Posted on 04/03/2020 4:44:52 AM PDT by tired&retired
The Paycheck Protection Program might bankrupt our country, but sure is a blessing to virtually any business with less than 500 employees.
I'm working on an application right now for 65 employees. Basically the government is giving a loan that will be 100% forgiven that will be equal to total payroll, payroll costs, and health insurance costs for one month total times 250%.
That's the equivalent to 2.5 months payroll costs for 65 employees. (Up to a limit of annualized wages of $100,000 per employee wages)
That's over $500,000 free money.(To keep paying your employees and keep your business open)
I post this so that Freepers with businesses know what is available.
I heard my first story yesterday of a small biz owner who can’t re-open because his employees refuse to come back to work. Uncle Sugar pays better than he does.
If you call them back and they don’t come (except for certain situations) they lose their benefits.
Only if they get turned in. I’m betting a lot of small biz employers won’t dare rat them out. This is a mess.
AND THE LOAN FORGIVENESS IS NOT TAXABLE INCOME!!!
The employer would file to stop the unemployment from being charged against their individual UC account. The employee can still collect but the payments are charged against the state fund not the individual employer UC account.
Note to POTUS: You should have insisted that employees periodically sign documentatom that they haven’t been asked to come back to work in order to keep receiving bennies. Expecting small biz owners who require public good will to stay in biz to rat them out is nuts.
Employers, especially in small towns, are not going to do that. They’d become pariahs.
Isn't that why they were laid off in the first place (for the most part).
What are they going to do back at work, just sit around and expose each other to the virus?
Or does the plan just send the money to employees so they can stay at home and still pay a few bills?
IIRC it was Tucker who pointed out in the beginning that any “benefits” one receives should be attached to their “job”. Whether they work or not they should be required to be “holding that “job” to get the funds.
The law has changed so that self employed individuals can collect unemployment benefits. Plus parents who must stay home to care for children or for a family member with corona virus. Lots of exceptions.
The amount of loan forgiveness the employer gets is dependent upon the employer getting them back.
So “someone” was listening.
If you get the money, you have 8 weeks to spend it on payroll and related costs, rent, mortgage interest, utilities...
I’m aware of the exceptions.
I can’t get into any more details.
Just take my word. If what I heard is any indication, we’ve got another mother of a problem.
We have some employees that we don’t want back. It will be great to replace them.
I totally agree. This will collapse our country into a cluster....
So the money goes directly to the small business owner, not the employee? I guess this is a different part of the program from that wherein the money is sent directly to individuals (like myself, for example).
BTW, are you a small business owner? I would love to ask you a few questions if you are.
Basically the government is paying 2.5 months of payroll and benefits for all companies with less than 500 employees.
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