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.
AND THE LOAN FORGIVENESS IS NOT TAXABLE INCOME!!!
Basically the government is paying 2.5 months of payroll and benefits for all companies with less than 500 employees.
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
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.
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
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?
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?
Great. and I get to pay for it.
So, what happens if this is extended and the loan money runs out and the business no longer qualifies for non-repayment?