Anyone get that stimulus check yet?

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

  1. JBraun

    JBraun Well-Known Member

    Correct. I consider all of that payroll. I included our health premiums since we pay 100% and our 401k contributions, etc.

    You're right though, I need to make sure I understand all of it. I laid off about half my staff when the shit hit the fan but brought them back after a week so I should be good.
     
  2. Bugslayer

    Bugslayer Well-Known Member

    Yeah it,s also for operational costs as well as what you included above.
    Lease, insurance, utitlities and the like.
    The 2 1/2 months payroll is what is used to calculate the amount of the loan. We applied for $678,000. We will need to spend 75% of that on payroll in the 8 week period that started on the date of the origination of the loan. Not the disbursements. Luckily we have a boss (Me, :crackup:) that knows the value of saving for a rainy day to bridge the gap.
     
  3. SuddenBraking

    SuddenBraking Well-Known Member

    Yeah dude - can't emphasize enough how important it is to understand this. For instance, if your business hasn't fully recovered, you (and your employees) may have been better off deferring the date they came back to maximize your loan forgiveness (and there's a new perverse incentive where many employees are making more on unemployment than they were working with the extra $600 week).

    Talk to your lawyer/accountant/SBA guy because I'm just some nameless/faceless asshole on the Interwebz, but I don't believe the 75% on payroll is accurate. I believe that the maximum amount of your loan that can be spent on non-payroll and forgiven is 25%. Anything you spend on payroll (assuming your FTE for 2.15 - 6.30 for 2020 is the same as 2019) is forgiven.
     
  4. JBraun

    JBraun Well-Known Member

    I believe you have to spend no more than 25% on expenses that are not payroll, mortgage interest, rent, or utilities to qualify for forgiveness. That means that the non qualified expenses may not be forgiven over 25%, but the rest will. My understanding anyway.
     
  5. mpusch

    mpusch Well-Known Member

    I read it slightly different. I think you need to keep mortgage, rent, and utilities beneath 25%. You don't include those with payroll.
     
  6. SuddenBraking

    SuddenBraking Well-Known Member

    :stupid:

    That being said, I've spent the last two weeks of my life reading this bill and its predecessors and am over it at this point. This link agrees with my understanding (hello confirmation bias) of how the bill is structured.

    https://www.anchin.com/news/anchin-...veness-and-related-documentation-requirements

    upload_2020-4-13_20-22-36.png

    upload_2020-4-13_20-22-57.png

    upload_2020-4-13_20-23-17.png
     
  7. JBraun

    JBraun Well-Known Member

    Yep could be. I’m not the sharpest crayon on the tree.
     
  8. motoboy

    motoboy Well-Known Member

    Hopefully with no tractor in the way...
     
  9. Bugslayer

    Bugslayer Well-Known Member

    So this cut and paste from your attached article below is a bit confusing, but the way I read it is if you spend 75% of the loan on payroll and the remaining 25% on other qualified expenses, 100% of the loan will be forgiven.

    But the confusing part is the last sentence where they address what the 25% cap is applied.

    Pursuant to U.S. Treasury and Interim SBA rules, at least 75% of the loan proceeds must be used for payroll costs. The amount of PPP loan forgiveness will be reduced to the extent loan proceeds are used for qualified non-payroll costs in excess of 25% of the total amount eligible for forgiveness.It is currently unclear if the 25% cap is applied on the loan amount or the amount eligible for forgiveness.
     
    tony 340 likes this.
  10. BC

    BC Well-Known Member

    They just revised the Eidl program from a $10k advance which was to be forgiven to $1000 per employee, to ensure there is enough to go around.
     
  11. lizard84

    lizard84 My “fuck it” list is lengthy

    I’m showing a pending transaction from the IRS this morning labeled TAX REF for $2400:)
     
  12. eggfooyoung

    eggfooyoung You no eat more!

    Nuttin honey!
     
  13. auminer

    auminer Renaissance Redneck

    [​IMG]
     
    scottn and cpettit like this.
  14. gixxernaut

    gixxernaut Hold my beer & watch this

    I'm curious where you found that timetable. I've checked irs.gov and found nothing there other than vague assurances that the checks will be mailed beginning April 24 in order of lowest to highest income levels at a rate of approximately 5 million per week. I haven't been able to find anything more specific (certainly not to that level) in any other Google searches.

    What I'm curious about (and that timetable isn't clear) is whether folks who are married and filing jointly are getting penalized (from a having-to-keep-it-together-standpoint). If I read it correctly a single filer declaring an AGI of 19K gets his check the 2nd week. A married couple with both partners making the same amount of money have to hold out for two more weeks. Add 10K and the difference becomes week 3 vs week 6. Same pattern all the way up to 200K. Seems a bit unfair if that's the only criteria they're using.
     
  15. pickled egg

    pickled egg Art is subjective

    And here we have people bitching about having to wait for their government handouts...
     
    kangasj, MachineR1, auminer and 2 others like this.
  16. CRA_Fizzer

    CRA_Fizzer Honking at putter!

    And this surprises you? :)
     
  17. gixxernaut

    gixxernaut Hold my beer & watch this

    If you're referring to me I'm not bitching. I absolutely don't need the money and would be just fine if they weren't doing this. I'm just trying to understand what they are trying to accomplish. If the purpose is to get the funds into the hands of the neediest individuals the soonest it seems to me like a low-income married couple who have suddenly fallen on hard times due to furlough would be every bit as desperate to get their money as an equally paid single person. Perhaps more depending on whether they've had a kid between now and last year. Obviously the single person could be in the same boat.
     
  18. ClemsonsR6

    ClemsonsR6 Well-Known Member

    Wish I could get some of this gubment money handout. :(
     
    cpettit likes this.
  19. Venom51

    Venom51 John Deere Equipment Expert - Not really

    Just stop working...then you too can be saved by those people in that place.
     
  20. SPL170db

    SPL170db Trackday winner

    Some of it is also affected by when and how you filed your previous year income tax returns I believe. But essentially yes, people who earned less are supposed to get them sooner. Basically single folks up to $75K yearly salary get $1200 (or $150K per couple), then it starts tapering off until it stops at $99K for individual or $198K per couple.....plus I think they said an additional $500 per child. Also direct deposits go out first and then paper checks. I dunno, I'm sure it will be a big mess. I'm not getting any of it, I just get to pay for it :D
     

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