Anyone get that stimulus check yet?

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

  1. pickled egg

    pickled egg Art is subjective

    Keep yer shirt on.

    I’m still waiting on the funding for mine, too. Bank has 10 days from SBA underwriting approval to disperse funds.

    Then you’ve got 8 weeks to spend it, 75% of which must go to wages and benefits in order to qualify for forgiveness.
     
  2. nigel smith

    nigel smith Well-Known Member

    I am willing and able to receive wages and benefits with absolutely no strings attached. By no strings attached, I mean that I will not actually be performing anything remotely resembling actual labor. I would not make this generous offer to many people, but you are in dire need of forgiveness.
     
  3. SuddenBraking

    SuddenBraking Well-Known Member

    The way the forgiveness is structured, you need to get your headcount up so it makes economic sense to do exactly what you're describing with many employees.
     
  4. Mongo

    Mongo Administrator

    The way they did the loans it's 2.5 times your monthly payroll expenses, so going back to normal payroll will use 75% no problem.
     
  5. pickled egg

    pickled egg Art is subjective

    I’m in dire need of damnation.

    I think I’m a shoo-in, though. :D
     
  6. worthless

    worthless Well-Known Member

    I'm an independent contractor and I don't plan on firing myself, so, I should be able to maintain headcount.
    I don't have any expenses other than salary that I'll be able to report/forgive, so contemplating just going for 2X monthly and will just take my normal pay for 8 weeks or going for 2.5x and using the .5 as a low interest loan.
     
  7. Mongo

    Mongo Administrator

    The .5 doesn't have to get paid back if you use the 2 for payroll.
     
  8. worthless

    worthless Well-Known Member

    Pretty sure it does since I'm not going to have enough forgivable expenses. I don't have any payroll expenses other than my salary. My insurances are all covered elsewhere. With no other payroll costs other than my salary, my loan amount is for the max that 1 person can get with the $100K salary cap - $100K/12 mo = $8333.33 average monthly payroll costs * 2.5 = $20,833.33. I'm not allowed to to pay myself over the equivalent of $100K and I won't have any other expenses, so I'm going to have 2.5 months of salary at $8333.33/mo, but I can only pay myself for 8 weeks at the cap, so, I'm gonna have about $4167 that I'm not going to be able to account for since I don't have any business specific mortgage, lease, or utility payments.
    So, I'm either going to only get the loan for 2x or get it for the whole 2.5 and get a low interest loan on the $4167.
     
  9. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    You don't have any rent or utility bills? Cell phone? Water? Internet?
     
  10. worthless

    worthless Well-Known Member

    No.
    Wife has business that runs out of the house and claims all the house stuff on hers. I go to an office that I don’t have to pay for.
    When I took the position in October, it was only going to be a 6 month gig and then they were to bring me on as an FTE. Was never an independent contractor before so didn’t jump through all of the hoops to establish an LLC, SCorp,etc. Just straight 1099-misc. And then all this shit happened and my contract got extended 3 months.
     
  11. cyclocrossfool

    cyclocrossfool team chicken bone

    did anybody get there $$$ deposited on the 6th like the irs message said ? not here
     
  12. code3ryder

    code3ryder Well-Known Member

    finally got our duckets. .. yes on the 6th.
     
  13. Dave K

    Dave K DaveK über alles!

    Still no and I want a Z125. Gimme ma' money!

    Or Rich man Kenny can give me his and I can combine it with mine and get a Grom (or a SR50 for the kid). :D
     
  14. motoracer1100

    motoracer1100 Well-Known Member

    Still nothing but Crickets on my end . :(
     
  15. Wheel Bearing

    Wheel Bearing Professional low sider

    Still no money here either
     
  16. auminer

    auminer Renaissance Redneck

    No, but I did pick up 5 contractor bags full of dog shit. Unfortunately, picking up after rich peoples' dogs pays too well to get free gubmint cheez.

    Livin la vida caacaa!!

    It really sucks that a mofo with a piece of shit pickup-truck and $100 worth of equipment can't make a better life for himself in these United States!! The Man always keeps a mofo down!!
     
  17. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

  18. SuddenBraking

    SuddenBraking Well-Known Member

    Do you walk people's dogs?
     
  19. CRA_Fizzer

    CRA_Fizzer Honking at putter!

    We got stimulated yesterday.
     
  20. Venom51

    Venom51 John Deere Equipment Expert - Not really

    No. he just likes to clean up the poop.
     

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