Search found 1599 matches

by gilgamesh
Fri Apr 24, 2020 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can someone explain to me what is this 7(a) loan and how do I apply? This was brought up before...this loan from SBA can be applied until September and still have 6 months paid. It’s not the PPP 7(a) as the SBA will not pay principal and interest for PPP. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. Section 7(a) loans are the traditional SBA loans that many companies may already have and have been around for a long time. The EIDL and P...
by gilgamesh
Fri Apr 24, 2020 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can someone explain to me what is this 7(a) loan and how do I apply? This was brought up before...this loan from SBA can be applied until September and still have 6 months paid. It’s not the PPP 7(a) as the SBA will not pay principal and interest for PPP. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. Section 7(a) loans are the traditional SBA loans that many companies may already have and have been around for a long time. The EIDL and P...
by gilgamesh
Fri Apr 24, 2020 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Hayden wrote: Fri Apr 24, 2020 3:46 pm Has anyone looked into the Employee Retention Credit? I have a small S Corp. The employee retention credit might make more sense for me than the PPP.
Yes I have...
by gilgamesh
Fri Apr 24, 2020 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can someone explain to me what is this 7(a) loan and how do I apply? This was brought up before...this loan from SBA can be applied until September and still have 6 months paid. It’s not the PPP 7(a) as the SBA will not pay principal and interest for PPP.

https://www.sba.gov/funding-programs/lo ... ebt-relief
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
by gilgamesh
Wed Apr 22, 2020 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus check when taxes overpaid put towards 2020 quarterly.
Replies: 8
Views: 851

Re: Stimulus check when taxes overpaid put towards 2020 quarterly.

2beachcombers wrote: Wed Apr 22, 2020 12:14 pm Same problems-no refund, no payment. One good note was conformation of payment eligibility after completing 1st page
Hope that confirmation is valid...why is it so darn difficult to fix this bug, crazy!
by gilgamesh
Mon Apr 20, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

That button only allowed you to apply for the advance not the actual loan. That is how it works. I received the advance about 2 weeks later. Have not received further communication about actually applying for the loan itself. There is NOT a separate application. The form you filled out online WAS the loan application. The advance is an advance against that loan application. So, how do I decline the loan and still keep the advance? If and when you are offered the loan, you will receive an email to login to a portal. There, you can decline the loan. Or, do nothing. Did that portal give the option to amend the initial application? I did not include myself for the advance and got $1k less - when I emailed them, I got a message saying I will ha...
by gilgamesh
Mon Apr 20, 2020 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus check when taxes overpaid put towards 2020 quarterly.
Replies: 8
Views: 851

Stimulus check when taxes overpaid put towards 2020 quarterly.

When I try to input my direct deposit information, I keep getting an error message.

I overpaid my 2019 taxes and put the excess towards 2020 quarterly. I’ve tried every combination.

If I put zero for amount refunded it takes me to the next page and displays an error message. All other combination shoots out the red error message on the same page, saying their record doesn’t match mine.

So, input of ‘I over paid’ and input of zero matches their record, but shoots out an error message :oops:

Anyone else who have filed 2019 taxes with overpayments put towards 2020 quarterly having similar issues?

Thanks!
by gilgamesh
Thu Apr 16, 2020 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

rm wrote: Wed Apr 15, 2020 4:46 pm
Theseus wrote: Thu Apr 09, 2020 9:23 am EIDL $10,000 forgiveness will be based on $1000 per FTE. And contractors will not be counted as part of the FTE calculation.
How does SBA know the FTE. I have seen other suggestions that you pay yourself personal check every month. But
a) That will be only $1000 since you are one FTE only
b) To start paying myself check now is useless. They will look at historical data. ITs not like I can go back and pay myself a check last year

So basically Sole proprietors get nothing.
Is this right? Sole proprietors with no employees are not even getting $1K?
by gilgamesh
Wed Apr 15, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

EnjoyIt wrote: Wed Apr 15, 2020 10:04 am
gilgamesh wrote: Wed Apr 15, 2020 9:24 am My EIDL payment of $1k per employee came yesterday.
Congrats. When did you apply?
A few hours after the streamlined portal opened...my application sequence # was less than 12,000
by gilgamesh
Mon Apr 13, 2020 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

It is $1k per employee ...just got this email Dear Applicant, On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $...
by gilgamesh
Mon Apr 13, 2020 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

It is $1k per employee ...just got this email Dear Applicant, On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $1...
by gilgamesh
Fri Apr 10, 2020 6:26 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

CFM300 wrote: Thu Apr 09, 2020 10:53 pm
WhyNotUs wrote: Thu Apr 09, 2020 7:41 pm
CFM300 wrote: Sun Apr 05, 2020 3:23 pm Anyone know the answer to this question, previously posed by simas:

How will a sole proprietor show that the PPP money was used for payroll, which is a requirement for loan forgiveness?
Write a check from your business account to your personal account.
Maybe it is that simple. And I'll write "Salary from PPP" on the memo line as well. :D
We don’t have specific guidance on how this will be handled for forgiveness - so far it’s just a vague overall view.
by gilgamesh
Thu Apr 09, 2020 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Theseus wrote: Thu Apr 09, 2020 9:23 am EIDL $10,000 forgiveness will be based on $1000 per FTE. And contractors will not be counted as part of the FTE calculation.
Thanks....it is getting diluted more and more

FTE during what period? Definition of FTE (is it 30hr/wk, 40hr/wk etc)?

Do you have an official source?
by gilgamesh
Wed Apr 08, 2020 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Does anyone know where I could data on loan approved by SBA to-date?

On day 1 they released data, does anyone know how much has been distributed thus far?
by gilgamesh
Tue Apr 07, 2020 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Some back of the napkin math: Congress appropriated $350 billion. There are 30 million small (<500 employees) businesses in the US. These businesses employ 120,000,000 people. $350,000,000,000 / 30,000,000 = $11,666.67 per business. $350,000,000,000 / 120,000,000 = $2,916.67 per employee. Don't hold you breath for this money. When the SBA computer system comes online in a few weeks, there is going to be a massive stampede and the money is going to be gone in hours (assuming the system doesn't crash). The bigger businesses with strong banking relationships -- and especially those who owe lots of money to those banks -- are going to be at the front of the line. If this is true, how much will even the additional $250B help?...will $2T just fo...
by gilgamesh
Mon Apr 06, 2020 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Bosro wrote: Mon Apr 06, 2020 10:32 pm
gilgamesh wrote: Mon Apr 06, 2020 10:07 pm
Bosro wrote: Mon Apr 06, 2020 8:05 pm The Massachusetts SBA tweeted saying 1k per employee. That tweet has been deleted now.
Their website still has it -

https://content.govdelivery.com/account ... ns/284f240
I don’t believe that’s the SBA website.
You are right...looks like a copy of the page?
by gilgamesh
Mon Apr 06, 2020 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Bosro wrote: Mon Apr 06, 2020 8:05 pm The Massachusetts SBA tweeted saying 1k per employee. That tweet has been deleted now.
Their website still has it -

https://content.govdelivery.com/account ... ns/284f240
by gilgamesh
Mon Apr 06, 2020 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: EIDL amount?

Any idea how this employee count is done? If it’s based off of 2019 W2’s I have over 10 as I had some temp W2’s....I put the number on payroll for the last pay period....didn’t realize it was important - I had more temps earlier this year too Based on summaries elsewhere (e.g. https://www.arnoldporter.com/en/perspectives/publications/2020/03/small-business-loan-relief-from-cares-act , search "How does the SBA calculate the number of employees?") it looks like the SBA goes by the average number of W2 employees during the period. The PPP specifically said FT equivalent - as in 1 40 hr employee is equal to two 20hr employees. These experts are all over the place But he might be correct about how SBA typically calculates employee num...
by gilgamesh
Mon Apr 06, 2020 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: EIDL amount?

Has anyone received the advance yet, and do we know how the SBA computes the EIDL/EIDG amount? I ran across an SBA SOP document that indicates that under the simplest computation the "economic injury" is 1/3 of your annual sales × your gross margin % (page 74). Based on the info collected in the streamlined application it seems like this is the method they'd be using for the EIDL. Would the grant/advance amount be the lesser of the injury amount or $10k? According to an announcement from the MA SBA district office (see https://content.govdelivery.com/accounts/USSBA/bulletins/284f240 and https://twitter.com/SBA_MA/status/1247213574319153153), the EIDL advance is limited to $1k per employee. Found via r/smallbusiness . Wonder wheth...
by gilgamesh
Mon Apr 06, 2020 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: EIDL amount?

Has anyone received the advance yet, and do we know how the SBA computes the EIDL/EIDG amount? I ran across an SBA SOP document that indicates that under the simplest computation the "economic injury" is 1/3 of your annual sales × your gross margin % (page 74). Based on the info collected in the streamlined application it seems like this is the method they'd be using for the EIDL. Would the grant/advance amount be the lesser of the injury amount or $10k? According to an announcement from the MA SBA district office (see https://content.govdelivery.com/accounts/USSBA/bulletins/284f240 and https://twitter.com/SBA_MA/status/1247213574319153153), the EIDL advance is limited to $1k per employee. Found via r/smallbusiness . Wonder wheth...
by gilgamesh
Mon Apr 06, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: EIDL amount?

Has anyone received the advance yet, and do we know how the SBA computes the EIDL/EIDG amount? I ran across an SBA SOP document that indicates that under the simplest computation the "economic injury" is 1/3 of your annual sales × your gross margin % (page 74). Based on the info collected in the streamlined application it seems like this is the method they'd be using for the EIDL. Would the grant/advance amount be the lesser of the injury amount or $10k? According to an announcement from the MA SBA district office (see https://content.govdelivery.com/accounts/USSBA/bulletins/284f240 and https://twitter.com/SBA_MA/status/1247213574319153153), the EIDL advance is limited to $1k per employee. Found via r/smallbusiness . Wonder wheth...
by gilgamesh
Mon Apr 06, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

FYI Heard from BOA late last night re PPP loan request. My company is a S-Corp, 100% ownership by me. After setting up an online account as per the instructions from BOA. Had to submit: Form 940 for 2019 CPA report on payroll till 2.15 PPP addendum with loan request. In our case the requested loan amount was based on the the Average monthly for 2019 * 2.5. 2019: 940 + company paid health insurgence + SEP IRA payments + State and Local Taxes. Hope this helps, ~Moshe What is the state tax we can add...can someone explain. The Act itself simply states "payment of State or local tax assessed on the compensation of employees." State tax is paid out of the employees pay, not in addition to it. Same for me as an owner, so that’s already...
by gilgamesh
Mon Apr 06, 2020 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

moshe wrote: Mon Apr 06, 2020 8:35 am FYI Heard from BOA late last night re PPP loan request. My company is a S-Corp, 100% ownership by me.

After setting up an online account as per the instructions from BOA.

Had to submit:
Form 940 for 2019
CPA report on payroll till 2.15
PPP addendum with loan request. In our case the requested loan amount was based on the the Average monthly for 2019 * 2.5.

2019: 940 + company paid health insurgence + SEP IRA payments + State and Local Taxes.

Hope this helps,
~Moshe
What is the state tax we can add...can someone explain.
by gilgamesh
Sun Apr 05, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Now some official channels are saying, as per interim guideline, those who have applied for EIDL (including advance) will not be eligible for PPP. Email said they are lobbying Congress to change interim guideline to what the actual law said. Has anyone seen this in the interim guideline? If you find this change in the interim guideline, can you please post. I don’t think this question is eluding to that is it? The question in the application Has the Applicant received an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020? If yes, provide details on a separate sheet identified as addendum B. I don’t believe this to be true. If it was true there will be a lot of angry people because the language was unclear. My acco...
by gilgamesh
Sun Apr 05, 2020 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can someone please help me understand my PPP loan scenario and what I can do. Hopefully my math example can also help others. Facts: S-Corp with 1 employee, me w2 >$100k per year or >$8,333 per month Home office with office utilities and mortgage interest and property tax attributed to the office is $1920/yr or $160/month That means the maximum I am able to borrow ($8,333+$160) * 2.5 = $21,232.50 I have applied for EIDL for $10,000. The amount forgiven is 8 weeks worth of expenses minus EIDL: yearly expenses are $100k wages plus $1,920 office expenses = $101,920. There are 52 weeks in a year so the weekly expense is $101,920 / 52 = $1960 8 weeks that can be forgiven is ($1,960 * 8) = $15,680 Since I got $10,000 EIDL loan then the amount of...
by gilgamesh
Sun Apr 05, 2020 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

That’s what I did with my PPP loan, but when a business is evaluated, deductions like amortization, depreciation etc., which are not true cost of running businesses are added back to look at true net profit....isn’t this correct? We are talking about sole proprietorships. Have you looked at your Schedule C? All of your expenses and deductions, including depreciation, are subtracted above from your net profit on line 31. Forget business evaluation. What counts is the bottom line, net profits on line 31. That's your payroll for a sole proprietorship or contractor. Did the instructions or guidelines explicitly say line 31 is what’s used?....like I said, I already applied and that’s what makes sense and I used line 31 of schedule C... Do you h...
by gilgamesh
Sun Apr 05, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can someone please help me understand my PPP loan scenario and what I can do. Hopefully my math example can also help others. Facts: S-Corp with 1 employee, me w2 >$100k per year or >$8,333 per month Home office with office utilities and mortgage interest and property tax attributed to the office is $1920/yr or $160/month That means the maximum I am able to borrow ($8,333+$160) * 2.5 = $21,232.50 I have applied for EIDL for $10,000. The amount forgiven is 8 weeks worth of expenses minus EIDL: yearly expenses are $100k wages plus $1,920 office expenses = $101,920. There are 52 weeks in a year so the weekly expense is $101,920 / 52 = $1960 8 weeks that can be forgiven is ($1,960 * 8) = $15,680 Since I got $10,000 EIDL loan then the amount of...
by gilgamesh
Sun Apr 05, 2020 10:53 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Same question here, though being the sole employee in my business, I apparently can’t apply until April 10th anyway. I searched but have not found any guidance on that. I also do not understand the distinction between 'sole proprietor' and 'self employed individual' and 'independent contractor'- aren't I all three of them at the same time when I complete by schedules C each year? I am sole proprietor, there is no employee in this case, and I act as independent contractor to my clients. why the distinction?? still do not get how am I supposed to 'prove payroll' - transfer from business checking account to personal checking each month and call it payroll? let me know if you find anything . thank you Paragraph (36) subparagraph (BB) defines p...
by gilgamesh
Sat Apr 04, 2020 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

For those concerned about funds running out...both Pelosi and Trump have already stated they'll ask for more funds if the program needs it. Economists estimate the actual need at closer to 1 trillion. This is unprecedented, so it's no surprise it stumbled out of the gates on Friday. Borrowers and lenders alike are still trying to figure out the details. I heard Mnuchin and Trump address PPP funding in particular and said they will fund more...did you hear something specific from Pelosi about PPP (not generally saying more funding with the fourth bill)....this is critical as businesses like mine which have to hire employees to do nothing can wait, without the fear of running out of funds. If you have a source it’d be great - I searched and ...
by gilgamesh
Sat Apr 04, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

For those concerned about funds running out...both Pelosi and Trump have already stated they'll ask for more funds if the program needs it. Economists estimate the actual need at closer to 1 trillion. This is unprecedented, so it's no surprise it stumbled out of the gates on Friday. Borrowers and lenders alike are still trying to figure out the details. I heard Mnuchin and Trump address PPP funding in particular and said they will fund more...did you hear something specific from Pelosi about PPP (not generally saying more funding with the fourth bill)....this is critical as businesses like mine which have to hire employees to do nothing can wait, without the fear of running out of funds. If you have a source it’d be great - I searched and ...
by gilgamesh
Sat Apr 04, 2020 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

This example is in the actual ‘interim guideline’....the organization that sent me the email is inept...

Example 3 – No employees make more than $100,000, outstanding EIDL
loan of $10,000.
Annual payroll: $120,000
Average monthly payroll: $10,000 Multiply by 2.5 = $25,000
Add EIDL loan of $10,000 = $35,000 Maximum loan amount is $35,000
by gilgamesh
Sat Apr 04, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

theplayer11 wrote: Sat Apr 04, 2020 5:04 pm From April 2nd Interim Final Rule:
e. How do I calculate the maximum amount I can borrow?

v. Step 5: Add the outstanding amount of an Economic Injury Disaster Loan
(EIDL) made between January 31, 2020 and April 3, 2020, less the
9
amount of any “advance” under an EIDL COVID-19 loan (because it does
not have to be repaid).
That actually says Total PPP loan is PPP loan calculated as 2.5 X payroll, plus ‘outstanding EIDL balance, less EIDL advance received’

That statement does not say, if you get EIDL you cannot apply for PPP.
by gilgamesh
Sat Apr 04, 2020 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Now some official channels are saying, as per interim guideline, those who have applied for EIDL (including advance) will not be eligible for PPP. Email said they are lobbying Congress to change interim guideline to what the actual law said.

Has anyone seen this in the interim guideline? If you find this change in the interim guideline, can you please post.

I don’t think this question is eluding to that is it? The question in the application
Has the Applicant received an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020? If yes, provide details on a separate sheet identified as addendum B.
by gilgamesh
Sat Apr 04, 2020 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

AerialWombat wrote: Fri Apr 03, 2020 11:59 pm
gilgamesh wrote: Fri Apr 03, 2020 7:37 am In fact the interim guidelines does not say how this advance of up to $10k is treated when it comes to PPP forgiveness - just says ‘SBA will issue further guidelines’....so, the worse is they can say it’s removed from the PPP forgiveness amount - net zero...
Section 1110 of the CARES Act specifically addresses this. The amount of any EIDL advance is reduced from the amount forgivable on a PPP loan.
Yes I know, but the regulatory bodies will issue guidelines which has been different ...Senator Mendez site and others have mentioned, if it was used for same purposes. But, I think it will be interpreted the way it’s written in the law...
by gilgamesh
Fri Apr 03, 2020 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can anyone say why this option is not better than the ppp loan ? Given sba pays the principal ? Small Business Debt Relief Program This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill Where did you find this? What bill are they talking about? Is it CARES Act? Can you give more details? It’s here https://www.sba.gov/funding-programs/loans/coronavirus-relief-options The last one and is on various gov websites just seems the ...
by gilgamesh
Fri Apr 03, 2020 10:26 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can anyone say why this option is not better than the ppp loan ? Given sba pays the principal ? Small Business Debt Relief Program This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill Where did you find this? What bill are they talking about? Is it CARES Act? Can you give more details? It’s here https://www.sba.gov/funding-programs/loans/coronavirus-relief-options The last one and is on various gov websites just seems the ...
by gilgamesh
Fri Apr 03, 2020 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I must have missed the 15 days of delay part. Can you point out where in the law it states? I want to make sure I understand in providing my guidance to others. We know the ‘Families First Coronavirus’ bill went into effect yesterday after 15 days from being signed into law....it is widely reported that CARES act will also need that (they do have to setup the system)...I searched for ‘15 days’ on the bill and got multiple hits with various provisions explicitly saying it will take 15 days from signing, but not EIDL advance. That’s all I have ... That's good to know. I am hoping they don't delay EIDL advance like that. We need to get help to people as soon as possible. They are probably worried about fraud etc. But IMHO there will be time t...
by gilgamesh
Fri Apr 03, 2020 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Applesa wrote: Fri Apr 03, 2020 9:46 pm Can anyone say why this option is not better than the ppp loan ? Given sba pays the principal ?

Small Business Debt Relief Program
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill
Where did you find this? What bill are they talking about? Is it CARES Act? Can you give more details?
by gilgamesh
Fri Apr 03, 2020 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

That entirely defeats the purpose of having a 3 day or any length time frame. :oops: As the law is written, it gives 15 days from the day it was signed into law, before which the various components needs to be in place. After that, the $10k advance needs to be distributed within 3 days from receiving the application - However, If your credit score falls below threshold it may take longer. I must have missed the 15 days of delay part. Can you point out where in the law it states? I want to make sure I understand in providing my guidance to others. We know the ‘Families First Coronavirus’ bill went into effect yesterday after 15 days from being signed into law....it is widely reported that CARES act will also need that (they do have to setup...
by gilgamesh
Fri Apr 03, 2020 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Day 1 of PPP update: https://www.washingtonpost.com/business/2020/04/02/federal-small-business-loan-program-faces-rocky-start-bankers-pump-breaks/?utm_campaign=wp_main&utm_medium=social&utm_source=facebook Do they have data on amount requested (nvrm...$22B today as per SBA Facebook post)...heard BofA alone got more than $20B (abc)...what else was interesting? Subscription needed Sorry about that. “Bank of America, one of the few big banks to begin offering loans Friday morning, said it was moving quickly to meet loan requests. By the end of the day, it had received 85,000 applications for $22 billion in loans. The bank has focused on its business customers with loans first but will be expanding access quickly, Dean Athanasia, the h...
by gilgamesh
Fri Apr 03, 2020 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

theplayer11 wrote: Fri Apr 03, 2020 6:47 pm
gilgamesh wrote: Fri Apr 03, 2020 6:31 pm
Average Investor wrote: Fri Apr 03, 2020 3:38 pm Day 1 of PPP update:

https://www.washingtonpost.com/business ... e=facebook
Do they have data on amount requested (nvrm...$22B today as per SBA Facebook post)...heard BofA alone got more than $20B (abc)...what else was interesting?
Subscription needed
BofA can stick it
Correction...the FB post seems to say $2.2B, but I heard abc say $22B....
by gilgamesh
Fri Apr 03, 2020 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Average Investor wrote: Fri Apr 03, 2020 3:38 pm Day 1 of PPP update:

https://www.washingtonpost.com/business ... e=facebook
Do they have data on amount requested (nvrm...$22B today as per SBA Facebook post)...heard BofA alone got more than $20B (abc)...what else was interesting?
Subscription needed
by gilgamesh
Fri Apr 03, 2020 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I just logged in to BOA and applied for the PPP. I had done the EIDL Monday but figured I'd give it a try and see what sticks. Now there is just a spinning "progress" circle on the web page. Ugh. Not sure if the application is actually being processed. Seems like internet overload... Cheers ETA: I refreshed and it indicated I had timed out. So I started over and it went through. So did you have an existing BofA checking account and a loan through them? Yes. And I am still unsure, as a single-person LLC (sole proprietor/ passthrough for tax purposes) who also sometimes is paid via payroll as a temporary employee (often with a dozen or more W2s at the end of the year), which of the following: unemployment, with the $600 fed layer, ...
by gilgamesh
Fri Apr 03, 2020 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

This thread is extremely helpful :beer Doing research for my father-in-law who has a sole prop with business down. Seems like being a sole sole proprietorship he could now apply for EIDL up to $10K (making sure to select box asking for a grant on the application). Does not have to be repaid. Then on 4/10 can apply for $20,833 - $10,000 = $10,833 loan which would be forgiven due to payroll across 8 weeks. Will have to use bank for this. Is this correct? I am a sole proprietor with employees and I could apply for $10k advance - I’m sure he could do too...apply ASAP as it was open for days and funds will run dry You do not apply for less PPP...you apply for max , 1 Pearson $100k limit is $20,833...possible forgiveness be $10,833 if you get ap...
by gilgamesh
Fri Apr 03, 2020 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I just logged in to BOA and applied for the PPP. I had done the EIDL Monday but figured I'd give it a try and see what sticks. Now there is just a spinning "progress" circle on the web page. Ugh. Not sure if the application is actually being processed. Seems like internet overload... Cheers ETA: I refreshed and it indicated I had timed out. So I started over and it went through. So did you have an existing BofA checking account and a loan through them? Yes. And I am still unsure, as a single-person LLC (sole proprietor/ passthrough for tax purposes) who also sometimes is paid via payroll as a temporary employee (often with a dozen or more W2s at the end of the year), which of the following: unemployment, with the $600 fed layer, ...
by gilgamesh
Fri Apr 03, 2020 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Harry Livermore wrote: Fri Apr 03, 2020 12:59 pm I just logged in to BOA and applied for the PPP. I had done the EIDL Monday but figured I'd give it a try and see what sticks.
Now there is just a spinning "progress" circle on the web page. Ugh. Not sure if the application is actually being processed. Seems like internet overload...
Cheers

ETA: I refreshed and it indicated I had timed out. So I started over and it went through.
So did you have an existing BofA checking account and a loan through them?
by gilgamesh
Fri Apr 03, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Average Investor wrote: Fri Apr 03, 2020 10:14 am
jpmorganfunds wrote: Fri Apr 03, 2020 12:24 am
EnjoyIt wrote: Fri Apr 03, 2020 12:12 am
Average Investor wrote: Fri Apr 03, 2020 12:04 am
Almost 3.7M.
Just signed up and my number was 3.xxxx Billion. I am confident these are not sequential.
The confirmations all start with either 33 or 36. The number after that is sequential.
You are correct, my mistake. I should have written 3.7 billion.
I applied minutes after the portal opened.... my last digits are 12545
by gilgamesh
Fri Apr 03, 2020 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48524

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I must have missed the 15 days of delay part. Can you point out where in the law it states? I want to make sure I understand in providing my guidance to others. EIDL advance goes active on April/3rd ...within 3 days funds up to $10k should be distributed. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance Is there a downside to taking this advance in my situation.I am self employed no employees self proprietor and my business is being affected ? Please see two posts above... I am about to submit for the 10,000.00 advance.Does it mater if the bank I am requesting the funds to be sent to is not SBA approved ? The $10k advance has been available for a while now...it is applied...