So who's gotten furloughed?

NY has weird rules about everything labor related. My guess is that officers/shareholders can’t collect unemployment from the corporation where they are an officer/shareholder. Her involvement in the LLC shouldn’t have any impact on her full time employment.
Disclaimer... not an accountant/CPA

 

AFT season is postponed so there's one chunk of my income gone. Mapped a Harley street bike for a guy week before last. About it.. Was in the middle of buying a small business from a friend right before this current situation and our house went on the market yesterday lol. We shall see.

 

I’ll make a wager with you that you’re wrong (if you’d like).

 

Edit: I don’t really give a shit if you think it’s wrong or not. I told you what was relayed to me by the VP of the US Chamber of Commerce, following his discussion with Secy Mnuchin directly. Disagree? Knock yourself out. I trust my source.

 

My wife was furloughed today. 8-12 weeks.

 

You could both be right...just depends on which category you're looking at.

When determining how much of a loan you can get, you look at an average of all payroll costs for the prior year and divide by 12 to get an average monthly payroll cost. Payroll costs consist of:
- Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
- Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
- State and local taxes assessed on compensation.

Assume your total payroll costs for 2019 for all categories above (including the salaries above $150K) was $2M. $2M/12 = $166,666.67 average monthly payroll costs.

You then find all of the salaries above 100K, add all of them up and subtract 100K from each of them and then divide the remainder by 12. If you have 3 employees with salary of $125K annually, you would have $375K ($125K/ yr x 3 employees) - $300K ($100K cap x 3 employees) = $75K as the total annual amount in excess of $100K for those making over $100K. $75K/12 = $6250 monthly.

Assuming you're going for the max loan amount, it would be $166,666.67 - $6250 = $160,416.67 x 2.5 = $401,041.68.

When looking at the forgiveness amount, you look at the total payroll costs you incurred over the 8 weeks after you got the funding. The payroll costs include the 3 categories listed above. I haven't seen any guidance that says you can't pay someone over $100K with the PPP funds when determining your forgiveness amount.

 

Working this week, but I will be furloughed 4/13 - 5/9

 

Trying to list the Peekskill, NY co-op apartment for sale. The Board banned Realtors and showings, so sale plan is on hold for the duration. Luckily the paycheck is still coming.

 

This is what I think most politicians running the show don't understand. Not everyone can just work from home and the hole that's being created cannot just be filled in easily. Sorry to hear about this.

 

There's been a million articles about the airlines, so I'll spare you all the details.

We just started our schedule reduction this week, last 3 weeks I have been flying empty airplanes to empty airports. And I do mean EMPTY. 6-12 passengers.

The hotels are empty, I stayed in the Downtown Cleveland Hilton last week, 700 rooms, 45 occupied, and 43 were airline crews. The hotel restaurants and bars are closed. Some of the gyms are open, depending on the state. Thank god for that!

I am grateful to still be flying, however it's nerve wracking flying around empty. We are burning a little over $1B per month. No matter how much money the government throws at it, it's not sustainable. Southwest has very little debt- the big three- especially UA and AA have a lot more debt. It's going to take piles of money to get the airline flying again with zero revenue coming in the door, so it's going to be a slow start for those guys.

Alot of guys are calling in sick, so even with the schedule cuts, I have the opportunity to fly extra. My plan is to bank as much as I can- If racing ever starts up again I can take some time off and get whatever is left of the season in. Wife is a nurse, she's working her tail off, obviously.

My thoughts are with all who are hurt from this. Hope its over soon and we can look forward to a better tomorrow.

 

So if the plane is that empty, will they let passengers back in coach move up to the first class seats?

 

Why do they fly empty instead of just canceling the flights?

 

There's been a couple really bad PR moves in the news about that.... you know, you can't let someone have something they didn't pay for! Stated by the managers asking for billions of tax payer revenue. No matter one's thoughts... that's just bad optics.

 

I believe the FAA requires them to do it to keep gate assignments and/or take off/landing slots. Also to move aircraft to where it is needed.

 

Not my field, but I think I read in the news that they've relaxed those requirements or at least with the international flights. There was an article earlier this week, that the FAA is pushing for some flights to run near empty to allow movement of government/medical officials and also for mail/cargo shipments to ride along on passenger planes.

 

Business is down 40% Feels much more. Usually I'm into OT every week, but allot of my medical offices have cut staff and deferred PMS and upgrades. My company is allowing us to catch up o training and admin. We usually end up doing this crap on our own time since we are normally so busy. We expect July will be full throttle. I'm lucky and feel for all you fellas and ladies that are out of work.

I have to have my temp taken and am asked every day if I've been in contact with a Chinese-19 infected person. Thing is I enter rooms daily that one was scanned in. That said I'd rather get that than MRSA. I Have N95 masks. Stupid thing is they are one use and I have to use one for a week. So when I take it off I use a Sani wipe on my hands and place it in the sun for some UV love.

Stay safe fellas!

 

It’s gotta be really nice without so much radio chatter.

A friend imports medicines from China, lots of thermosensitive compounds that’ll go bad if they sit more than 100 hours as the cold packs would wear off. Up until all of this, it travelled as mail cargo on passenger jets. As you’ve inferred, excess cargo capacity is sold by airlines to a the various mail carriers. To give you an idea of volume for this one company, they hired out seven refrigerated 747 cargos last week. The passenger carrier business had him (I suspect) pretty worried just a few weeks prior.

 

Wait...wut?

You can defer that shit? Why am I only learning about this now after the missus has already had 'the change'. Next you're gonna tell me that I could have deferred THAT lovely experience as well?

 

As an employee of the Big B in Washington State, we are fully suspended from building aircraft, although we can complete delivery activities as scheduled prior to the suspension, and we can perform building maintenance. As a salary employee with the opportunity to work virtually, I have plenty of work to do. However, the company provided only two weeks of suspension pay to those who cannot work virtually (effectively any hourly worker), so those employees without benefits are allowed to go LWOP and draw unemployment.

My concern is that when we get back to production that our volume is diminished enough to reach my skill code for layoffs. If we get back that deep, then it's a Really Big Deal up here, which affects thousands of jobs and mom and pop companies across the country. Book flights with companies who buy new airplanes! Help me stay employed!