Too busy playing gotcha with Trump to actually spread helpful information.
if this is the message, it is not getting out to the country, imo
“I’m from the government, and I’m here to help your business get a government survival loan. It really quick and easy!”
Big toothy smile...Sham-WOW!!!
“Free money”
LOL! I feel so bad for our nation and especially small business that employs the majority of Americans.
I received a flyer today from a law firm. It offered to “prosecute claims” against our commercial insurer for any “business interruption insurance” we may have. It even included a contract for 33 1/3 of anything they collect.
1) Sign the agreement. 2) Take a picture of the agreement. 3) Text the picture to a phone number.
I’ve been predicting this kind of stuff. There will be all sorts of litigation coming out of this.
MSM is blind to anything that is not their Trump hating agenda....
A $10K grant? Pffft for a small business.
True enough, but small business owners have to file asap as the pool of money allotted for this purpose is not open-ended. If they file too late, the pot of money may be gone.
Don’t get too excited quite yet. I am a small business owner and done quite a bit of research on the CARES Act. There are still more questions than there are answers.
The announcement is good, but the devil is in the details. Don’t spend the money just yet.
Thank you for posting this explanation. I am a total dummy in this area.
And even then, it is still a loan until the business owner proves the proceeds were used to pay rent and salaries - proof that can be disallowed if the government is suddenly short on funds.
All of the paperwork and proof burden remains on the borrower. Given the time frame, employees still have to be furloughed first - and then brought back later once the government gets its act together.
Some of the big coops and dairies are telling the dairy farmers to dump their milk. The government will pay them for it.
It sounds like a rip off.
A friend of mine dumped over $100,000 of milk down the drain in the past two days. Several tractor trailer loads.
Here is a link to the SBA Owner’s Guide to the Cares Act.
My Senator sent it to me earlier today.
I’m studying it in detail as my phone is ringing off the hook with questions. Time for this CPA to come out of retirement.
It appears that the loan forgiveness includes up to $100,000 for owner wages....
I’m especially trying to find out about related party transaction rules where affiliated companies own the real estate and collect rents....
I did this for both my businesses. Well, one is more of a hobby buying and selling antiques, but has a hefty rent payment.
For the main business I’ve been paying my employees full salaries with medical benefits even though they aren’t able to do much. The bank account will be getting pretty low in the next few weeks, but only because customers aren’t paying because they are shut down also.
Landlord is livid that he didn’t get his rent this month.
I hope this relief comes soon. Any unused amounts will be paid back immediately (I hate debt).
While I usually disagree with most government handouts, this shutdown was done by government (with or without good cause). If they actually turn the salary and rent portion into grants. I’ll take it.
This will save a lot of our small businesses, and it will be the finest thing government ever did for our economy.
First time I saw this. Just went and copy pasted the address, went into the site, easily maneuvered through the application, super easy format, It asked for Gross Income, Cost of Goods Sold. asked if I were interested in a $10,000.00 advance. filled out bank routing number and account number and hit submit, produced an application number and now we wait and see! 8)
What if you have not only employees to pay, but a farm with hundreds of animals to feed?
Did you write the above article or is there a link to it? The link goes to the SBA.
It IS!!??!!
I didn't know they got paid THAT much.
What I DO 'understand' is that Congress is willing to either jack up inflation by printing MORE fiat money or to raise future taxes to pay for this little 'gift'.
I just emailed my CPA for some numbers to put on the application, My phone quit ringing 2 1/2 weeks ago but I am still paying my 1 employee, I still have a little work but not enough to last more than a few months at this pace.
When this ends though, My Life will be over for the year, the backlog is going to Kill Me!!!
Interesting. The company I presently work for, one of the nations largest nonprofits, has been told nonprofits wouldn’t qualify. Im wondering about where self employ business falls in any of these new schemes.
I think its weird though should have been expected how unequally this was all approached. Im in a health care related field and we’re getting entirely pissed on, some are making more on unemployment & bonus than they did working, while people at McDonalds are seeing “hazardous pay” bonuses. Now Im told that kids 0-15 are $500, 18-180 are $1200, 16&17 apparently aren’t people because they aren’t getting anything...what the hell is that? I have to dig into all this better when I have time.