President Trump signed legislation adjusting the Paycheck Protection Program. Below is a nice summary that was sent out by the ICBA (Independent Community Bankers of America) this morning.

Additionally, we have been made aware of an online resource to assist with the preparation of the forgiveness calculations. This recourse is being recommended highly throughout the industry. I am sure they will be making adjustments to the calculations with the new legislation signed, but this could be a very useful tool for you in the process of completing your PPP forgiveness application.

Link: https://www.ppp.bank/

From their website: PPP.BANK is a free, secure resource for small businesses, non-profits, and sole proprietors across the United States who received a Paycheck Protection Program (PPP) loan and are now applying for forgiveness. This website automates the 11-page forgiveness application and results in a .pdf that can be provided to the lender.

ICBA Article: New legislation looks to address PPP restrictions
Jun 05, 2020
On June 5, President Donald Trump signed legislation to address restrictions on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
While further guidance and clarification from the SBA and Treasury is likely, here is a summary of the provisions that appear in the Paycheck Protection Program Flexibility Act.
Specifically, the law:
• Extends the covered period during which the loan may be used for forgivable expenses from eight weeks following disbursement of the loan to 24 weeks from loan disbursement or Dec. 31, 2020, whichever is earlier. Borrowers who received loans before June 5 may elect to continue using the eight-week covered period.

• Lowers the amount that must be spent on payroll costs from 75 percent to 60 percent. The new 60 percent threshold is now a cliff, meaning that borrowers must spend at least 60 percent on payroll or none of the loan will be forgiven.

• Extends the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a PPP loan to Dec. 31, 2020. However, the forgivable amount will be determined without regard to a reduction in the number of employees (compared to Feb. 15, 2020) if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees by Dec. 31, or (2) unable by Dec. 31 to return to the same level of business activity that existed before Feb. 15, 2020, due to compliance with federal requirements or guidance related to COVID-19.

• Replaces the six-month deferral of payments due under PPP loans with deferral until the date SBA pays the lender the amount of loan forgiveness. If a borrower fails to apply for loan forgiveness within 10 months after the last day of the covered period for forgiveness, the borrower must begin to make payments of principal, interest, and fees on its PPP loan.

• Establishes a minimum maturity of five years for new PPP loans as opposed to the current two-year maturity date. The five-year maturity takes effect on the date of enactment and will apply to any PPP loan made on or after June 5. Lenders and borrowers, however, may mutually agree to modify the maturity terms of prior-disbursed PPP loans.

• Eliminates a provision that makes PPP loan recipients who have PPP debt forgiven ineligible to defer payroll tax payments.

• The final date to obtain a PPP loan remains June 30, 2020.

This law will likely be subject to additional guidance by SBA and Treasury. Small-business borrowers should have a firm understanding of the provisions above and any related guidance to ensure they meet the criteria for loan forgiveness.

Please note that the last part of the article is of high importance. With the changes, it is highly likely that there will be additional guidance from the SBA and the Treasury. As that guidance emerges, I will forward out for your review.
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Old 06-15-2020, 09:34 PM   #673
Trivers Trivers is offline
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IT's BAAAAAAAAAAAAAAAACCCCCKKKKKKK!

EIDLs for non-agri is being accepted again.

This will be the last time EIDL funding will be open....according to the media.

So jump in quick.

https://www.sba.gov/page/disaster-loan-applications

I had three smaller companies that I didn't submit the first time as I was focused on the primary PPP. But I've submitted and go to bed happy.
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Old 06-17-2020, 05:52 AM   #674
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Just got mine accepted yesterday for the EIDL I applied for back in Feb.
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Old 06-17-2020, 08:08 AM   #675
Trivers Trivers is offline
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Just got mine accepted yesterday for the EIDL I applied for back in Feb.
They won't like it if you spend it all on wine, ponies, and loose women.
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