bean29
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Post by bean29 on Apr 23, 2020 17:03:09 GMT -5
I hope bonuses count ... so far I don't see why not. If it works out, I want to bonus all of my employees $1000. I think that's in the spirit of the loan? I mean, we're not doing it necessarily to use up the money, but instead to get money in to the hands of people that it can help ... I dunno, it's a distinction in my mind that works, but maybe not! It is the Paycheck PROTECTION Program, though ... But are bonusses really in the spirit of the act? For each dollar disbursed as a bonus, there is a dollar less to preserve someone else's job. Also, even if that additional dollar does not go to someone else who lost their job to COVID19, this is yet another dollar that we as a nation have to repay somehow since it is not like we have a pile of money sitting around to pay all this from (and I am in favor of the program in case you are wondering)
IOW: I have nothing against giving your employees bonusses. But those should come out of your own money not paid for by taxpayers!
But as the others mentioned, all of us that are showing up to work are shouldering extra risk that those people staying home do not have to bear. As I mentioned, all the employees in my company are seriously underpaid. We have not had a raise in probably 5 years, and we were still underpaid after our last increases. As I said upthread, the President had planned to give retroactive raises before the end of last year, and he never did it. When I brought up putting the raises in place now, they said they were afraid it would not be allowed, and that a strong possibility of a recession/Commercial Real Estate Crash would make that a poor decision. Bonuses are a one time thing - Raises stay with you, so less risk for the employer.
I was actually thinking what the government should do - is increase the number of weeks you can earn forgiveness over - because it sure as hell looks like it will take well more than 8 weeks to get back to "normal".
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Miss Tequila
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Post by Miss Tequila on Apr 23, 2020 19:01:44 GMT -5
I don't disagree! We will not use up all of the money before the 8 weeks are up. Our average payroll for the calculation period was way more than what we're looking at now. When we apply for Forgiveness, they'll ask to see our Payroll records. If they say "Bonuses are not forgiveable", ok, no problem. Still, 19 people got $1000 to help with their bills or whatever, and we can pay back $19,000 over the next 2 years. I wish I could see a breakdown of HOW $19,000 could help the economy NOW with taxpayers on the hook for it, vs. $19,000 repaid at 1% for 2 years ... ETA: and this is actually helping us not lay people off. We're in construction. Some jobsites are still open, but a lot just shut down. We're paying guys to sweep and cut down blackberry bushes around the shop! So I'm not just blithely ignoring the spirit of the program. I did not say that regular salaries should not be paid, but bonuses and even (postponed) raises should not be considered. In my mind anyone who thinks that is ok has lost any standing to rail against, for instance, the so-called "welfare queens" so many like to accuse of popping out babies just to stay on the dole. It is not against the law so what... As I've said time and time again, I'm against anyone that wasn't directly impacted by Covid-19 from benefiting from the PPP loan forgiveness program. I am the CFO for several companies and it killed me to apply for all but one. My job is to act in the best interest of the company. The program as written was shit. We qualified for just under $1m in loans but only $97k is going to the construction company. Every other company is an essential business. I would have been fired if I refused to apply for the loan, and rightfully so. We applied following the letter of the law. I have yet to see any guidance on the actual calculations of what will be forgiven but I can tell you one thing, if I don't find a way to have our current employees benefit from the PPP, a lot of owners family members will suddenly be on the payroll. I've already done several analysis to find the best approach to maximize every cent and presented to the owners. I want to see current employees who actually put themselves out there get the pay. And these family members that I'm talking about have been on the payroll in and out over the years so it would look like we are just bringing employees back. That would really make me unhappy but again, my job is to maximize the profits of the company. As a CPA, I very much follow the letter of the law and will not break any laws in payroll. The act as written was shit. I was blown away when I read it and realized that we qualified. Just like the left says "well it's not the welfare queens fault because they are just taking advantage of the laws as written", it's the same thing in this situation. I believe I work for some very decent people. But in the end, they are not doing anything illegal and if they do not take advantage they will be at a disadvantage because our competitors are taking advantage. This will also increase my bonus for this year as my bonus is driven by profitability of the company. This is a pure drop to the bottom line. If my world doesn't fall apart, I will be making some substantial donations to those more deserving and in more need than me.
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Miss Tequila
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Post by Miss Tequila on Apr 23, 2020 19:02:44 GMT -5
Just read the replenishment of SBA funds has been accepted!
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ohmomto2boys
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Post by ohmomto2boys on Apr 24, 2020 7:15:47 GMT -5
This is what the president of our company hopes to do. If this happens, we will not see a bonus at year end. Luckily, our company has not seen a huge hit from Covid-19 right now. HOWEVER, in 6 months, that could be a different story. We have had some projects get put on hold, but not all of them and we are still writing proposals for new projects. It is the unknown that drove our company to apply for the PPP loan. Also, how are the restraunts, hair salons, bars, gyms, etc who are receiving this money now going to use it in 8 weeks (need to use 75% of funds towards payroll). They are not allowed to be open (in Ohio). Plus, their employees may be making more on unemployment because of the $600 extra benefit they are receiving.
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billisonboard
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Post by billisonboard on Apr 24, 2020 7:47:07 GMT -5
This is what the president of our company hopes to do. If this happens, we will not see a bonus at year end. Luckily, our company has not seen a huge hit from Covid-19 right now. HOWEVER, in 6 months, that could be a different story. We have had some projects get put non hold, but not all of them and we are still writing proposals for new projects. It is the unknown that drove our company to apply for the PPP loan. Let me see if I have this right? The goal is to use my (taxpayer) money to pay bonuses now. Then at the end of the year, if things have slowed for your company, the company won't be able to pocket money that would have gone to bonuses if things hadn't of slowed. ?
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ohmomto2boys
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Post by ohmomto2boys on Apr 24, 2020 7:54:15 GMT -5
I didn't say I agreed with it. I'm saying that's what they are planning to do with the PPP money. That's why I wish companies had a longer timeframe to use the money and keep employees longer than 8 weeks. Our industry is going to slow down and unfortunately, there might be a couple employees lose their job in the next 6-9 months. Other firms in our industry have already laid off, furloughed and let go of employees.
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Miss Tequila
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Post by Miss Tequila on Apr 24, 2020 8:00:41 GMT -5
This is what the president of our company hopes to do. If this happens, we will not see a bonus at year end. Luckily, our company has not seen a huge hit from Covid-19 right now. HOWEVER, in 6 months, that could be a different story. We have had some projects get put non hold, but not all of them and we are still writing proposals for new projects. It is the unknown that drove our company to apply for the PPP loan. Let me see if I have this right? The goal is to use my (taxpayer) money to pay bonuses now. Then at the end of the year, if things have slowed for your company, the company won't be able to pocket money that would have gone to bonuses if things hadn't of slowed. ? I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me.
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ArchietheDragon
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Post by ArchietheDragon on Apr 24, 2020 8:11:07 GMT -5
Let me see if I have this right? The goal is to use my (taxpayer) money to pay bonuses now. Then at the end of the year, if things have slowed for your company, the company won't be able to pocket money that would have gone to bonuses if things hadn't of slowed. ? I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me. To be fair to the program, though, the borrower must certify under threat of jail time and monetary penalty that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. "
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Miss Tequila
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Post by Miss Tequila on Apr 24, 2020 8:35:56 GMT -5
I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me. To be fair to the program, though, the borrower must certify under threat of jail time and monetary penalty that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. " And how do you determine "current economic uncertainty"? I can't say what will happen three months from now if we are still in the throws of a pandemic. We have lost some business because universities have shut down but then we picked up other business that is truly part of relief efforts of Covid. We are uncertain if that will continue to offset the lost business related to Covid. And since we are an essential employer and our employees are at risk, we decided to give them hazard pay. Executives will not be getting bonuses from this money and if we did, it wouldn't be forgiven as the loan forgive for us caps out. In the end, it is too easy to justify "economic uncertainty". We can all write a story to support why we have economic uncertainty. There is no way to really know what is going to happen...hence the economic uncertainty.
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billisonboard
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Post by billisonboard on Apr 24, 2020 8:39:45 GMT -5
Let me see if I have this right? The goal is to use my (taxpayer) money to pay bonuses now. Then at the end of the year, if things have slowed for your company, the company won't be able to pocket money that would have gone to bonuses if things hadn't of slowed. ? I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me. I agree it is unfortunate. Ruth’s Chris Steakhouse owner, Ruth’s Hospitality Group, announced Thursday that it is repaying the $20 million it received under the federal government’s Paycheck Protection Program. link Why? Because people called "Bullshit". And that is what we as individuals should do every time we encounter corporate greed feeding on our taxpayer money. Perhaps it would even "save" us from the upcoming election of a true socialist in a few more Presidential election cycles.
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ArchietheDragon
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Post by ArchietheDragon on Apr 24, 2020 8:45:59 GMT -5
To be fair to the program, though, the borrower must certify under threat of jail time and monetary penalty that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. " And how do you determine "current economic uncertainty"? I can't say what will happen three months from now if we are still in the throws of a pandemic. We have lost some business because universities have shut down but then we picked up other business that is truly part of relief efforts of Covid. We are uncertain if that will continue to offset the lost business related to Covid. And since we are an essential employer and our employees are at risk, we decided to give them hazard pay. Executives will not be getting bonuses from this money and if we did, it wouldn't be forgiven as the loan forgive for us caps out. In the end, it is too easy to justify "economic uncertainty". We can all write a story to support why we have economic uncertainty. There is no way to really know what is going to happen...hence the economic uncertainty. I don't disagree, but again Congress did not say "business that are doing fine, here is free money" they said if you are a business that feels that uncertainty around COVID is making this loan necessary, you can apply. I understand it is all semantics. The bottom line is the Congress and the President just wanted (and still want) to get money in the economy as fast as possible. They don't really care about the specifics of how it gets there or who it goes to, except for a little window dressing to make it look decent in the headlines.
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Miss Tequila
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Post by Miss Tequila on Apr 24, 2020 8:52:24 GMT -5
I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me. I agree it is unfortunate. Ruth’s Chris Steakhouse owner, Ruth’s Hospitality Group, announced Thursday that it is repaying the $20 million it received under the federal government’s Paycheck Protection Program. link Why? Because people called "Bullshit". And that is what we as individuals should do every time we encounter corporate greed feeding on our taxpayer money. Perhaps it would even "save" us from the upcoming election of a true socialist in a few more Presidential election cycles. Bills, I truly agree with you. I really do. It's just like the Shake Shack (my opinion on Shake Shack), public pressure to do the right thing. The problem is, public companies have to disclose that they got the funding. We will never know which private companies got funding or not. As a taxpayer, I'm enraged. Unfortunately, I have to leave my moral indignation at the door and work on behalf of my company. The program was written in such a way that any company that had the right banking relationship to get processed, essentially qualifies. There is no way to know if we will be harmed or not and that is sufficient to qualify. I am a very black and white person so I would never be ok with lying to take advantage of any program. I would resign over something like that. But when you follow the letter of the law and still unjustly benefit, that means the law as written sucks.
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Miss Tequila
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Post by Miss Tequila on Apr 24, 2020 8:54:25 GMT -5
And how do you determine "current economic uncertainty"? I can't say what will happen three months from now if we are still in the throws of a pandemic. We have lost some business because universities have shut down but then we picked up other business that is truly part of relief efforts of Covid. We are uncertain if that will continue to offset the lost business related to Covid. And since we are an essential employer and our employees are at risk, we decided to give them hazard pay. Executives will not be getting bonuses from this money and if we did, it wouldn't be forgiven as the loan forgive for us caps out. In the end, it is too easy to justify "economic uncertainty". We can all write a story to support why we have economic uncertainty. There is no way to really know what is going to happen...hence the economic uncertainty. I don't disagree, but again Congress did not say "business that are doing fine, here is free money" they said if you are a business that feels that uncertainty around COVID is making this loan necessary, you can apply. I understand it is all semantics. The bottom line is the Congress and the President just wanted (and still want) to get money in the economy as fast as possible. They don't really care about the specifics of how it gets there or who it goes to, except for a little window dressing to make it look decent in the headlines. I agree. it is just very unfortunate that the little guys are the ones who really need the help and they are the ones that are least likely to get it. I just hope this time around that they are taken care of. I'm just not convinced they will be.
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Post by Deleted on Apr 24, 2020 9:53:56 GMT -5
This is what the president of our company hopes to do. If this happens, we will not see a bonus at year end. Luckily, our company has not seen a huge hit from Covid-19 right now. HOWEVER, in 6 months, that could be a different story. We have had some projects get put non hold, but not all of them and we are still writing proposals for new projects. It is the unknown that drove our company to apply for the PPP loan. Let me see if I have this right? The goal is to use my (taxpayer) money to pay bonuses now. Then at the end of the year, if things have slowed for your company, the company won't be able to pocket money that would have gone to bonuses if things hadn't of slowed. ? Yes, and meanwhile, the 1/4th of workers in this country who work as 1099 contractors or are self-employed have mostly received ZILCH. I stand behind my assumption that the federal government's plan is to starve low-income workers back to work. It seems to be working quite well...
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Miss Tequila
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Post by Miss Tequila on Apr 24, 2020 10:07:44 GMT -5
I just got some feedback from my banker that might shed some light on WHY banks are unwilling to work with noncustomers and why many banks just flat out refused to participate. he said they booked $200million in PPP loans, which represents a years worth of loans for their bank (they are regional). The SBA provided ZERO dollars for the loans. He said in the 8 weeks when the loans start being forgiven, the SBA will pay them back.
How freaking crazy is that?
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bean29
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Post by bean29 on Apr 24, 2020 10:30:09 GMT -5
I just got some feedback from my banker that might shed some light on WHY banks are unwilling to work with noncustomers and why many banks just flat out refused to participate. he said they booked $200million in PPP loans, which represents a years worth of loans for their bank (they are regional). The SBA provided ZERO dollars for the loans. He said in the 8 weeks when the loans start being forgiven, the SBA will pay them back. How freaking crazy is that? That may be true, but they get either 2% of 5% of each loan right? So they are fronting the underwriting costs (which are not really complicated) and earning 4,000,000+. Interest rates are running at about 0%, and I saw a write up about one bank in I think Nevada that was a shining star in submitting PPP applications. The guy realized early on that their one SBA log on was not going to be enough, so he got 20 people approved to submit applications, and recruited people from other divisions to help field calls and perform supportive rolls. He said he had lots of people internally willing to help because nothing else was going on in the branches.
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swamp
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Post by swamp on Apr 27, 2020 11:00:14 GMT -5
Bank 2 tells me that my information was loaded in and ready to be submitted when the portal opens today at 10:30.
Wish me luck.
I'm not sure what Bank 1 is doing..........
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Miss Tequila
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Post by Miss Tequila on Apr 27, 2020 11:04:28 GMT -5
I just got some feedback from my banker that might shed some light on WHY banks are unwilling to work with noncustomers and why many banks just flat out refused to participate. he said they booked $200million in PPP loans, which represents a years worth of loans for their bank (they are regional). The SBA provided ZERO dollars for the loans. He said in the 8 weeks when the loans start being forgiven, the SBA will pay them back. How freaking crazy is that? That may be true, but they get either 2% of 5% of each loan right? So they are fronting the underwriting costs (which are not really complicated) and earning 4,000,000+. Interest rates are running at about 0%, and I saw a write up about one bank in I think Nevada that was a shining star in submitting PPP applications. The guy realized early on that their one SBA log on was not going to be enough, so he got 20 people approved to submit applications, and recruited people from other divisions to help field calls and perform supportive rolls. He said he had lots of people internally willing to help because nothing else was going on in the branches. That's pretty much what our corporate bank did. When it went live on Friday morning they were still struggling to figure out how to upload. They had everyone in all weekend and got as many processed as possible. By 10am on Monday morning we were approved. And yes, my bank had the capital to push thorugh the loans. My point was that the smaller banks didn't have that kind of capital.
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NastyWoman
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Post by NastyWoman on Apr 27, 2020 12:41:48 GMT -5
I do not agree with any of the program...just stating that up front. But unfortunately, if the forgiveness criteria does not exclude payment of bonuses you can be sure that most businesses will bonus money rather than having a loan to repay. Either way the company doesn't get to keep the money so I can see wanting to let your employees "share the wealth" so to speak. We are still awaiting guidance on how the loan forgiveness will be calculated. Bonuses should be specifically excluded. That would be the smart thing to do. Then again, the smart thing would have only made this program available for businesses actually hurt by the Covid-19 but that wasn't the case. This program is nothing more than a money grab for a lot of businesses. I have complained since day one, even though my company benefited from in and by default, that benefit flows to me. To be fair to the program, though, the borrower must certify under threat of jail time and monetary penalty that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. " So since I had not seen this language before this begs the question as to how this does not explicitly exclude the money from being used for bonusses or even raises?
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ArchietheDragon
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Post by ArchietheDragon on Apr 27, 2020 12:45:57 GMT -5
To be fair to the program, though, the borrower must certify under threat of jail time and monetary penalty that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant. " So since I had not seen this language before this begs the question as to how this does not explicitly exclude the money from being used for bonusses or even raises? It is all about 2 things. 1. the definition of payroll costs, ie. are they going to require that bonuses be excluded, so far they have not given that guidance 2. Corporate double speak. ie. Mr CFO from Profits-r-Us could argue that by not giving bonuses they could lose key employees, causing ongoing operational hardship for the company.
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NastyWoman
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Post by NastyWoman on Apr 27, 2020 12:56:33 GMT -5
So since I had not seen this language before this begs the question as to how this does not explicitly exclude the money from being used for bonusses or even raises? It is all about 2 things. 1. the definition of payroll costs, ie. are they going to require that bonuses be excluded, so far they have not given that guidance 2. Corporate double speak. ie. Mr CFO from Profits-r-Us could argue that by not giving bonuses they could lose key employees, causing ongoing operational hardship for the company. If you were able to function before without the bonus you can do so now. I am sorry but that just doesn't cut it. Then after years of "alternate facts" who the hell knows anymore...
Please note that my company put raises on hold due to the situation and I think that is smart money management as do many/most of my coworkers. So it is not as if I am talking from a "I'm sitting fine, Ef the rest of the workers" position
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swamp
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Post by swamp on Apr 27, 2020 13:30:51 GMT -5
I GOT MY MONEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Processing Method : Paycheck Protection Program
Received from : Bank Received date : 04/27/2020
Application name : Swamp's office Primary borrower : Swamp's Office
Amount requested : $38,660.00
SBA guaranty percent : 100.000%
Current status : Active Un-Disbursed
Warning(s) :
• Warnings for application 1 of 1:
• 00001. For Project, the full 9 digit zip code is mandatory for Project Address. (Zip Code + 4) (xxxx)
SBA application number : 1xxxxxxx
Was funded on : 04/27/2020 for $38,660.00
The SBA loan number is : xxxxxxx
The SBA loan origination fee is :
Fee Discount Rate: xxx Fee After Discount : xxx
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swamp
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Post by swamp on Apr 27, 2020 13:31:38 GMT -5
I am looking forward to seeing everyone's tips on tracking spending.
I guess I just set up a spreadsheet?
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Miss Tequila
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Post by Miss Tequila on Apr 27, 2020 13:41:16 GMT -5
I GOT MY MONEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Processing Method : Paycheck Protection Program Received from : Bank Received date : 04/27/2020 Application name : Swamp's office Primary borrower : Swamp's Office Amount requested : $38,660.00 SBA guaranty percent : 100.000% Current status : Active Un-Disbursed Warning(s) : • Warnings for application 1 of 1: • 00001. For Project, the full 9 digit zip code is mandatory for Project Address. (Zip Code + 4) (4055) SBA application number : 1xxxxxxx Was funded on : 04/27/2020 for $38,660.00 The SBA loan number is : xxxxxxx The SBA loan origination fee is : Fee Discount Rate: xxx Fee After Discount : xxx YAY!!!!!
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NastyWoman
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Post by NastyWoman on Apr 27, 2020 13:52:34 GMT -5
I am looking forward to seeing everyone's tips on tracking spending. I guess I just set up a spreadsheet? That's what I would do, but then I love spreadsheets so that is not that strange. Experts here should be able to tell you what you need to make your claims auditable
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plugginaway22
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Post by plugginaway22 on Apr 27, 2020 17:26:23 GMT -5
I am waiting for guidance regarding payroll dates. Our loan was dropped in bank the same day our payroll was swept out (but it was for the previous 2 weeks). I would not like to count that payroll as we were paying everyone reduced hours. The first payroll will be everyone restored to normal hours/paycheck.
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Post by Deleted on Apr 27, 2020 19:20:21 GMT -5
My self-employed landscape designer friend said he was rejected because he didn't earn enough. I wonder if this has anything to do with IRS regs on minimum income to be considered a biz vs. a hobby. Since he lives his entire life in FB posts, I know he only worked one or two design jobs last year and one so far this year (his website says minimum fee is $5,000 so you can go from there). Is there a threshold on PPP loans? If, hypothetically, a person made $15,000-$20,000 in a year, would they be eligible? That does seem more like a hobby level than a real business.
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TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
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Post by TheHaitian on Apr 28, 2020 0:27:43 GMT -5
I woke up to $1,000 in my business account. I was a bit confused a bit and had to google it , or google part of the transaction :
SBAD TREAS 310 MISC PAY 042720 EIDG
So it seems a lot of independent contractor / 1099G / self employed folks also got there. It was part of the small business grant ($1,000 per employee or up to $10,000) that you could receive. I was a bit surprised because since I have applied for it I did not hear a thing about it, approved or denied until the $1,000 showed up in my account today.
Good thing it is a grand and does not have to be paid back!
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ohmomto2boys
Well-Known Member
Joined: Dec 20, 2010 9:25:38 GMT -5
Posts: 1,008
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Post by ohmomto2boys on Apr 28, 2020 8:54:49 GMT -5
Our company set up a couple spreadsheets. One for payroll, healthcare expense, and payroll taxes. 2nd spreadsheet shows rent and utilities. Then there is a summary sheet showing amount of "loan" less the payroll and expenses. We also have all reports for payroll and copies of the rent and utilities paid for back-up. We have 3 more payrolls to process before our 8 weeks is up. Based on projections, there is about $80k not used and the bosses want to bonus that money. We still have not heard if that is allowed.
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,921
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Post by bean29 on Apr 28, 2020 11:27:34 GMT -5
Our CPA firm told us to set up a sub bank account under our main bank account and deduct the relevant payroll and benefits from that account. I am going to do it now. I guess I will just move the relevant expenses via GL entries. For example the health insurance is billed monthly, but only about 1/2 of the April invoice is relevant. April is paid and I paid May already yesterday, so I will end up with GL entries either way.
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