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KEVIN CAPS LOCK
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Where did you hear that if you keep your employees employed you don't have to pay it back?

I am not firing any employees. however we are still working. If the work dries up they will be gone.

I think it is bullshit for me to keep my employees employed if there is no work and then I have to accept the burden of a loan repayment plan and my business has to suffer for years repaying this loan.
ON THE NEWS..JUST NOW...IF YOU KEEP THEM EMPLOYED...YOU WONT BE PAYING IT BACK...FOR THE PAYROLL SIDE
 

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Discussion Starter #22
From what I read, the loan amount must equal your payroll,health care coverage, vacation pay, etc. to your employees that you paid during the "shut down".

Feb. 15, 2020 thru June 30, 2020
To be clear that we are on the same page. That Is for the part of the bill about not having to repay the loans. I believe there are two parts. The Gov backed portion of obtaining your employees with loans forgiven and another for a business loan. No way you can cover overhead with just getting enough money to pay payroll... This thing is long and written with so many sub categories we are all going to come to different conclusions.
 

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KEVIN CAPS LOCK
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To be clear that we are on the same page. That Is for the part of the bill about not having to repay the loans. I believe there are two parts. The Gov backed portion of obtaining your employees with loans forgiven and another for a business loan. No way you can cover overhead with just getting enough money to pay payroll... This thing is long and written with so many sub categories we are all going to come to different conclusions.
FACT
 

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Discussion Starter #24
Where did you hear that if you keep your employees employed you don't have to pay it back?

I am not firing any employees. however we are still working. If the work dries up they will be gone.

I think it is bullshit for me to keep my employees employed if there is no work and then I have to accept the burden of a loan repayment plan and my business has to suffer for years repaying this loan.
From my understanding they are forgiving the loans for payroll only during the dates posted above. not the loans you might try to get to keep the doors open. It's still early so nothing is for sure it seems right now.
 

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Void
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I just read the link you posted on page 15 it has the below verbiage. This goes all the way down to an individual, independent contractor with 1 employee it looks like. I don't have 50 employees so that scared me I have half that. SO basically if you run a legit tax based company you can qualify. In a way... To be an asshole.. This is great because I compete with under the table companies all the time that won't get any help over this.
Do you report all of your income ? Most businesses that deal in cash, don't.
 

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Void
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To be clear that we are on the same page. That Is for the part of the bill about not having to repay the loans. I believe there are two parts. The Gov backed portion of obtaining your employees with loans forgiven and another for a business loan. No way you can cover overhead with just getting enough money to pay payroll... This thing is long and written with so many sub categories we are all going to come to different conclusions.
I believe there is a provision for "admin fees" in there also, on top of the payroll provision.
None the less, I won't be using any of the govt. "bailout".

My guess is there will be so much fraud in this mess, if will fuck it up for those that need it.
 

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So lets say everything is going fine in my business and I don't need the money. However they are gonna pay my payroll for however long for free?

Where do I sign up?
 

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I applied for and received an SBA loan after a big flood 5 years ago.Was 10X bigger pain in the ass than getting a home loan.
 

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The cost of hiring a specialist lawyer/CPA to decipher, fill in and file the proper forms will be outrageous, we're properly small and that kind of help is beyond our means. These are legal documents, an honest mistake could be serious legal problems.
 

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Where did you hear that if you keep your employees employed you don't have to pay it back?

I am not firing any employees. however we are still working. If the work dries up they will be gone.

I think it is bullshit for me to keep my employees employed if there is no work and then I have to accept the burden of a loan repayment plan and my business has to suffer for years repaying this loan.
Here are some of the $2T emergency relief package's benefits
Mar. 26, 2020 12:14 AM ET|By: SA Eli Hoffmann, SA News Editor
Direct payments to individuals: $1,200 per taxpayer with income up to $75,000, at which point it's phased out up to $99,000. Families also get $500/child.
An extension of unemployment benefits: Jobless claims will be available longer, and benefits will be improved for four months. Furloughed workers and freelancers are also eligible.
$150B for state and local governments.
$500B in general corporate aid. $425B of that will be allocated by the Fed through loans to distressed companies. The other $75B is earmarked for hard-hit industries like travel and leisure.
$367B in small-business loans that will be facilitated by community banks. Any portion used to keep staffers or pay critical costs will be forgiven.
$100B
for the healthcare system.

 

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That seems pretty decent and well thought out, doesn't it. I was afraid we'd have to go sit in front of some government clerk's desk and do the equivalent of going to the DMV for a title change.
 

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time to go racing yet ?
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hopefully you guys that need the help can get it easily. without many hoops to jump thru.

im tempted to apply, 15-20k would get me thru the next 3-4 months with ease. but hell being a 1 man band, im sure they will tell me to get fucked... i have stuff coming in, just dont want to wait till last minute
 
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