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.
Uh I have a question for you: What did you do before coronavirus? Well, what did you do during the coronavirus? Why are you looking for a job now?
this will save my business this year, its just me and two managers, we use a bunch of independent contractors who will also be able to make these claims. I have half my customers in the service industry, depending on what my vendors charge me, i will be able to reduce what those customer owe me cause i have not been paid in two months by most of them and i am staying open for my customers still open, way to go congress,, about time
Yes. Plus I’m a CPA working with 5 different employer applications. First one just went to the bank 10 minutes ago.
There is a cap to the program. Once the money is “accounted for” no more loans. It is expected that it will not take long after they start taking applications today.
So the money goes directly to the small business owner, not the employee?
Correct.
The UC benefits and $1,200 per + $500 per child goes to individuals.
Ameris Bank has on online application that details all of the documentation you need. It doesn’t indicate that you have to be an existing bank customer but that may be a requirement. I’m not sure of that but regardless this link will provide more details about the program.
https://amerisbank.com/Paycheck-Protection-Program
UC benefits are increased by $600 per week so the incentive is to stay unemployed and make more than you did working.
Not that i need to add this,, most of the small business owners i know would pay them selves or family last before they paid their employees. We don’t have a maternity policy, we have a “This is your second home, that believes in the ultimate power of your first home being in order” When my manager had her first daughter, we sent her home to take care of everything she needed to, told her to come back when she felt right, we just kept paying her a salary and i would fill in to help with the extra work. Vacation and sick time,,, if we followed the guidelines they keep trying to make , my managers would get less. Besides these loans will be through the bank you do your businesses through, if there is corruption, it’s gonna be through a bank that has it already.
“It doesn’t indicate that you have to be an existing bank customer “
So many banks are not doing this as they have never worked with SBA.
I understand that any bank with FDIC can process applications if they choose to do so.
There is a cap to the program. Once the money is “accounted for” no more loans
That is why I share this with Freepers.
The money will be gone fast as this is almost too good to be true.
“UC benefits are increased by $600 per week so the incentive is to stay unemployed and make more than you did working.”
IIRC, that error was fixed in the final bill.
IIRC, that error was fixed in the final bill.
I know they tried but I think they left it slide to get the bill approved ASAP. The Dem’s did this.
There are all sorts of unresolved issues for the banks. Liquidity requirements, reimbursement timelines, know your customer requirements, anti terrorism and anti money laundering requirements. I’m surprised that banks are participating at all given the lack of guidance.
Still there
Sec. 2104. Emergency Increase in Unemployment Compensation.
This provision would add an additional $600 in Federal Pandemic Unemployment Compensation to every weekly unemployment benefit, effective until July 31, 2020. This $600 benefit will be taxable (like regular unemployment benefits), but it will be disregarded in determining Medicaid or CHIP eligibility.
So I applied and got an ‘loan application number’ .
But I’m hearing that you have to go to a bank...??
So do you just apply at SBA and wait?
Or do you apply and then have to go to a bank?
The PPP is Phase 3. Phase 2 was the fake money going to individuals. The expected losses to business in the first quarter is 1.2 trillion dollars. The 380 billion allotted for this won’t come close to fixing this government created collapse of the economy. I see people posting that May 1st we will just turn the economy switch back on and all is good again. This stupidity will take years to recover from and will wipe out a large number of small businesses and middle class. Just like the left wants. This is a big deep State win and may introduce socialism in November. More than 50% of the American people are weak and stupid and prime for the taking.
The application and requirements are online.
Contact your bank and see if they are processing the loan. If not, find a bank that is.
It’s only a 2 page application.
Sorry for the ignorance, but if you are a freelancer, could you claim that you are a small business and use this, or would it be better to file for unemployment compensation?
Banks are getting 5 points just for processing the paperwork.
“Sorry for the ignorance, but if you are a freelancer, could you claim that you are a small business and use this, or would it be better to file for unemployment compensation?”
Possibly the UC. Next week is a new program that is geared toward self employed individuals.
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