Small Biz Support 2020

[GoldMember]

For anyone else still waiting for their bank....

I was waiting weeks for Chase to do anything for me so I applied Sunday night to PayPal.

I was approved today and the funds just showed up in my account!!!

Wow! Kudos to PayPal. That's really pretty impressive.

[ripvanwinter]

Right on Rip! Any fees?

Not if you ask them to send it as “personal to person” :-)

Seriously, though, it was a little to easy, but I’m my only payroll so it’s rather a pittance off a loan. They handle the loan processing but works through another bank.

I’m happy to have this money, but a little nervous about forgiveness if I just pay myself the money.

Has there been any guidance on corporate officers salary counting as forgivable payroll?

I’m waiting on UI, too, so I assume if that comes through I’ll owe someone money back when they figure it out. If the UI happened I would gladly put someone on payroll for a couple small jobs to spend this loan, but that system is a bigger waiting game. I’ve yet to hear from anyone who’s self employed getting UI from NYS.

[GoldMember]

Not if you ask them to send it as “personal to person” :-)

Seriously, though, it was a little to easy, but I’m my only payroll so it’s rather a pittance off a loan. They handle the loan processing but works through another bank.

I’m happy to have this money, but a little nervous about forgiveness if I just pay myself the money.

Has there been any guidance on corporate officers salary counting as forgivable payroll?

I’m waiting on UI, too, so I assume if that comes through I’ll owe someone money back when they figure it out. If the UI happened I would gladly put someone on payroll for a couple small jobs to spend this loan, but that system is a bigger waiting game. I’ve yet to hear from anyone who’s self employed getting UI from NYS.

Your salary as a corporate office is forgivable. If you're taking distributions rather than salary, those are not eligible. Also, if you're using the money for your salary (and all other payroll expenses), you can't take UI. You don't get both. The intent of the program is to keep people off UI and to provide a means of bridging this period as a business.

[muted]

I applied weeks ago and got rejected because of wrong paperwork at Chase AFTER all funds ran out from the first round. Then I heard how Chase funded mainly big corps. I got annoyed, decided not to apply, thought I would be at the end of the line if I did, and work is picking back up anyways so fuck it.

Decided what the hell, why not, and applied again with Chase today. It was approved in 5 minutes, whoohoo!!!! Money comes in 3 days.

[CascadeLuke]

Question for LOs
Got a congrats, reserved funds, and Etran # Lender email. I haven’t signed docs however. Am I likely in the clear for funding this round?

[Fritz]

^^^Yep, you're all set.

[MakersTeleMark]

What ever happened to that disaster fund cash?

[Rideski]

They opened up new EIDL applications. I submitted, got denied, they say they are only funding agriculture businesses right now? Wtf?

[MakersTeleMark]

They opened up new EIDL applications. I submitted, got denied, they say they are only funding agriculture businesses right now? Wtf?

You don't grow weed? WTF?

[CascadeLuke]

If I submitted EIDL app weeks back. Is there a new one I need to do, to have a shot? Thanks

[ripvanwinter]

Question about forgiveness for the bankers:

I am 100% owner of my s Corp.
Just got the ppp to cover my officer’s compensation.
Can I just write checks to myself to show proof that I’m paying myself with the money, or do I need to start a payroll service and do this formally? Generally I just transfer money to myself and then declare a certain portion of it officers compensation and file schedule SE.

Any thoughts?

[bizarrefaith]

I would do it via payroll, either yourself or using a simple service. Lots of cheap services out there (QuickBooks has one if you use that).
Not saying it's wrong but I've never seen someone using Sched SE for S Corp wages in the way you are describing.

[Core Shot]

I just noticed in the Sba faq, that EE side of payroll tax is not counted.

No such thing as free payroll. FAQ-ers

[bizarrefaith]

I just noticed in the Sba faq, that EE side of payroll tax is not counted.

No such thing as free payroll. FAQ-ers

Huh -- the forgivable amount is gross payroll (before tax deductions). "Forexample, an employee who earned $4,000 per month in gross wages, from which $500 in
federal taxes was withheld, would count as $4,000 in payroll costs. The employee would
receive $3,500, and $500 would be paid to the federal government. "

Employer taxes are excluded if that is what you meant?

[GoldMember]

Everything is included except employer side of FICA, so far as I understand it.

[smmokan]

There are going to be a lot of self-combusting accountants a year from now. You just know they're already dreading the impending clusterfuck.

[Core Shot]

Huh -- the forgivable amount is gross payroll (before tax deductions). "Forexample, an employee who earned $4,000 per month in gross wages, from which $500 in
federal taxes was withheld, would count as $4,000 in payroll costs. The employee would
receive $3,500, and $500 would be paid to the federal government. "

Employer taxes are excluded if that is what you meant?

Yeah that’s what I meant. Typed EE instead of ER.

Yeah my side not forgivable. Sucks. Plugged in the net liability report for my payroll. But yeah guess I need to back out my side of payroll tax.

[smmokan]

I don't know if this has been covered or not... but for those single-owner small businesses (S-corps specifically): net income IS NOT considered payroll, you can only claim the amount you actually run through payroll and pay taxes on. Fuck them. Again.

[fastfred]

way to much thinking going on in this thread
can't belive you guys are so worried about all these little details this and that and whatever
pay someone to figure this shit out for me its so nice, you sit back and don't give a crap nod your head and agree with whatever they say
cost me so much money to keep shit on the up and up but at the end of the day it's all about winning
getting w2 paychecks as the owner is the only way to go then you get a bonus check every 3 months nice and clean

[jackstraw]

My kid just got his job offered back. Go back to work and make less working vs collecting unemployment. Broken.

[Core Shot]

My kid just got his job offered back. Go back to work and make less working vs collecting unemployment. Broken.

Life lesson. In stoopid gubmint.

Tell him he’s doing it so the company survives, so that he might have a job in august.

[jackstraw]

Has nothing to do with company surviving. Has everything to do with company using their ppp dollars. They have absolutely nothing to do aside from moving into a new office space. This company unfortunately will be one of the last to come back. They do events like SXSW, Boston calling, superbowl, all star games, etc. They're screwed. It sucks.

[Core Shot]

Has nothing to do with company surviving. Has everything to do with company using their ppp dollars. They have absolutely nothing to do aside from moving into a new office space. This company unfortunately will be one of the last to come back. They do events like SXSW, Boston calling, superbowl, all star games, etc. They're screwed. It sucks.

Ouch. Yeah that sucks.
My managers bro has a big business doing conventions. He’s got ppp, but using it as a loan hoping someone will book a convention in Vegas next year.
Ain’t happening.

But there is a lesson in there somewhere for your kid.
Making $16 an hour, unemployment is $8, bonus money of $15, he’s making $23.
Woo fucking hoo.
But it ain’t real

Ask him where that money comes from.

[jackstraw]

But there is a lesson in there somewhere for your kid.


Ask him where that money comes from.

Do you have kids?

My kid understands everything about the current situation and understands everything that doesn't make sense about the current situation. He's edumicated in business bro and his mother is intelligent. His hesitation is he's built up enough money to go f off and be a surf bum in CA for a bit, but COVID is temporarily in the way. Furloughed was an easy out to not quit on the company of genuinely great ownership.

[muted]

Not saying it's wrong but I've never seen someone using Sched SE for S Corp wages in the way you are describing.

In my mind, it's just like sending a direct deposit to your employee. Whether it's you or a different person, what's the difference?

way to much thinking going on in this thread
can't belive you guys are so worried about all these little details this and that and whatever

I'm an average accountant, but this thread is more confused than helping. I'll ask my accountant if there is any 'gotchas' I have to pay attention to after getting my PPP, and just keep paying bills and employees as it requires and move on.