any money you spend on payroll is applied to that category first, then you use the backup categories
make somebody work overtime, or prepay somebody, or do something else to make sure you spend enough on payroll
if you can't. then save some cash to send it back
| Your name | |||
| SMALL BUSINESS INTERRUPTION LOANS | |||
| Paycheck Protection Program | |||
| Estimated Maximum Loan Availability and Forgiveness Amount | |||
| Maximum Loan Amount | |||
| Represents the maximum amount a qualified borrower may apply for. | |||
| Last 12 Months | Average Monthly | ||
| Maximium Loan Amount: | |||
| Payroll Costs:* | |||
| Calender Year Payroll | $ 200,000 | $ 16,667 | |
| Less P/R 1/1/2019 - 2/28/2019 | $ (30,000) | $ (2,500) | |
| Plus Payroll 1/1/2020 - 2/29/2020 | $ 35,000 | $ 2,917 | |
| Group Health Insurance 3/1/2019 - 2/29/2020 | $ - | $ - | |
| Retirement Benefit Costs 3/1/2019 - 2/29/2020 | $ - | $ - | |
| State/Local Taxes on Employee Compensation (i.e., employer U.C. tax) | $ 4,000 | $ 333 | |
| Self-Employed Income (and subcontractors) not to exceed $100K per year | |||
| per self-employed prorated for the period February 15, 2020 to June 30, 2020 | $ - | $ - | |
| $ 17,417 | |||
| 2.5 | |||
| Subtotal | a) | $ 43,542 | |
| MAXIMUM LOAN AMOUNT [Lesser of a) or $10 million] | b) | $ 43,542 | |
| Allowable Uses of Funds During the Period February 15, 2020 to June 30, 2020: | |||
| 1) Payroll costs (defined above) | |||
| 2) Health care benefits (including group health insurance) | |||
| 3) Interest on mortgages (not principal) | |||
| 4) Rent (including rent under a lease agreement) | |||
| 5) Utilities | |||
| 6) Interest on any other debt obligations that were incurred before the covered period (February 15, 2020). | |||
| Loan Forgiveness Amount | |||
| Represents the maximum amount a qualifed borrower may have forgiven. | |||
| Costs Incurred During the "Covered" Period (8 weeks following loan origination): | |||
| Payroll Costs (defined above) | $ - | ||
| Earnings from Self-Employment (if applicable) | $ - | ||
| Rent | - | ||
| Utiltities | - | ||
| Interest on Covered Mortgages (on real or personal property) | - | ||
| Tentative Loan Forgiveness (before required reductions) | $ - | ||
| LESS: Required Reductions in Loan Forgiveness: | |||
| Number of Employees: | |||
| Monthly Average Full Time Equivalent ("FTE") Employees for the | |||
| Covered Period (8 weeks following origination of the covered loan)** | - | ||
| Lesser of (at borrower's choice): | |||
| Monthly Average FTE's for the period February 15 to June 30, 2019 | - | ||
| Monthly Average FTE's for the period January 1 to February 29, 2020** | - | - | |
| % Reduction | #DIV/0! | #DIV/0! | |
| Compensation Reduction: | |||
| Individual Employee Compensation Reduction in Excess of 25% | |||
| Compared to the Most Recent Full Quarter Before Origination of Loan*** | - | ||
| Tentative Loan Forgiveness | c) | #DIV/0! | |
| TOTAL LOAN FORGIVENESS [lesser of b) or c) above] | d) | #DIV/0! | |
| BALANCE OF LOAN NOT FORGIVEN (if any) | #DIV/0! | ||
| * For seasonal businesses, use the costs incurred during the period February 15, 2019 or, at the election of borrower, March 1 to June, 30, 2019. | |||
| ** A reduction in FTE's between February 15th and April 27th, 2020 is disregarded if the reduction is eliminated by June 30, 2020 for purposes of the reduction in number of employees and/or compensation. | |||
| *** Compensation Reduction does not apply to any employee who, during any pay period in 2019, wages or salary at an annualized rate of pay in an amount of more than $100,000. | |||
| NOTE: Yellow highlighted cells represent variables that should be completed with final client data. Filled in amounts are for illustation purposes only. |
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any money you spend on payroll is applied to that category first, then you use the backup categories
make somebody work overtime, or prepay somebody, or do something else to make sure you spend enough on payroll
if you can't. then save some cash to send it back
you think prepay will work? Or a "bonus"?
No, my first application was last Tuesday night
I wouldn't do anything that draws attention, but I'd find a way to spend the money justifiably
They can't get out of their own way at this point, banks and the SBA and business owners and especially accountants during tax season (my personal favorite) are all overwhelmed and spread thin
I don't think there's a chance in hell anyone is auditing this stuff, just be reasonable
If you can't spend the money, give what you can't spend back
Read an article that any FIDL application submitted before Wednesday needs to be resubmitted. I resubmitted mine, and have instructed other clients to do so as well.
https://www.newsday.com/business/coronavirus/reapply-business-disaster-loans-sba-1.43588730
https://www.newsday.com/business/coronavirus/reapply-business-disaster-loans-sba-1.43588730
That happened to me on one client
for an application that was submitted before the new law was signed and before this new process was initiated
All my applications starting last Tuesday night were using the new streamlined process
Nobody has received any money yet, very discouraging. I understand why, it's an overwhelming task, but don't make promises you can't keep. MONEY IS NOT BEING RELEASED QUICKLY, bureaucrats at the SBA can't get shit done.
Now the SBA is talking about changing the program because of "a lot of interest". Do you fucking think? one rumor is suggesting that they're going to limit the grant to $ 1,000 per employee. That can't work, that defeats the intent, that's just fucking stupid.
That would also mean i wasted at least three full days of my time.
It also means a lot more people should submit PPP applications, but those take more time and require more documentation
How the fuck are they going to pay landlords who they're telling tenants to stiff?
Another example of why government sucks, they just suck at their job.
Now the SBA is talking about changing the program because of "a lot of interest". Do you fucking think? one rumor is suggesting that they're going to limit the grant to $ 1,000 per employee. That can't work, that defeats the intent, that's just fucking stupid.
That would also mean i wasted at least three full days of my time.
It also means a lot more people should submit PPP applications, but those take more time and require more documentation
How the fuck are they going to pay landlords who they're telling tenants to stiff?
Another example of why government sucks, they just suck at their job.
Someone told me today (who i 100% trust) that he knows someone who received over 50 and the funds were directly deposited in his account. He saw the deposit with his own eyes. Again, this person I 100% trust and would have NO reason to lie to me about something like that.
However, he is the only 1 that i have heard of who has received either the PPP or the EIDL
However, he is the only 1 that i have heard of who has received either the PPP or the EIDL
