plugginaway22
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Post by plugginaway22 on Apr 5, 2020 15:56:31 GMT -5
I just spent 2.5 hours scanning documents so we are ready to apply tomorrow morning. Went off recommendations from the bankers but they seem clueless about a lot of it. Hope it all works, we have reduced some hours but have not had to lay anyone off, yet.
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Miss Tequila
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Post by Miss Tequila on Apr 5, 2020 16:20:49 GMT -5
Also Independent contractors or self employed folks have to wait till April 10 To get their application — if their is any money left for them because it is a race; first come first serve. The big companies are asking for Bigger loans yet they are put ahead of the line compared to what a independent contractor may ask for for 3 months. [ If you’re an independent contractor or self employed with no employees probably better to claim unemployment Nope. If you can get the PPP loan and use it exactly as intended, you will make out much better than unemployment because you don’t actually have to be harmed by anything. If you are lucky enough to beat the deadline
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jerseygirl
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Post by jerseygirl on Apr 5, 2020 17:09:43 GMT -5
[ If you’re an independent contractor or self employed with no employees probably better to claim unemployment Nope. If you can get the PPP loan and use it exactly as intended, you will make out much better than unemployment because you don’t actually have to be harmed by anything. If you are lucky enough to beat the deadline If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car
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billisonboard
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Post by billisonboard on Apr 5, 2020 17:23:44 GMT -5
Nope. If you can get the PPP loan and use it exactly as intended, you will make out much better than unemployment because you don’t actually have to be harmed by anything. If you are lucky enough to beat the deadline If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car The answer is in your situation is nothing. The Paycheck Protection Program does allow for payment of a limited number of things necessary to have a place to do business like rent and utilities. But those can only by 25% with payroll being 75%. So if payroll is $0.00, everything else could be no more than $0.00.
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Miss Tequila
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Post by Miss Tequila on Apr 5, 2020 17:43:31 GMT -5
Nope. If you can get the PPP loan and use it exactly as intended, you will make out much better than unemployment because you don’t actually have to be harmed by anything. If you are lucky enough to beat the deadline If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that.
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teen persuasion
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Post by teen persuasion on Apr 5, 2020 23:08:40 GMT -5
Jersey girl, I agree with Pink, the self employed people can not even apply until the 10th. I thought this was supposed to help the little guys! A company with 1500 employees is not little. And like pink said, many companies are broken up to multiple entities. The company I work for has 3 companies, same basic ownership. Only about 21 employees, but revenue is very strong. We will be impacted, but not greatly. We have one tenant that does mainly summer business. When Covid 19 started, nearly all their business cancelled & they notified us they would not be able to pay rent. As they r seasonal we always allow them to go delinquent in winter and catch up in summer. They now have more business booked with healthcare orders than they normally would in Summer. Sometimes you can’t predict. I don’t have a problem with everyone being eligible, but you should have to show you revenue year over year is down. It is limited to employers with less than 500 employees. And you have to exclude the salaries of anyone making more than $100k on an annual basisWhat it doesn’t do is limit this program to those actually harmed my covid-19. As a taxpayer, I have a major issue with this. We weren’t laying anyone off in 4 of 5 companies, but all 5 companies will qualify, assuming we get our application accepted before the program hits the target. I believe you only exclude the portion of their salary over the $100k, not the entire salary. I know, not making it any better, but trying to keep things correct as the law is written.
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ArchietheDragon
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Post by ArchietheDragon on Apr 6, 2020 8:23:13 GMT -5
Our bank just opened up their PPP portal this morning and are now accepting applications.
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Miss Tequila
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Post by Miss Tequila on Apr 6, 2020 9:23:31 GMT -5
Just heard from our bank that our corporate PPP loans have been approved. The second bank I sent the applications to hasn’t figured out how to upload. I got a BS email that the SBA and US Treasury were still working out the details...5 minutes after the other bank told me the SBA approved ours
I’m waiting to here if DF’s were approved. I sure hope so but as he is not a customer of either bank that I applied with, he probably got pushed to the back of the line.
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jerseygirl
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Post by jerseygirl on Apr 6, 2020 9:30:09 GMT -5
Just heard on radio that Marco Rubio called Bank of America and insisted BoA not require an existing bank account with BoA to apply for PPP program
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swamp
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Post by swamp on Apr 6, 2020 9:34:30 GMT -5
I have been contacted by the commercial loan officer for my usual bank.
I'm waiting for the application to be emailed to me.
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swamp
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Post by swamp on Apr 6, 2020 9:35:10 GMT -5
If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So if I'm a sole proprietorship with a regular draw, does that count as payroll?
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bean29
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Post by bean29 on Apr 6, 2020 9:39:08 GMT -5
If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. They are saying on Boggleheads that if you are self employed and file a schedule C, they Schedule C income is your "Pay" so it should be fine. My problem is DH has an LLC, but his 1099's are issued with his SS, so I file as self employed under his SS so I don't think he can apply yet. We do have a taxpayer id for the employee payroll taxes though. He wants me to use the taxpayer id and just apply for the loan.
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Miss Tequila
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Post by Miss Tequila on Apr 6, 2020 9:51:06 GMT -5
I have been contacted by the commercial loan officer for my usual bank. I'm waiting for the application to be emailed to me. It is a standard SBA app. You can get it from their website
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Miss Tequila
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Post by Miss Tequila on Apr 6, 2020 9:55:02 GMT -5
If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So if I'm a sole proprietorship with a regular draw, does that count as payroll? There is zero guidance yet from the SBA as to what will qualify or not. But if they are allowing sole-proprietors and 1099 independent contractors to apply, I would think the documentation required can’t be that substantial. Continue paying yourself like you always do (loan the corporate account money if you have to) and go from there. DF is an S-Corp but it flows to him through his K—1. He pays fica on his earnings but doesn’t pay himself through payroll. We are in the same boat.
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bean29
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Post by bean29 on Apr 6, 2020 10:16:15 GMT -5
My boss must have contacted our Bank about applying for the PPP loans for the company. I got CC'd on an e-mail from the bank that is asking for the following:
FINAL LIST OF NEEDED DOCUMENTS: • Payroll statements showing business was actively paying salaries and payroll tax on 02/15/2020 • IRS Form 941 (Employer’s Quarterly Federal Tax Return) for all applicable quarters in 2019 • IRS Form 944 (Employer’s Annual Federal Tax – If Smaller Business) • 1099s (if independent Contractor) • COVID 19 Impact statement – brief description on how the business is affected • Worksheet or template used to determine loan amount
Was the impact statement in there last week?
Edit to add: billisonboard there was a link you posted that gave me a spreadsheet from the AICPA to calculate the loan amount. I saved in on my home computer, but I have to work this up now for my work. I don't see it on the link on this thread. I can manually create it, b/c I have the printout with DH's numbers for his business with me. It will just be prettier if I can use their form.
Thanks!
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billisonboard
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Post by billisonboard on Apr 6, 2020 10:28:28 GMT -5
My boss must have contacted our Bank about applying for the PPP loans for the company. I got CC'd on an e-mail from the bank that is asking for the following:
FINAL LIST OF NEEDED DOCUMENTS: • Payroll statements showing business was actively paying salaries and payroll tax on 02/15/2020 • IRS Form 941 (Employer’s Quarterly Federal Tax Return) for all applicable quarters in 2019 • IRS Form 944 (Employer’s Annual Federal Tax – If Smaller Business) • 1099s (if independent Contractor) • COVID 19 Impact statement – brief description on how the business is affected • Worksheet or template used to determine loan amount
Was the impact statement in there last week?
Edit to add: billisonboard there was a link you posted that gave me a spreadsheet from the AICPA to calculate the loan amount. I saved in on my home computer, but I have to work this up now for my work. I don't see it on the link on this thread. I can manually create it, b/c I have the printout with DH's numbers for his business with me. It will just be prettier if I can use their form.
Thanks!
Hopefully here: www.journalofaccountancy.com/news/2020/apr/paycheck-protection-program-ppp-loans-sba-details-coronavirus.htmlblockquote][/blockquote]
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teen persuasion
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Post by teen persuasion on Apr 6, 2020 11:23:05 GMT -5
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Miss Tequila
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Post by Miss Tequila on Apr 6, 2020 11:28:13 GMT -5
My boss must have contacted our Bank about applying for the PPP loans for the company. I got CC'd on an e-mail from the bank that is asking for the following:
FINAL LIST OF NEEDED DOCUMENTS: • Payroll statements showing business was actively paying salaries and payroll tax on 02/15/2020 • IRS Form 941 (Employer’s Quarterly Federal Tax Return) for all applicable quarters in 2019 • IRS Form 944 (Employer’s Annual Federal Tax – If Smaller Business) • 1099s (if independent Contractor) • COVID 19 Impact statement – brief description on how the business is affected • Worksheet or template used to determine loan amount
Was the impact statement in there last week?
Edit to add: billisonboard there was a link you posted that gave me a spreadsheet from the AICPA to calculate the loan amount. I saved in on my home computer, but I have to work this up now for my work. I don't see it on the link on this thread. I can manually create it, b/c I have the printout with DH's numbers for his business with me. It will just be prettier if I can use their form.
Thanks!
I have one that our bank sent to us to use. Message me if you want me to email it to you.
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swamp
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Post by swamp on Apr 6, 2020 12:07:44 GMT -5
My boss must have contacted our Bank about applying for the PPP loans for the company. I got CC'd on an e-mail from the bank that is asking for the following:
FINAL LIST OF NEEDED DOCUMENTS: • Payroll statements showing business was actively paying salaries and payroll tax on 02/15/2020 • IRS Form 941 (Employer’s Quarterly Federal Tax Return) for all applicable quarters in 2019 • IRS Form 944 (Employer’s Annual Federal Tax – If Smaller Business) • 1099s (if independent Contractor) • COVID 19 Impact statement – brief description on how the business is affected • Worksheet or template used to determine loan amount
Was the impact statement in there last week?
Edit to add: billisonboard there was a link you posted that gave me a spreadsheet from the AICPA to calculate the loan amount. I saved in on my home computer, but I have to work this up now for my work. I don't see it on the link on this thread. I can manually create it, b/c I have the printout with DH's numbers for his business with me. It will just be prettier if I can use their form.
Thanks!
I have one that our bank sent to us to use. Message me if you want me to email it to you. could you email that to me, please? I got my application submitted.
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Miss Tequila
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Post by Miss Tequila on Apr 6, 2020 12:50:00 GMT -5
I have one that our bank sent to us to use. Message me if you want me to email it to you. could you email that to me, please? I got my application submitted. Sure. Message me you email on FB and I will send it right over.
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TheHaitian
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Post by TheHaitian on Apr 7, 2020 4:51:21 GMT -5
Since I only bank at Wells Fargo and TD been mostly focus on the two...
I checked Wells Fargo yesterday and saw they were no longer taking applications per their website :
And got an email this morning:
So I wait....
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TheHaitian
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Post by TheHaitian on Apr 7, 2020 5:15:38 GMT -5
As for TD Bank their first question was if I was a Business Customer and that was a no so I did not qualify for the online application...
When I change that to a yes: I suddenly qualify for the online application.
Will call today to see if I open a business checking with them today if I can file the online application then.
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Miss Tequila
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Post by Miss Tequila on Apr 7, 2020 6:40:54 GMT -5
As for TD Bank their first question was if I was a Business Customer and that was a no so I did not qualify for the online application... When I change that to a yes: I suddenly qualify for the online application. Will call today to see if I open a business checking with them today if I can file the online application then. Carl, I would not wait. I would call every bank until you find one to help you. And apply to as many as you can. For the corporate loans, we applied to our three banks. They are all regional banks so they struggled a little more to figure it out. The one bank worked all weekend and got the applications in and approved by Monday morning. Monday morning the second bank (the bank that is trying to win all of our business) emailed me and told me the SBA and US Treasury were still trying to figure it out...I received that 30 minutes before I found out the first bank got us approved! Third bank made us scramble to get our applications to them on their own version of the application (they put their logo on it and wouldn't accept the standard one). Never heard back from them so I am assuming they never figured it out. For Fiance's loan, the banks above wouldn't work with us. At first I was pissed since I am their point of contact at the company. Then I started calling around. I found two banks willing to help. Again, both are local banks so struggled some. I applied with both. One got it through (email at 6am this morning!) and one is still working on it. I wasn't comfortable applying with everyone bank at first as the application clearly states that you do not have any other SBA loan. Our attorney told me as long as we only accept one of the loans we are fine. Thank God I did that because the bank that came through for our company was not my first choice to use. we would have lost out on a LOT of $$$ All that to say just keep trying. Try the smaller banks because the big banks seem to be at capacity. BF has his corporate accounts with Wells Fargo but since he isn't a $10m corporate account, I couldn't even get anyone to speak to about this on Thursday. I was directed to their website, which had a note that they were still working on it as of Sunday.
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Deleted
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Post by Deleted on Apr 7, 2020 8:45:27 GMT -5
If you don’t have a payroll, what can the PPP be used for?? I work in dedicated home office and have few expenses other than printer supplies, software, travel, car If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back.
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jerseygirl
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Post by jerseygirl on Apr 7, 2020 8:50:14 GMT -5
If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back. I wouldn’t apply, but was curious that others with no payroll/employees did
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swamp
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Post by swamp on Apr 7, 2020 8:56:52 GMT -5
I received an email from my lender that 11:58 p.m. last night that said, "This is my one perfect application. Thank you "Swamp." I have submitted and will let you know when I hear back."
I provided them The application My DBA Driver's License 2019 941s Payroll reports for 2019 showing the amounts paid each pay period A spreadsheet I made calculating the average monthly income. since I am paid via draw not salary, I showed my draw on the spreadsheet.
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swamp
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Post by swamp on Apr 7, 2020 8:57:15 GMT -5
does anyone know if health insurance costs are allowable expenses?
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TheHaitian
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Post by TheHaitian on Apr 7, 2020 9:15:44 GMT -5
If you are self-employed you do have a payroll. You pay yourself. My fiancé is an S-Corp but the net income of the S-Corp just flow to him. He is the only employee. I told the bank, worst case, I will set him up as an employee of the S-Corp to show his payroll. But at the end of the day, the net income flows to him and he pays FICA on that. So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back. Your salary! Most self employed people actually pay themselves too; if not there is no reason for them to be in business. Expenses that you need to keep running the business - if out of your house a certain percentage of your mortgage Also 75% of it is forgiven if used for the actual purpose. Self employment in most state would not cover close to anywhere near what most people would make working (self employed).
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ArchietheDragon
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Post by ArchietheDragon on Apr 7, 2020 9:18:51 GMT -5
does anyone know if health insurance costs are allowable expenses? Everything I have read says it is an allowable expense.
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Post by Deleted on Apr 7, 2020 9:22:16 GMT -5
So, if you don't have any employees, what is the loan for? I guess I'm not understanding how a loan to pay expenses is better than unemployment that doesn't have to be paid back. Your salary! Most self employed people actually pay themselves too; if not there is no reason for them to be in business. Expenses that you need to keep running the business - if out of your house a certain percentage of your mortgage Also 75% of it is forgiven if used for the actual purpose.Self employment in most state would not cover close to anywhere near what most people would make working (self employed). I didn't know about the bolded, which makes a difference, otherwise I didn't understand why unemployment wouldn't be better. With the extra $600/week people in LCOL areas are making more than they were working.
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