Can I pay employee their full (part-time) salary but just in a single week so they can still collect unemployment and I can satisfy PPP forgiveness requirement? small business |
- Can I pay employee their full (part-time) salary but just in a single week so they can still collect unemployment and I can satisfy PPP forgiveness requirement?
- Finally, Fully Funded!!
- Sole proprietor PPP payroll documentation?
- Small Businesses Counting on Loan Forgiveness Could Be Stuck With Debt
- 05/08 EIDL #3600 Apps Portal Update Thread? (Please input your info)
- After thinking about it for 2 days we turned down our EIDL.
- Any EIDL Portals for today? What app Numbers?
- 36000***** , Any Portal Updates?
- PPP never intended to be used for payroll?
- Returned the PPP loan, feeling relieved!
- PPP: Business pays property tax bills. Can this be considered a rent expense?
- SBA Veered From Guidelines on Small-Business Loans, Report Says
- Any ideas on how to nicely tell customers if they ask for a refund they're basically shutting us down?
- Got my EIDL Portal at 11:27pm
- PPP Approved - Bluevine
- READY CAP REFUSING MY AZLO ACCOUNT SAYING ITS NOT LEGITIMATE
- How long after submitting EIDL app through portal link until approved?
- Why keep PPP in separate account?
- Bluevine Came Through..
- Can we define “utilities” for the PPP
- PORTAL RECEIVED
- Random Question NOT related to COVID
- Best/Least Expensive Payroll System
- Has anyone signed two promissory notes and returned funds if necessary?
- American Express PPP Approved but Zero Communication
| Posted: 08 May 2020 08:35 AM PDT Reposting this again, as I left off an important part about employee's two other jobs. I have a single employee and she is collecting the full state and fed unemployment based on my and two other employers salaries. I pay her a flat amount per month for an allotment of hours, but if I allocate her salary to a full 40 hrs for just one week, is that ok? Then she can claim unemployment the other three weeks. The goal is to use the PPP funds entirely in the 8-week period for forgiveness. I pay myself too. Her unemployment claim was based off being laid off from one of her other employers. I haven't paid her in 2020 at all until now as can rehire at same part-time status (technically I never fired her, just didn't have the work in first part of year). She is still under-employeed compared to the quarterly earnings from Unemployment Depart, but I want to make sure I'm not doing some technically wrong here. [link] [comments]  |
| Posted: 08 May 2020 10:27 AM PDT Well i signed the docusign today for 902K, hoping to have the funds in the next couple days. This has been going on since the 1st day of the 1st round. I honestly didn't think it was going to happen from bank issues to website issues and lastly an the docusign email that was supposedly sent on the 29th and i never got it took until today to finally get resent, talk about stressing out. Takes so much weight off my back, now on to the next battle, start calling everyone back which i expect will be very hard since I'm competing with unemployment that is paying people $1100.00 a week for sitting home. I read that i need to send the employees who don't want to come back certified letters and if they refuse then we can exclude them from the loan forgiveness reduction calculations. [link] [comments]  |
| Sole proprietor PPP payroll documentation? Posted: 08 May 2020 12:58 PM PDT I've searched and couldn't find an answer so figured I'd ask. I received my PPP loan and need to pay myself for my first week. I technically do not have payroll and usually just pay myself through a bank account transfer from business to personal. I am not sure if this would be enough documentation when the time comes for loan forgiveness. Any other sole props have an idea? [link] [comments]  |
| Small Businesses Counting on Loan Forgiveness Could Be Stuck With Debt Posted: 07 May 2020 08:13 PM PDT "Business owners who took out loans under the Paycheck Protection Program thought converting them to grants would be easy. It's not." [link] [comments]  |
| 05/08 EIDL #3600 Apps Portal Update Thread? (Please input your info) Posted: 08 May 2020 12:44 PM PDT So it seems like 3600 EIDL apps are moving much slower, so I'd like to get an updated daily thread going. App# 360019xxxx Applied 03/31, Credit Check 04/18, Advance 04/21 Nothing since. How about you all? [link] [comments]  |
| After thinking about it for 2 days we turned down our EIDL. Posted: 08 May 2020 01:54 PM PDT Was at the $150k capped. I am hoping that they take the money we were approved for and give it to 2-3 other small businesses. We turned it down after reading over all of the rules and terms of the loan. We have been around almost 30 years and are still fine to ride out some of this storm. For our company it was just too much on the collateral side. We have over a million+ in vehicles and assets and are still purchasing new equipment each year. To have all of that under the thumb of the SBA and needing permission to sell anything, or even relocate the company was a bit much for us. If they had picked one or two items that were worth well over the loan amount we would be fine. But not a blanket lien into everything we own. For some of you guys the loan might be perfect. It will give you a few more months of operating capitol and I think that's the idea of the loan. Just make sure before you take it, read over all the rules and realize it is a loan and not a grant. If it helps you get through May, June and July but your business doesn't recover by August or September you could still go under but now you have a $50-$150k loan on top of it. And they can/will come take everything they can from your company. So be smart. IF you really need it and you think its enough that after you use the money up you have recovered - good deal. If there is a chance you use up the funds and if things are worse, not better after that - you might be putting yourself in more trouble than you are in right now. [link] [comments]  |
| Any EIDL Portals for today? What app Numbers? Posted: 08 May 2020 10:51 AM PDT Just checking to see if anyone has received a portal invite for today and if so, what is your app number so we can continue to try to see if we have been passed over or getting closer. [link] [comments]  |
| 36000***** , Any Portal Updates? Posted: 08 May 2020 11:46 AM PDT Just checking in. Any portal updates for 36-000-*-**** apps? I applied 03/30, credit pulled 04/16. App 360005**** and still no portal. [link] [comments]  |
| PPP never intended to be used for payroll? Posted: 08 May 2020 06:33 AM PDT I've seen quite a few people post they never intended to use PPP for payroll.and arent going to...only operating expenses and it turns into a 1% loan..that they have done due diligence and it's fine as long as they dont ask for forgiveness Maybe I'm wrong here but the loan is called payroll protection...the loan amount based off of your payroll...there is no collateral needed....nor is it based off of credit score. The limit is very high. Where as EIDL loan...which is a seperate loan for Operating expenses..loan amount is based off of operating expenses, only under 25k is not collateralized ..based off credit score..higher interest and has a cap One poster said on the application they didnt check the payroll box at the top that says what will this be used for...only checking the utility box and the box for other...so they never agreed to using for payroll. I'm not sure that is going to fly...the simple act of filing out the application and adding in your payroll to determine yur loan amount ..to me implies you need this certain amount to make payroll I'm pretty sure the SBA did not intend to give out that money for 1% loans...the entire purpose of the loan was so that you could retain your employees..get them off unemplyment. They created another program for operating expenses....its called EIDL Thoughts? [link] [comments]  |
| Returned the PPP loan, feeling relieved! Posted: 08 May 2020 01:05 PM PDT Sorry but some background....Started applying April 7th. Chase, no response for 3 1/2 weeks but generic emails, no loan number, etc then applied to Paypal and got nothing for a week or so but then the guidelines kept changing so I cancelled both applications because the whole PPP and how it rolled out made me nervous . Then after talking with my accountant and tons of research I applied with Bluevine. While waiting for them to move forward, Chase finally calls and asks if I still want to cancel, so I say no and they fund it 3 days later on May 6th. Yesterday Chase sends me a email about the penalties, etc and then I kept thinking about filling out the application a month ago with them which I could not print out when applying and only could print out the "note" for the loan. So, I am thinking, did I fill out the application exactly correct such as did they ask for FTE or not because 2 are FTE and 4 PT or was that another loan applied for that only asked for FTE? Each lenders application was different and no option to print out. My fault, I should have written it down, screenshot whatever but they were simple questions, sent my 941'S, payroll, etc and it was all honest. Overall, the stress of all of it and the unknowing of what or how this will all end up is too much for me. I chose to return the Chase loan today. Now, I know I applied in good faith and all was going to be used for payroll but also, one FTE employee said they would not come back so I thought I would hire someone new but can you? Will that really be allowed if not on Payroll? I know I am rambling but just to say, NOBODY knows shit about how this will roll out. I planned on it as a great low interest loan to payback and to be used for payroll but I just don't trust the SBA or the Banks at all! I even asked the area manager from Chase some questions when he finally called and basically, he doesn't know anything because it all keeps changing and he is the damn lender, Really? I really hope these programs help business owners and I think they will in the short run but my gut says, a shit storm is ahead and it will bite us in the ass so I am out and will do my best without the PPP. Stay strong everyone! [link] [comments]  |
| PPP: Business pays property tax bills. Can this be considered a rent expense? Posted: 08 May 2020 12:40 PM PDT Per the lease agreement, company pays rent to landlord but also pays all property taxes, utilities and maintenance/repairs. Our property tax bill just arrived and I'm wondering if this could be paid out of our PPP funds and considered part of our rent expense? [link] [comments]  |
| SBA Veered From Guidelines on Small-Business Loans, Report Says Posted: 08 May 2020 02:37 PM PDT Inspector general says congressional mandates for coronavirus relief loans weren't followed. The Small Business Administration didn't follow several congressional mandates in implementing its huge loan program designed to keep businesses afloat during the coronavirus pandemic—including failing to issue guidance that prioritized underserved communities, the agency's inspector general said in a report. Friday's report focuses on the Paycheck Protection Program, part of a $2 trillion aid package that became law in March. [link] [comments]  |
| Posted: 08 May 2020 11:51 AM PDT Hi! Any help here is appreciated because I am at a loss. I run an after school and summer camp program in nyc and plan to send an email to the customers who were enrolled this spring. What I've decided to do is offer a credit for 1 year that they can use towards anything, products or services. While most people love what we do and will be fine with this I expect a percentage to fight it and demand full refunds. We're in such a deficit from lack of sales, rent due (and I need my studio open to accommodate the credits) etc. that the biz will not survive should a large number request refunds. How can I nicely write that demanding a refund will essentially kill our business and screw over all of the other customers who want the 1 yr credit? I'm not even offering refunds as an option, but would like to add language about their cooperation and support... [link] [comments]  |
| Posted: 08 May 2020 02:08 AM PDT No long form. Short form only. Don't remember when I applied. 3/30, 3/31 or 4/1. No advance. Credit pulled Mid April (752 score), credit pulled only 1x Called SBA a total of 2 times. The last time was directly to a T2. She told me the same thing you've heard. Wait a week, portal is coming. That was 2 weeks ago. EIDL amount is for $39k. I don't know how they arrive to that number but it's enough, more than. 30yrs/3.75% Can use however way you want. I verified my Identity. Have not signed docs yet. App is 330009xxxx Fuck PPP. Have patience, it's coming. [link] [comments]  |
| Posted: 08 May 2020 11:21 AM PDT FYI for anyone who applied with Bluevine and is waiting. Applied 4/28 and it said waiting for SBA approval since. Received Docusign yesterday afternoon 5/7. Signed right away and received email saying they initiated ACH and funds will be deposited within 10 days. [link] [comments]  |
| READY CAP REFUSING MY AZLO ACCOUNT SAYING ITS NOT LEGITIMATE Posted: 08 May 2020 01:29 PM PDT Ready cap inforning me my AZLO account not legitimate [link] [comments]  |
| How long after submitting EIDL app through portal link until approved? Posted: 08 May 2020 09:33 AM PDT I got the portal on the evening of 05/05. I submitted short form on 3/29, so more than a month of waiting. I confirmed amount at maximum it allowed (150k) and submitted app on morning of 05/06. I have the green box saying your application is being processed. The last step "Sign closing documents" is grayed out. How long does it typically take for it to be active so we can get funded? Thanks in advance. [link] [comments]  |
| Why keep PPP in separate account? Posted: 08 May 2020 05:38 AM PDT I saw a post yesterday that suggested keeping PPP funds in a separate account, and when I spoke with my CPA he recommended the same. Before I call him back and make an ass out of myself for asking, can anyone explain why? If accounted for properly, how does the separate account help? Wouldn't proof of funds soent in the amount of PPP required for forgiveness be evidenced in invoices, canceled checks, payroll and tax reports? Just because the PPP funds are mixed into my operating account doesn't mean the money is any less traceable. I must be overlooking something here right? Edit: rather than reply to everyone individually, figured I'd just give a general "thanks for the insight" here. Thanks for the insight! Hope all this nonsense ends sooner rather than later so we can get back to the grind. [link] [comments]  |
| Posted: 08 May 2020 12:53 PM PDT I waited for over a week for my PPP Loan after Radius Bank said I was approved. I called them and finally got sick of dealing with them and asked them to cancel my loan. The response was "Sure, Ok, Done." Funny thing is.. it actually was done immediately. I applied through Bluevine on Wednesday Afternoon, received the note to sign about 2 hours later. Yesterday, They sent an email saying an ACH was on its way. It was in my bank this morning. How the hell are they able to do this so quick when other banks are just dragging their feet? [link] [comments]  |
| Can we define “utilities” for the PPP Posted: 08 May 2020 04:05 AM PDT I get that power,rent,water is included but what about internet or cell phone. This is mostly for the sole props and self employed. Just trying figure out how to get that other "25%" forgiven. [link] [comments]  |
| Posted: 07 May 2020 08:40 PM PDT Weeks of refreshing and there it is 11:37 PM portal invite app number 330009Xxxx approval up to 54,500. [link] [comments]  |
| Random Question NOT related to COVID Posted: 08 May 2020 12:18 PM PDT If I am an LLC an California and I hire a 1099 or W2 from another state to do remote work, am I still bound by CA 1099 rules? And if I go W2 wit the employee, do I need to get a business license in the state where they live? [link] [comments]  |
| Best/Least Expensive Payroll System Posted: 08 May 2020 09:58 AM PDT I am small time but I want to issue paychecks on this disaster and PPP money. Folks basically work when I need them and not every day, every week so I don't need a monthly service, I don't think. If you guys think a service would be the least headache I will go with one. I have been paying on 1099's but I think I can't do that with these monies. I could have swore I read that people on 1099's were good even though they could file themselves. You guys are great and I appreciate the education I get just reading through the posts. [link] [comments]  |
| Has anyone signed two promissory notes and returned funds if necessary? Posted: 08 May 2020 09:52 AM PDT Hi: I applied through Kabbage and BOA. BOA has been a nightmare. I did sign a promissory note with them - was supposed to get funds in 1-2 days from Monday and have not got them. I can sign a promissory note with Kabbage. They told me I could return funds if necessary. Any advice? Thanks :) [link] [comments]  |
| American Express PPP Approved but Zero Communication Posted: 08 May 2020 09:38 AM PDT We applied with American Express back on 4/23 after we heard they were accepting applications from a generous reddit user on this sub. Our app was 6XXX so we figured we were nice and early in their program. The local SBA Office confirmed that American Express had been funded for our EIN. We tried multiple times to contact the 844 number in regards to our status but kept getting generic responses to be patient. We have received no correspondence from them even tho per the SBA we were approved back on 4/28. Reading through all the threads we've not received a verification email, phone call or promissory note. 4/23: Applied with Amex (APP 6XXX) 4/24: Received First DocuSign to email 4/30: Received email saying Application has been successfully submitted to SBA 5/1: Local SBA Office confirmed American Express Lender had been funded on 4/28 To date, we have received nothing from American Express. Is anyone else having these same issues? We are getting extremely frustrated. [link] [comments]  |
| You are subscribed to email updates from smallbusiness: Questions about starting, owning and growing a small business. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment