Search found 1173 matches

by theplayer11
Fri May 29, 2020 1:17 pm
Forum: Personal Consumer Issues
Topic: Tips to stick to a weight loss diet?
Replies: 114
Views: 5853

Re: Tips to stick to a weight loss diet?

first step is to buy healthy food when you shop. No junk food in the house makes things easier. I have found a craving for a food lasts about 2 weeks. Losing weight by a any diet is usually not sustainable, it has to be a lifestyle change. Once you start eating a healthy diet, you won't crave the ju...
by theplayer11
Thu May 28, 2020 5:28 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

I don’t think HSA contributions are included and haven’t come across anyone else that does either Health insurance amounts - even above the $100k per employee cap - were included in calculation of the PPP loan. So it stands to reason they may be included in forgiveness as well HSA contributions wer...
by theplayer11
Wed May 27, 2020 5:46 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

my local bank could not answer my questions relating to owner-employee and seasonal business loan forgiveness. They said they need more guidance and to talk to my CPA. So, the lender who is responsible for the decision on the approval of the loan forgiveness doesn't know what to do at this point. It...
by theplayer11
Mon May 25, 2020 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

You might be right! I’ll indulge you for a moment: That SBA FAQ you’re referring to sounds promising if you are looking to do what you want to do. Then when you add in the SBA guidance (the thing you refer to as me assuming the CPA is right) you could argue that point that the “payroll costs” which...
by theplayer11
Mon May 25, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Theplayer11, Are you trying to go over the $15,385 limit with the benefits or no? I ask because you put the PLUS in there and it’s not clear it you mean just adding it together, but grand total under the $15,385 (which I think is ok for S Corp); or using it to go over the $15,385 (which it seems cl...
by theplayer11
Mon May 25, 2020 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Theplayer11, Are you trying to go over the $15,385 limit with the benefits or no? I ask because you put the PLUS in there and it’s not clear it you mean just adding it together, but grand total under the $15,385 (which I think is ok for S Corp); or using it to go over the $15,385 (which it seems cl...
by theplayer11
Mon May 25, 2020 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

I interpreted the new guidance as saying total payroll costs (including retirement and health insurance) forgiven for owner-employee can’t exceed 15,385 (or average of 2019 payroll, including health and retirement, if less than that). Am I misinterpreting it? (Looking at 3c, page 11). I hope so... ...
by theplayer11
Mon May 25, 2020 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Crmck, thanks for the link. I had a question but it's answered above by theplayer, I think, re retirement contributions: "No additional forgiveness is provided for retirement or health insurance contributions for self-employed individuals, including Schedule C filers and general partners, as such e...
by theplayer11
Sun May 24, 2020 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Crmck, thanks for the link. I had a question but it's answered above by theplayer, I think, re retirement contributions: "No additional forgiveness is provided for retirement or health insurance contributions for self-employed individuals, including Schedule C filers and general partners, as such e...
by theplayer11
Sat May 23, 2020 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Interim final rule on loan forgiveness dated 5/22. Doesn't define owner-employee, but sounds like scorps might indeed be limited to 8/52 of 2019 compensation c. Are there caps on the amount of loan forgiveness available for owner-employees and self-employed individuals’ own payroll compensation? Yes...
by theplayer11
Sat May 16, 2020 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

The link in the instructions for Line 9: Line 9: Enter any amounts paid to owners (owner-employees, a self-employed individual, or general partners). This amount is capped at $15,385 (the eight-week equivalent of $100,000 per year) for each individual or the eight-week equivalent of their applicabl...
by theplayer11
Sat May 16, 2020 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

https://www.currentfederaltaxdevelopments.com/blog/2020/5/16/ppp-loan-forgiveness-application-and-instructions-released-by-sba Their take is scorp i401k employer contributions are allowed for scorps. "Note that each item only includes amounts paid to employee programs. Nothing on the application say...
by theplayer11
Sat May 16, 2020 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

read quickly, still not sure if scorp owners employER i401K contributions are forgivable. Anyone have a take on this? It appears that employer paid benefits are only forgivable for employees, not for owners. So for an i401k the employER contribution probably doesn't count. I'm sure more info will b...
by theplayer11
Sat May 16, 2020 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

read quickly, still not sure if scorp owners employER i401K contributions are forgivable. Anyone have a take on this? It appears that employer paid benefits are only forgivable for employees, not for owners. So for an i401k the employER contribution probably doesn't count. I'm sure more info will b...
by theplayer11
Sat May 16, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

read quickly, still not sure if scorp owners employER i401K contributions are forgivable. Anyone have a take on this?
by theplayer11
Fri May 08, 2020 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

SBA website says: "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." Clear intent of program was to provide funds to small businesses that would otherwise lay off their employees. It was not intended to incre...
by theplayer11
Fri May 08, 2020 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

SBA website says: "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." Clear intent of program was to provide funds to small businesses that would otherwise lay off their employees. It was not intended to incre...
by theplayer11
Fri May 08, 2020 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

I realize PPP is supposed to be to keep businesses alive and adding an employee may seem that the business is doing OK and wouldn't need the PPP loan to begin with... Stop right there. If your company has the wherewithal to hire new employees at this time, how can you certify that you needed the lo...
by theplayer11
Fri May 08, 2020 5:30 am
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 678

Re: PPP - One employee (owner) S-Corp questions

:dollar I doubt you could give yourself a raise to $200k/yr (even temporarily) to completely absorb the forgiveness, it would likely be capped at $100k. This guidance has already been issued. Forgiveness calculation is capped at the $100k, also. Do you have a source for this? TIA only guidance so f...
by theplayer11
Thu May 07, 2020 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 879

Re: PPP - For those getting approved, what was the % given to you out of possible total?

100% and I'm seasonal. Loan included i401k employer contributions prorated for just the 4 months along with HSA contribution, health care premiums. All prorated 4 months. I doubt all will be forgiven.
by theplayer11
Thu May 07, 2020 5:41 am
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

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 adding...
by theplayer11
Tue May 05, 2020 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contributions forgivable for PPP?
Replies: 8
Views: 537

Re: HSA contributions forgivable for PPP?

What does "forgivable" mean in this context? meaning if the >2% scorp owner contributes to his HSA over the covered 8 weeks of the PPP loan, will it be forgiven? I usually contribute in 1 lump sum anytime between April-June. I'm just wondering if it is indeed a forgivable expense, will be annualize...
by theplayer11
Tue May 05, 2020 5:59 am
Forum: Personal Finance (Not Investing)
Topic: HSA contributions forgivable for PPP?
Replies: 8
Views: 537

HSA contributions forgivable for PPP?

>2%scorp owner. Haven't seen HSA contributions mentioned at all, but they are included on w-2 box 1 along with health care premiums. Anyone heard if forgivable?
by theplayer11
Sun May 03, 2020 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: BofA PPP loan - amount less than requested
Replies: 17
Views: 1642

Re: BofA PPP loan - amount less than requested

There's only one employee, my spouse. My calculation included employer 401k contributions: Total payroll for the last rolling 12 months was $108,000. This gets capped at $100,000. No health insurance benefits, but employer Solo 401k contributions were 25% of wages, or $27,000. California charges a ...
by theplayer11
Sun May 03, 2020 5:54 am
Forum: Personal Finance (Not Investing)
Topic: BofA PPP loan - amount less than requested
Replies: 17
Views: 1642

Re: BofA PPP loan - amount less than requested

Is the $10,673 just Payroll?..how many employees? Did you have retirement contributions or health care premiums in your calculation?..If so, did you send in proof?
by theplayer11
Sat May 02, 2020 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

I received an email last night stating my PPP note with BofA was ready. My single employee S-Corp company health plan expenses and retirement contributions were both disallowed from the calculation which nearly cut my loan in half. I was not too surprised by the health plan cut as it is not technic...
by theplayer11
Fri May 01, 2020 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: PPP forgiveness
Replies: 7
Views: 533

Re: PPP forgiveness

craiggsean wrote:
Fri May 01, 2020 6:50 pm
For 1 employee, isn't the maximum loan amount that can be received, attributable to each employee, equals ($100,000 / 12) x 2.5 = $20,833.33?

How did you get 34k?
employer retirement contributions, health care premiums, HSA
by theplayer11
Fri May 01, 2020 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Congrats to everyone who received the PPP loan. I'm confused on the mechanics of running payroll using PPP money. I'm a sole owner S corp making over 100K per year. I plan on paying myself a gross wage of 8333K on May 1 and June 1. However, I withheld Federal/State taxes from the $8333 for May payr...
by theplayer11
Fri May 01, 2020 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

Still have not seen any mention of HSA contributions by >2% scorp owners being forgiven. They are handled the same way as health care premiums, included in Box 1 of w-2. Definitely a part of scorp employee compensation, but why no mention anywhere? From the ruling below, not sure where HSA contribut...
by theplayer11
Wed Apr 29, 2020 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

QUESTION RE: PPP LOAN I am the owner and only employee of an LLC who files tax as an S-Corp. On April 5th I applied for the PPP loan per their rules (2.5x monthly payroll) and received a loan for $15,500 to cover loss of payroll during the period affected by the Covid-19 shutdown. My last day worke...
by theplayer11
Sat Apr 25, 2020 10:38 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan and Risk that Forgiveness Rules will Change
Replies: 15
Views: 1308

Re: PPP Loan and Risk that Forgiveness Rules will Change

not sure how they could wait to see profit/loss from year end 2020 when forgiveness can be applied for after 8 weeks..but who knows
by theplayer11
Fri Apr 24, 2020 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

I'm a Real Estate Broker/REALTOR(R). I'm a sole proprietor. I applied for the EIDL on April 1. I received a $1,000 direct deposit into my business checking account this morning. The SBA pulled my credit today. I wasn't expecting that the SBA would pull my credit for a forgivable advance, so I calle...
by theplayer11
Wed Apr 22, 2020 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: PPP/EIDL for a one-person S-corp
Replies: 54
Views: 9806

Re: PPP/EIDL for a one-person S-corp

No, I don't agree. What you are saying is true for Sch C filers as per Treasury Dept guidance dated 4/14. Again, that guidance is just for Sch C filers. There has been no guidance for scorp, w2 employees. You keep saying that it's based on last year's taxes, that is not correct, as of today until f...
by theplayer11
Wed Apr 22, 2020 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: PPP/EIDL for a one-person S-corp
Replies: 54
Views: 9806

Re: PPP/EIDL for a one-person S-corp

No. the forgivable portion and what is 'payroll' is calculated based on your last tax filling data , not on what you want it to be in these times... First post in this thread has details as well as any google search. So Yes, you can increase whatever amounts you want. No , it would not be forgiven ...
by theplayer11
Wed Apr 22, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: PPP/EIDL for a one-person S-corp
Replies: 54
Views: 9806

Re: PPP/EIDL for a one-person S-corp

Single member S-Corp here. I normally take a salary and distribution, but understanding that a distribution is not permissible under the loan forgiveness criteria, can I increase my salary for the 8 week period in order to maximize the forgivable portion of the PPP loan? No. the forgivable portion ...
by theplayer11
Wed Apr 22, 2020 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: PPP/EIDL for a one-person S-corp
Replies: 54
Views: 9806

Re: PPP/EIDL for a one-person S-corp

Single member S-Corp here. I normally take a salary and distribution, but understanding that a distribution is not permissible under the loan forgiveness criteria, can I increase my salary for the 8 week period in order to maximize the forgivable portion of the PPP loan? No. the forgivable portion ...
by theplayer11
Wed Apr 22, 2020 5:52 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

For those opening separate bank account just for PPP forgiveness. How are you going to handle FICA tax payments where the employer side is not forgivable? Split the payments up, employee side payment from new account, employer side from another? That makes things a little difficult, especially when...
by theplayer11
Tue Apr 21, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

For those opening separate bank account just for PPP forgiveness. How are you going to handle FICA tax payments where the employer side is not forgivable? Split the payments up, employee side payment from new account, employer side from another? That makes things a little difficult, especially when ...
by theplayer11
Tue Apr 21, 2020 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 186
Views: 14364

Re: Optimizing PPP Forgiveness

How would a 941 prove anything when it's for 3 months and forgiveness is 56 days? Also, agricultural entities are not required to file form 941.
by theplayer11
Tue Apr 21, 2020 6:40 pm
Forum: Personal Consumer Issues
Topic: Eating out after lock-down is lifted
Replies: 112
Views: 10197

Re: Eating out after lock-down is lifted

When I eat take-out, I am able to set the mood by serving up onto pre-heated dishes set on a tablecloth in the dining room with wine glasses, wine, candles, etc. Or not. It's the people that are present for me; not the restaurant. agreed..I actually do not care for most restaurants, especially tabl...
by theplayer11
Tue Apr 21, 2020 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: PPP Payroll Timing Question
Replies: 4
Views: 442

Re: PPP Payroll Timing Question

I would change payroll date..you can do whatever you want..I believe.
by theplayer11
Mon Apr 20, 2020 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with them. I followed your advice and used Paypal which took me to loanbuilder.com They are asking for: Business license ( do not have ) Driver's license ( would rather not share ) Also I completed and upload t...
by theplayer11
Sun Apr 19, 2020 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

Theseus wrote:
Sun Apr 19, 2020 7:16 pm
SBA has released a portal to check status of your EIDL application.

https://covid19relief1.sba.gov/Account/ ... urnUrl=%2f
You need an email from SBA to access the portal to see your loan amount.
by theplayer11
Sun Apr 19, 2020 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: PPP round two- Bail from the big bank (BOA) or stay the course
Replies: 11
Views: 857

Re: PPP round two- Bail from the big bank (BOA) or stay the course

I would run from BofA..Try local bank, Lendio, PayPal. The first one to get you an SBA approval # will block anyone who follows.
by theplayer11
Fri Apr 17, 2020 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 32328

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

I am ready to apply via Bank of America and they are asking: Average Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request: Do I put 1000 for EIDL since I am a sole proprietor? Do yourself a favor and do not use BofA. If funded again, try PayPal, many had good luck with t...
by theplayer11
Thu Apr 16, 2020 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Has your PPP loan been processed yet? Ours hasn’t been, and I'm getting concerned
Replies: 102
Views: 7486

Re: Has your PPP loan been processed yet? Ours hasn’t been, and I'm getting concerned

Did anyone else get an SBA loan number without an actual approval? What does that mean? Out of luck? Door slammed on your foot? If you get an SBA loan number you're likely going to get funded. It might not be for a week or two depending on the bank's processes. That's what I've heard. Some banks se...
by theplayer11
Wed Apr 15, 2020 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Has your PPP loan been processed yet? Ours hasn’t been, and I'm getting concerned
Replies: 102
Views: 7486

Re: Has your PPP loan been processed yet? Ours hasn’t been, and I'm getting concerned

banks handled this differently. My local bank sent apps without verifying or even asking for supporting docs to get SBA approval #. I've been told that once you have SBA approval #, funds are allocated to you. This sounds great, but from the latest FAQ from the Treasury Dept., banks were supposed to...
by theplayer11
Tue Apr 14, 2020 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: EIDL advance taxable?
Replies: 7
Views: 388

Re: EIDL advance taxable?

AerialWombat wrote:
Tue Apr 14, 2020 4:51 pm
theplayer11 wrote:
Tue Apr 14, 2020 11:38 am
I know the PPP loan forgiveable portion is not taxable, but how about the EIDL advance that is hitting accounts now..taxable?
No.
where did you see this?
by theplayer11
Tue Apr 14, 2020 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: SBA EIDL Funds
Replies: 30
Views: 1402

Re: SBA EIDL Funds

received $2k advance today, applied first day of streamlined app