Search found 768 matches

by Theseus
Thu May 28, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I applied for EIDL on April 2nd. Today I finally got an email saying they have it. Still no monies, but at least they have it. :oops: I guess it makes no difference since I got a PPP loan. Not sure of your exact situation and business. But I always recommend to take the EIDL so your are capitalized...
by Theseus
Thu May 28, 2020 9:54 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I applied for EIDL on April 2nd. Today I finally got an email saying they have it. Still no monies, but at least they have it. :oops: I guess it makes no difference since I got a PPP loan. Not sure of your exact situation and business. But I always recommend to take the EIDL so your are capitalized...
by Theseus
Thu May 28, 2020 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Hi, Theseus, I have been approved for UI under PUA although I have yet to see a cent of it. :annoyed I have also applied for PPP although I have not been approved. What do I do should I receive both? The UI is for weeks in April and May and going forward. I probably won't be approved for the PPP un...
by Theseus
Thu May 28, 2020 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I have been reading up on this through various sources as I am going to be helping many businesses through my volunteering at SCORE. Hi Theseus. I'm back to follow up on some mixed messaging that revolves around approved uses of the EIDL. I have a small group of colleagues in the same business as m...
by Theseus
Sat May 23, 2020 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Correct. That is an appropriate way to approach it if you ended up unemployed for that long. That will be stressful and I hope it doesn’t come to that for you. I'm actually a sole-proprietor. Sales have been down since covid hit and I don't see light at the end of the tunnel. I am assuming this pan...
by Theseus
Sat May 23, 2020 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

8 weeks is from the date the PPP loan money is received. Many are still getting their PPP. You can not double dip. If you get PPP, then you are (and should be) back on payroll and that will mean you have to stop unemployment. Otherwise it won't be forgiven and will end up being a 1% loan for 2 year...
by Theseus
Sat May 23, 2020 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Until someone else gives a better answer, the consensus here has been that you can only use both if you are using them for different time periods. What I did was claim the weeks prior to receiving the PPP for PUI. Once I received the PPP, I stopped claiming the PUI. They cannot be used concurrently...
by Theseus
Thu May 21, 2020 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: I wrote an app, now should i form a business?
Replies: 21
Views: 2213

Re: I wrote an app, now should i form a business?

One of my bucket list items was to write an app and publish it on the app store. Since i've been stuck in my home for months, i've used that time to learn to code and write an app. My app is now "done" -- meaning I now have something that I want to show to people. I went to the Google Play Store to...
by Theseus
Wed May 20, 2020 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

cannot be used for repayment of long-term debt: I was going to pay off a business line of credit, which is 8%, with some of the proceeds. In my non-accountant brain, I consider an LOC short-term debt; it's not a mortgage, nor does it have a repayment schedule. Seem reasonable? This is somewhat of a...
by Theseus
Tue May 12, 2020 10:36 am
Forum: Personal Consumer Issues
Topic: COVID - 19 things to do
Replies: 51
Views: 4128

Re: COVID - 19 things to do

1. Exercise 3-5 days a week. I am working with a trainer on Zoom 3 days a week. And other 2 days my own thing. 2. Just before lockdown, I started roasting my own coffee. In February I got a popcorn popper to roast. Then upgraded to Behmor 1600+ and that has changed the game significantly. Have taken...
by Theseus
Fri May 08, 2020 9:16 am
Forum: Personal Consumer Issues
Topic: Where do you back up your important data?
Replies: 102
Views: 5100

Re: Where do you back up your important data?

My https://www.synology.com/en-us/products/DS218+ Keeps it ALL ! - EveryThing! - Even B4 the Beginning... https://www.synology.com/img/products/detail/DS218plus/backpanel_01.png No self respecting software engineer would be without one. Have had one for over a Decade (24/7)- Never a bump- Flawless!...
by Theseus
Thu May 07, 2020 9:26 am
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

Any language in the rulings about adding an additional employee and having their payroll figure forgiven? I've read for forgiveness calculations you need to maintain the same level of employees as last year, but what if you add one? I realize PPP is supposed to be to keep businesses alive and addin...
by Theseus
Sun May 03, 2020 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

An individual is most definitely not supposed to accept both PPP funds and PUA. Can an Independent Contractor get an EIDL grant & PUA benefits? The consensus here in the threads is that as long as you don't double dip for any period in time, it is OK to have any two or more programs. For example, I...
by Theseus
Sat May 02, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I wanted to put in a link to an article in Marketwatch I read today, entitled "Small-business owners could face jail time as DOJ launches investigation into coronavirus loan program:" https://www.marketwatch.com/story/small-business-owners-could-face-jail-time-as-doj-launches-investigation-into-cor...
by Theseus
Sat May 02, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

i'm a single-person S -corp and i have a business relationship with Chase. What's the consensus on this thread? Should i apply with Chase or try paypal or a local credit union :confused I would try multiple lenders and withdraw the other applications once you get your SBA number. It doesn’t matter ...
by Theseus
Sat May 02, 2020 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I got an SBA number yesterday, and e-signed the BOA note this morning. Supposedly it will fund in 1-2 days. Since I'm an LLC/ pass-through, I'm going to open a separate business account to draw loan proceeds from, as some have suggested. Although my income and draws are typically lumpy, or at worst...
by Theseus
Sat May 02, 2020 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Now I would like to go ahead and prepay the part of the loan I know will not be forgiven (I am a sole proprietor and have no overhead.). Does anyone know if this can be done? Apparently, there are no payments for six months, but interest accrues immediately on the non-forgiven part. gasdoc I would ...
by Theseus
Fri May 01, 2020 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Now I would like to go ahead and prepay the part of the loan I know will not be forgiven (I am a sole proprietor and have no overhead.). Does anyone know if this can be done? Apparently, there are no payments for six months, but interest accrues immediately on the non-forgiven part. gasdoc I would ...
by Theseus
Tue Apr 21, 2020 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I'm impressed that so many of you received confirmation emails, requests for additional documents, and even SBA loan numbers. I have applied to 3 places in the past 9 days, including paypal and crickets is all I've heard. Paypal hasn't contacted me based upon my initial submission to ask me for any...
by Theseus
Tue Apr 21, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Applying for the unemployment in your situation is the right thing to do. I had to convince a couple of people to apply for EIDL and/or PPP who thought they are ok and they will manage their business with some reduction in employment hours for their employees. They were feeling conflicted (ethicall...
by Theseus
Thu Apr 09, 2020 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

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? He didn't know exact def...
by Theseus
Thu Apr 09, 2020 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

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? Got this from the SBA re...
by Theseus
Thu Apr 09, 2020 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

EIDL $10,000 forgiveness will be based on $1000 per FTE. And contractors will not be counted as part of the FTE calculation.
by Theseus
Sat Apr 04, 2020 6:07 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

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 expli...
by Theseus
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: 32337

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

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 ...
by Theseus
Fri Apr 03, 2020 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

@Theseus, Thank you for this thread and your SCORE volunteering. I have a pass-through LLC, sole proprietor, with no employees but multiple 1099 contractors. 2019’s 1099 payments were approx. $48k. So far, my business has not taken a major blow. However, some of my 1099 contractors have taken major...
by Theseus
Thu Apr 02, 2020 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Elysium wrote:
Thu Apr 02, 2020 11:24 am
Does anyone know whether single owner/employee S-Corp fall under small business or independent contractor/self employed under this plan?
Generally it should be under small business.
by Theseus
Thu Apr 02, 2020 10:00 am
Forum: Personal Consumer Issues
Topic: Homemade Salad Dressing
Replies: 51
Views: 3020

Re: Homemade Salad Dressing

Does anyone have a good recipe for Ranch dressing? That is my go to for almost all my salads.
by Theseus
Thu Apr 02, 2020 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I called in and was told 3 days after they process the application(not approve)..but that could take a week or so 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 variou...
by Theseus
Thu Apr 02, 2020 7:39 am
Forum: Investing - Theory, News & General
Topic: 6.65 million new unemployment [April 2]
Replies: 35
Views: 3508

Re: 6.65 million new unemployment [April 2]

Market always seem counter intuitive :D . I took this as bad news - but not the markets
by Theseus
Thu Apr 02, 2020 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

THe PPP loan application has this question: "Has the Business 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." Does this mean that the disaster loan can only be refinanced into the PPP lo...
by Theseus
Thu Apr 02, 2020 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I called in and was told 3 days after they process the application(not approve)..but that could take a week or so 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 variou...
by Theseus
Thu Apr 02, 2020 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Has anyone actually received the $10k advance or anything from the EIDL yet? The application at https://covid19relief.sba.gov/#/ is quick and easy. Would like to know how long ths should take. I've read 3 business days for the advance, but what is the start date? Can't be from date loan is signed b...
by Theseus
Thu Apr 02, 2020 7:15 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I do freelance IT consulting (mostly for fun and a little extra spending money) and make $200-300 a month, on average. Last 12 months I made about $2,700. All my clients are shut down due to COVID, so my consulting income has completely dried up. Would it make sense for me to apply for EIDL? Do I m...
by Theseus
Thu Apr 02, 2020 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I also hopefully will have a meeting with a SCORE mentor to discuss the EIDL and PPP program. I'm also self-employed and sole proprietor and I'm my only employee, so not sure how that works with getting a loan through PPP. How would I show payroll when I don't have a defined weekly payroll check? I...
by Theseus
Thu Apr 02, 2020 7:05 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I do freelance IT consulting (mostly for fun and a little extra spending money) and make $200-300 a month, on average. Last 12 months I made about $2,700. All my clients are shut down due to COVID, so my consulting income has completely dried up. Would it make sense for me to apply for EIDL? Do I m...
by Theseus
Thu Apr 02, 2020 6:59 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Question: what if expected payroll over the 8 week period is less than the loan amount? I know I can refinance the EIDL loan into the PPP loan. So, the full payroll over those 8 weeks would be forgiven plus the $10k advance on the EIDL? Example with numbers:(seasonal business) -$30k PPP loan amount...
by Theseus
Thu Apr 02, 2020 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I am already furloughed, but currently using vacation time, which will run out in approximately 4 weeks, and I don't expect to be back at work by then so the paychecks will actually stop then. Would I wait for the pay to stop before I apply for the loan? What is the best timing to proceed? Thank yo...
by Theseus
Thu Apr 02, 2020 6:49 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

How about the Employee Retention Credit https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act My question is, is the max $5k refundable credit per employee per quarter, only for the quarter which was affected, or for every quarter after that. Say business was closed for Ap...
by Theseus
Wed Apr 01, 2020 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I am already furloughed, but currently using vacation time, which will run out in approximately 4 weeks, and I don't expect to be back at work by then so the paychecks will actually stop then. Would I wait for the pay to stop before I apply for the loan? What is the best timing to proceed? Thank yo...
by Theseus
Wed Apr 01, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I do freelance IT consulting (mostly for fun and a little extra spending money) and make $200-300 a month, on average. Last 12 months I made about $2,700. All my clients are shut down due to COVID, so my consulting income has completely dried up. Would it make sense for me to apply for EIDL? Do I m...
by Theseus
Wed Apr 01, 2020 8:37 am
Forum: Personal Investments
Topic: Fidelity CD ladders
Replies: 7
Views: 786

Re: Fidelity CD ladders

Anyone with experience using these? Considering for emergency fund or short term savings with MM yields racing to 0%. Other than $4K increments, any drawbacks? If auto-roll is used how easily can one be cancelled? Does it impact the full lot or can one lot be allowed to deposit to cash account? Eas...
by Theseus
Wed Apr 01, 2020 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Question: what if expected payroll over the 8 week period is less than the loan amount? I know I can refinance the EIDL loan into the PPP loan. So, the full payroll over those 8 weeks would be forgiven plus the $10k advance on the EIDL? Example with numbers:(seasonal business) -$30k PPP loan amount...
by Theseus
Wed Apr 01, 2020 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

How about the Employee Retention Credit https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act My question is, is the max $5k refundable credit per employee per quarter, only for the quarter which was affected, or for every quarter after that. Say business was closed for Ap...
by Theseus
Wed Apr 01, 2020 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Regarding the $100,000 payroll cap, so say the payroll in 2019 was $200,000, and over the 8 weeks in question the payroll dropped to an annualized $100,000. Is the appropriate portion of the PPL forgiven because the decrease was an annualized $100,000, or is it not forgiven because the cap of $100,...
by Theseus
Wed Apr 01, 2020 7:10 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Regarding the $100,000 payroll cap, so say the payroll in 2019 was $200,000, and over the 8 weeks in question the payroll dropped to an annualized $100,000. Is the appropriate portion of the PPL forgiven because the decrease was an annualized $100,000, or is it not forgiven because the cap of $100,...
by Theseus
Wed Apr 01, 2020 6:59 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

I have a few specific questions... 1. On the original post it was mentioned the EID could be refinanced into the PPP. I saw this comment "(iii) the firm does not have a pending application with, nor is it receiving funds from, another SBA program for the same purpose and amount as the loan request....
by Theseus
Tue Mar 31, 2020 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32337

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

Regarding the $100,000 payroll cap, so say the payroll in 2019 was $200,000, and over the 8 weeks in question the payroll dropped to an annualized $100,000. Is the appropriate portion of the PPL forgiven because the decrease was an annualized $100,000, or is it not forgiven because the cap of $100,...