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Anyone get that stimulus check yet?

Discussion in 'General' started by fastedyamaha, Apr 13, 2020.

  1. SuddenBraking

    SuddenBraking The Iron Price

    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.
     
  2. pickled egg

    pickled egg Tell me more

    Shit. My bad. It’s max of $100k/annual per covered employee. Derp.
     
  3. buzz-06

    buzz-06 Well-Known Member

    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
     
  4. Sixx22

    Sixx22 Well-Known Member

    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.
     
  5. SuddenBraking

    SuddenBraking The Iron Price

    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.
     
  6. ChrisS819

    ChrisS819 Member

    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
     
  7. trussdude

    trussdude Well-Known Member

    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.
     
    Steeltoe and Metalhead like this.
  8. nd4spd

    nd4spd Well-Known Member

  9. Funkm05

    Funkm05 Dork

    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.
     
  10. code3ryder

    code3ryder Well-Known Member

    Still no luck in getting verified.
     
  11. SuddenBraking

    SuddenBraking The Iron Price


    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 :D

    2) I'm not sure where you think what I said differs from what you pasted.

    I eagerly await your response :crackup:
     
  12. MotoGP69

    MotoGP69 Well-Known Member

    Sorry if I missed this, but anybody get a paper check yet? Supposedly they were mailed early this week.
     
  13. Banditracer

    Banditracer Dogs - because people suck

    I thought the paper checks weren't starting to go out until May.
     
  14. Funkm05

    Funkm05 Dork

    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.
     
  15. YamRZ350

    YamRZ350 Nicorette Dependent

    You're not the only one.
     
    code3ryder likes this.
  16. code3ryder

    code3ryder Well-Known Member

    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.
     
  17. SuddenBraking

    SuddenBraking The Iron Price

    You come off spitting that piss and vinegar yet when offered to wager on it you back down each time...........weird :confused:

    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.
     
  18. Funkm05

    Funkm05 Dork

    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.
     
  19. bradd15

    bradd15 Well-Known Member

    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.
     
  20. K51000

    K51000 Well-Known Member

    Yep, $2900? Tax credit, right?

    2 adults and 1 child still under 19?
     

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