Of the loan? My understanding is that 100% of the loan can be forgivable if it's used "correctly". As a data point, we got a loan for ~$3 million and are planning on virtually all of our spend against that being forgiven.
So my girlfriends boss applied, got approved and got funded and told her he didn’t get it and to apply for unemployment. Only reason she knows he got it is because she handles all his emails and she saw the emails, she’s a legal secretary and his only employee. I guess after telling her he would get it for both of them he decided to just go the sole proprietor route and left her out to dry. This is why I hate people. Rant over
I applied and received a PPP loan. We have stayed open during this mess, our revenues are down about 60 to 75% for the last few weeks. Work has been trickling in, starting to get more. Electrical Contractor with 12 employees. Blessed and fingers crossed this mess ends soon.
No worries, bruh. I'm used to you being wrong In all seriousness, though - that $100K is strictly on the cash wages side. Retirement/medical benefits, etc., are all on top of that.* *I'm neither an accountant nor a lawyer and didn't stay at a Holiday Inn Express last night but have done more reading/research on this bill than any human should have ever had to do, ever. Ever.
My girlfriend received her $1200 check but I’m unlucky and in the over 100k club and won’t get shit. Sent from my iPad using Tapatalk
I supply lumber and wood trusses for new construction in Arizona. I haven't missed one hour of work. Had my biggest quarter ever this last quarter. April will be my biggest month, not so sure about May. It will definitely affect my business, just hasn't yet.
And you would STILL be wrong. HEALTHCARE BENEFITS If your practice has a group healthcare insurance plan, the premiums incurred and paid during your 8-week period are considered qualified expenses. CWA Interpretation: Qualified and forgivable health care costs appear to be exclusively for group plan costs and do include owners. We do not believe, however, that this includes individual health plans for owners and their family. Further, this likely also does not include Health Savings Account (HSA) contributions for the benefit of owners or their families. Documentation Needed: Documentation reflecting the health insurance premiums paid by the company under a group healthcare plan, including owners of the company during the 8-week period. Copies of the monthly invoices should suffice.
Two things: 1) If you'd like to accept my wager (proffered a few pages back on this very topic), then I'd suggest you feel free. I know I feel pretty good about my interpretation and am willing to put my money where my mouth is - weird that you declined before 2) I'm not sure where you think what I said differs from what you pasted. I eagerly await your response
Sorry if I missed this, but anybody get a paper check yet? Supposedly they were mailed early this week.
Dude. There’s nothing to bet. I’ve proven you wrong multiple times. I’ve provided multiple sources (that article makes 2, now). You have continued to claim that insurance costs aren’t included in the calculations. You continue to be wrong ... they can be. There’s nothing to bet on. I know I’m right. I know the VP of the US Chamber of Commerce was right. I know the Forbes explanation I JUST posted was right. I know our own calculations were right when we included them, which was also confirmed by the Chase Morgan SBA loan specialist we worked with before we were approved. Yet you continually want to claim superiority on this topic and make some stupid bet. I don’t give a shit about the bet. I want people looking here as a resource to have the correct information. You are not giving that. Really simple.
First week of may and it's starting with low low income and goes up from there. There is a schedule online somewhere that has the breakdown. If we have to wait until that, it'll be mid-august.
You come off spitting that piss and vinegar yet when offered to wager on it you back down each time...........weird Anyhow, you're conflating two different concepts - what is included in the loan calculation portion, and what is forgivable. I realize this isn't your forte so it's somewhat understandable that you'd have trouble parsing the two, but they are distinct concepts.
I’ve been very specific in my statements being about the calculations. I’ve never once gone into the forgiveness side of it. I do understand the difference, but thanks for your understanding. I know I’ll sleep better tonight. Now let’s try this again. I don’t give a shit about a bet. I’m not 12. I also won’t meet you out by the maintenance shed at recess, mmmkay. I have never bet on anything in my life. I’m not about to start now with some “nameless, faceless asshole on the internet”. I’ve got jack shit to prove to you that hasn’t already been done.
On the PPP loan some places say you can submit an application with multiple lenders at one time and if already approved by another lender it will notify that current lender and the process stops there. However, some articles say this process of applying with multiple lenders can trigger fraud. My firm applied to a few lenders already and got word that our application has been accepted by one lender and "funds have been secured." So we will see.