Posted on 04/03/2020 12:36:12 PM PDT by eastforker
It has been pointed out that the IRS has EIN numbers and bank account information for every small business in America. A 100% refund of all income taxes paid by these companies for 2018 could have been authorized and done already, with no additional paperwork...if they really wanted to help.
Are you from East Grand Forks, MN?
thanks for the tip. I applied.
My boss is doing this. He wants to get paid.
No, I live and semi- retired in Alabama now. I did live in Texas for much of my life on the Eastfork of the San Jacinto river, hence the name..
Bank of America sucks. Avoid them like the plague!
There are no set rules. .. every bank is different.
Seek out local, regional banks. The community banks are far more lenient. They lend heavily to small businesses and have incentive to help them survive.
My son got $9k today... and it’s fully forgivable.
Well, that counts me out. Dammit!
Because you didn’t read the article?
The problem with that is that the taxes could be refunded, and the company still lays off all the workers, and then one guy just keeps all the money. You see?
Applied, but not expecting to see a dime.
Sole Prop, so most likely not worth the effort.
Not true. I applied for our small biz Tuesday. Haven’t heard a thing from them so went online to get some answers. Apparently SBA is doing their own rules on this. Will take them up to 21 days to process it and then you can get your money 3 days after it’s approved. And they said the $10k is only for companies that have at least 10 employees. Then I saw the banks are using their own rules. If you apply for a PPP loan at the bank where you have a biz account if you don’t already have a biz loan or a biz cc through them you won’t qualify for the PPP.
If this was meant to keep small businesses afloat it is not going to work with those timeframes and rules.
Chase told me the same thing.
I actually checked the B of A website this morning & they removed the restriction of needing to have a loan or credit card. You only need to have an account there to apply with them.
The swamp bureaucrats are bottle necking the relief ....again.
Apply for both the PPP (thru Bank) and EIDL (direct). There’s no double dipping but think of em as two paths to da money. So if one doesn’t pan out (most likely the PPP cause of the Bank morons) you still have a path to the grants and loans. EIDL is easy while the PPP is 50x more work plus fighting to reach a banker. I called SBA this am just to assure I’m not lost in the paper work (you are caller number 379..). But the wait was 10 min the guy was good and I am ‘in’ the system. No just hurry up and wait ...
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