Anyone else applying for PPP money? UPDATE

[BIGSHCLUNK]

I'm thinking , hey it's 10k . Who couldn't use that?

[Bullitt-]

You should do it, just know there's gonna be hoops to jump through.
75% of the forgivable loan portion must go to payroll is one.

  https://www.natlawreview.com/article/covid-19-update-sba-s-paycheck-protection-program-explained

[Cuda Cody]

@BIGSHCLUNK   Couple things to also look at if you are a small business. 

Every small business can receive $10,000 in the "Economic Injury Disaster Loan" too.  Which is called a loan, but it's really a grant and you do not have to pay any of it back or use a percentage for payroll (like the PPP loan).  Something I would encourage every business to look at.  It's normally only offered to business that are in specific area that are affected by floods, hurricanes, or other natural disasters, but they opened it up to every business in the USA.  A quote from the application"...loan advance will not have to be repaid."
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance


There's a tax credit too for those who do not use the PPP.  It's up to $10,000 tax credit for those that experience a decline in gross receipts by more than 50% in a quarter compared to the same quarter in 2019.  This is on top of the above $10,000 loan grant.

https://www.awb.org/file_viewer.php?id=27791

The PPP is a good plan too.  You can use the PPP loan and still get the "Economic Injury Disaster Loan".  You'll see on the application that is shows 2.5 times 1 month gross payroll + EIDL (Economic Injury Disaster Loan).  Remember that the PPP can not be used to pay for federal taxes from what I have read.

[BIGSHCLUNK]

The way I understand it is Payroll & Utilities. Either way basically some "free" money

[js27]

The way I understand it is Payroll & Utilities. Either way basically some "free" money

Come on now--nothing is free--it is your money(taxes) that you are getting back.
I Think it is a good idea and should help a lot of small business. I am looking forward to getting our FREE $1200.00 each check next week since my wife has been out of work for 3 weeks already and will be for the rest of April so far.
JS27

[blown motor]

What's PPP?

[superdave]

  Yea, "free money"   If we think this hurts now just wait until it's time to pay for all of this. Somewhere between $6 and $10 trillion dollars has /is being printed. Proponents of modern monitary theory would say we now have the means of dealing with it (because it's digital and not paper I guess ). History would say that we are in for a world of hurt (extremely high inflation). I'm old enough to remember 20% mortgage and auto loan anyone??

[BIGSHCLUNK]

The way I understand it is Payroll & Utilities. Either way basically some "free" money

Come on now--nothing is free--it is your money(taxes) that you are getting back.
I Think it is a good idea and should help a lot of small business. I am looking forward to getting our FREE $1200.00 each check next week since my wife has been out of work for 3 weeks already and will be for the rest of April so far.
JS27

Ya, I get it..... I've paid a crap load of taxes over the last 35 years. And somewhere down the road they will raise taxes to make up for it I'm sure 

[Cuda Cody]

Paycheck Protection Program

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Small business loan that will not have to be paid back if you use 75% of the money to pay employees and keep them off unemployment.

What's PPP?

[BIGSHCLUNK]

Every small business can receive $10,000 in the "Economic Injury Disaster Loan" too.  Which is called a loan, but it's really a grant and you do not have to pay any of it back or use a percentage for payroll (like the PPP loan).  Something I would encourage every business to look at.  It's normally only offered to business that are in specific area that are affected by floods, hurricanes, or other natural disasters, but they opened it up to every business in the USA.  A quote from the application"...loan advance will not have to be repaid."

Got my app in for this today... stay tuned

Trying to get an app for the PPP. My bank sent some thing.... but its not an SBA/GOV looking thing. I need to  a better look at it. Looks more like a "bank "loan thing .... 

[71-440]

I guess I know what I'm doing tomorrow.

[cuda hunter]

I've applied for the EID loan/grant.
Waiting on my tax man to give me advice on the PPP.   I want to make sure I get the PPP correct as it appears that may have to be paid back if you don't use it for the correct things.  LUckily I have a Great tax guy.   Will most likely be signing up for the PPP.

I'm having a real hard time with either of these programs.  I've never once used the government for anything.  I don't like the feeling of using them even now.  However I've paid my 30% for years so I'm trying to justify with that. 

Unfortunately my client for the year backed out of the schedule so I'm left looking for work and it's pretty scarce out there.  I can find work, but not as a general.  Instead I'd be working for other sub contractors or generals.  That's hard to swallow as well.  Reverting in business sucks.  But it's better than no work I suppose. 

[cuda hunter]

Don't forget that you can also have your mortgages put on hold for 3 months through most banks.  They will still charge you interest and they say you should still pay the escrow down even if you get a deferment.
  Also you can get any credit cards deferred as well.  They will work with you on a month to month basis and also still charge the interest. 

[71-440]

I applied for the loan/grant today. So far the initial application took 15 min. maybe. We'll see what else
they want. It said it takes about a week to process.

[Victor8ST]

I think it's a pretty big amount of loan. 10k? if you are planning to buy a car or a garage. I believe it's better to get this money from the salaries but not from the loan companies since if you won't be able to return them, u would find a lot of problems with debt collectors. I remember when my friend took a loan for a car. I guess the price of the car was 15k. He wanted to give this car as a present to his wife. However, later, the taxes on gasoline and even for the apartment has increased, so pretty soon he couldn't return the money back. So, a lil later, Private debt collectors have come to his place and asked for the money that he should return, however, they came to the general conclusion to return the money later. Actually he did it but the thing is, the loan is killing our happiness.