Page 6 of 25 FirstFirst 1 2 3 4 5 6 7 8 9 10 11 ... LastLast
Results 126 to 150 of 612
  1. #126
    Join Date
    Oct 2002
    Location
    my own little world
    Posts
    2,660
    Quote Originally Posted by Cono Este View Post
    Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


    Sent from my iPhone using TGR Forums
    Yup.
    focus.

  2. #127
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    It’s crazy. My accountant said the ADP PPP custom report was wrong.
    Then he hounded me for so much more data. State unemployment. Health insurance. 401k match.
    I’m sweating bullets for two days, thinking my place in line is slipping away.
    Then he files my PPP claim for 38% more than I expected.

    Aside from hopefully getting more money. I like having the accountant on the hook.

    And then ADP emails me yesterday that they have a new PPP report. Because the old one missed a lot of data. Holee fuk. Your one of the two largest payroll companies. Get your shit together.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  3. #128
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    - It's just trying to figure out if you have multiple businesses, probably just to verify that one of your other companies doesn't have over 500 employees, which would cause eligibility issues.

    -Just verifying you are only applying for one PPP loan per company.

    -Yes, apply for PPP for all of your companies. If you have employees you can apply now, if your other entities are just real estate holding companies with one employee than those are considered sole props and you can apply for those starting Friday.


    Quote Originally Posted by C.O. Jones View Post
    Thanks to the couple peeps (fritz, mustonen) who are providing good knowledge here, I've been reading everything possible and as always, TGR delivers.

    Anyone know what the gist of this question on the PPP application is:

    Is the Applicant or any owner of the Applicant an owner of any other business, or have common management with, any other
    business? If yes, list all such businesses and describe the relationship on a separate sheet identified as addendum A.

    And later on, it has you certify:
    During the period beginning on February 15, 2020 and ending on December 31, 2020, the Applicant has not and will not receive another
    loan under the Paycheck Protection Program.

    My wife and I have a few different entities - we each have a single member LLC's that are s-corps, and an LLC that's a partnership. I thought it was 1 PPP per entity; am I shooting myself in the foot by applying for both the single member LLC and the partnership? Is the applicant my business or me? May just skip the partnership, but any guidance is appreciated - revenue went straight to 0 with the shutdown.

  4. #129
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    I've been doing trailing 12-month payroll expenses for some of my clients who had significantly higher expenses YTD 2020 vs. Q1 2019.

    Quote Originally Posted by UTpowder View Post
    Any idea where I can look for come clarification on this. My bank is telling me I have to use all of 2019 and can’t use any 2020.

    They say they are limited by the SBA itself which requires all 2019

    It’s about a 40% decrease in loan amount.

    Just filed my 941s and paid my withholding for for qtr 1 2020 today.

  5. #130
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    The actual application seems easy enough.

    The shit show is going to be proving you didn’t spend it all on hookers and blow.

    And the real win is any biz that didn’t shut down. Schwing!
    Last edited by Core Shot; 04-08-2020 at 01:48 PM. Reason: Shit down. Damn auto spellcheck.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  6. #131
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    Yep.

    Quote Originally Posted by Cono Este View Post
    Can anyone confirm that April 10th is when they roll PPP out for independents? Thks


    Sent from my iPhone using TGR Forums

  7. #132
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    You have to do an average over 12 months, but you can do trailing 12 months if that looks better than calendar 2019.

    Quote Originally Posted by UTpowder View Post
    Wonder if somebody can give me an answer on a PPP loan I’m doing paperwork on now. Have a small office just me and two part time front office people. We are an LLC taxed as a partnership with my wife being a silent partner.

    Looks like they want me to use my average payroll from 2019 to determine my loan amount. My main front office lady quit in January 2019. I went until July 2019 before I finally found a suitable replacement. For the first half of the year my payroll was 1/4 of what it was beginning in July to the present.

    Do I have to use the full year as the average? If they take the total from my 941 forms and divide by 12 it won’t give me enough to cover 2 months of today’s payroll.

    Can I use the average of each employee for the number of months they actually worked? Or does it have to be the average from the whole year?

    Thanks

  8. #133
    Join Date
    Sep 2006
    Location
    Midgaard
    Posts
    2,862
    I did my wife's business through Chase last night. I gotta say, it almost seems like they are discouraging applicants by using fucked up language. Almost like they're trying to scare the sole props to reduce the potential volume of applicants. If my wife was doing it on her own she said she would have given up half way through it cuz she's not very savvy with business finance, etc. I would imagine their strategy will work for the majority of the gig workforce. Fuckin big banks. Wells has too many clients so they are declining some right off the bat. I'm getting some good commercial relationships out of this.

    Quote Originally Posted by Aldo View Post
    submitted and accepted through chase, understand i may get nothing but happy its at least in system. now going to update the quitting smoking thread, hang over check in thread.

  9. #134
    Join Date
    Dec 2005
    Location
    STL
    Posts
    9,460
    Quote Originally Posted by Core Shot View Post
    The actual application seems easy enough.

    The shit show is going to be proving you didn’t spend it all on hookers and blow.

    And the real win is any biz that didn’t shit down. Schwing!
    From what I understand, I can spend it on hookers and blow, I just have to pay 100% back.





    Sent from my iPhone using TGR Forums

  10. #135
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    Plus interest.

  11. #136
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    Yeah well I don’t wanna pay it back.

    But now that I think about it. If I don’t rehire my employees. And hire the local prostitutes and drug dealers instead? Winning!
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  12. #137
    Join Date
    Sep 2006
    Location
    JAC
    Posts
    1,099
    Wells just got the Fed to open up their cap space, so they are proceeding again. I have 3 applications in- US Bank, Wells (pre applications- just personal/business contact info) and one at Bank of Jackson Hole. Have not heard from any of them, except my local Wells Fargo banker called to tell me to be on the lookout for the full application via email soon. I already have every doc scanned and ready to go.

    Also have a separate business checking account to use for the loan, so all payments will be super transparent. Hoping for full forgiveness and getting a lot of this into my employees hands.
    The market is dominated by fat skis largely because young toughs want what they see in videos: organ donors hucking into heliski bowls. -Seth Masia

  13. #138
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    Quote Originally Posted by SuperGaper View Post
    Wells just got the Fed to open up their cap space, so they are proceeding again. I have 3 applications in- US Bank, Wells (pre applications- just personal/business contact info) and one at Bank of Jackson Hole. Have not heard from any of them, except my local Wells Fargo banker called to tell me to be on the lookout for the full application via email soon. I already have every doc scanned and ready to go.

    Also have a separate business checking account to use for the loan, so all payments will be super transparent. Hoping for full forgiveness and getting a lot of this into my employees hands.
    I’m confused. Why would you apply at three separate banks?
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  14. #139
    Join Date
    Sep 2006
    Location
    JAC
    Posts
    1,099
    Quote Originally Posted by Core Shot View Post
    I’m confused. Why would you apply at three separate banks?
    My business checking, personal checking and savings and mortgage are at Wells, was ready to go on Friday, they launched just a brief sign up on Saturday morning at 8am or so.

    Then on Sunday night they sent email saying the could only fund 10 billion because of the asset cap punishment with the Federal Reserve. I talk to my local bankers
    here in Jackson and they are like- "start applying elswhere, now" So, wife tells me US Bank has no account or loan requirement, so send a request for an application to them.

    Then Wife, bless her also small business owning heart, hears that Bank of Jackson Hole is also lending without account or loan requirement and is more responsive so I send my
    whole packet over to them.

    She heard back from Bank of Jackson Hole, I have not heard from anyone, but the local Wells guys told me to watch my email for the application, asset cap has been raised. I have payroll on Monday, so
    would love to have that money, but seems like that might be a stretch.

    I have already paid my guys 2 weeks severance, and 3 were supposed to start unemployment last Monday and 3 this coming Monday, reading the PPP statutes for loan forgiveness it does
    say no lay offs, so I am still paying them for this week as well. My payroll, health insurance and WC/UI averaged a little over $26k per month last year and I have about $68k in the bank, with rents
    and utilities around $7k, storage income at $9.5k. Not dire by any means, but the not knowing about when this would fund, coupled with no work all day everyday is pretty weird.
    The market is dominated by fat skis largely because young toughs want what they see in videos: organ donors hucking into heliski bowls. -Seth Masia

  15. #140
    Join Date
    Oct 2015
    Posts
    2,151

    Small Biz Support 2020

    Quote Originally Posted by Fritz View Post
    I did my wife's business through Chase last night. I gotta say, it almost seems like they are discouraging applicants by using fucked up language. Almost like they're trying to scare the sole props to reduce the potential volume of applicants. If my wife was doing it on her own she said she would have given up half way through it cuz she's not very savvy with business finance, etc. I would imagine their strategy will work for the majority of the gig workforce. Fuckin big banks. Wells has too many clients so they are declining some right off the bat. I'm getting some good commercial relationships out of this.
    My wife is a commercial officer with Chase. Their process has been a shitshow, but they’ve processed 85,000 apps as of yesterday. Probably the same today.

    Our little shop should be caught up with our current clients by Friday and then we will start opening it up to the general population next week. Hoping to get some good new relationships out of it, since the loans themselves aren’t all that profitable.

    Where’s fastfred now that cash is hitting business’ accounts?

  16. #141
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    $600 Bonus for folks on unemployment.
    I thought it was one time help.
    The state just sent me an email that it’s every week.

    That’s fucked. $15 an hour is $600 a week.

    So under PPP I’m going to pay my employees less than they will make on unemployment?

    It’s a socialist dystopia
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  17. #142
    Join Date
    Oct 2002
    Location
    my own little world
    Posts
    2,660
    ^^ yeah, some of our clients are starting to do the math.... my initial reaction to layoffs is pretty negative, especially if the balance sheet can support an extended downturn.... but it’s not like unemployment is a bad deal right now.
    focus.

  18. #143
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    2,102
    Quote Originally Posted by alias_rice View Post

    Where’s fastfred now that cash is hitting business’ accounts?
    sitting here with my dick in my hand
    the money guy who balances the check books and pays taxes and keeps me in line put together all the paper work like 20 pages of bs
    my shit little bank that has been bought out twenty times in the past three years has me in the cue and someone will get to me
    not holding my breath
    filed for some other 10k loan grant bullshit but haven't heard anything
    winning

  19. #144
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    But seriously my $15 trainees make more on unemployment now. Why will they come back to work?

    My $30 skilled techs make $30 bucks on unemployment now, with the bonus.

    Is this an end run to the guaranteed basic income? I need more tinfoil
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

  20. #145
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    2,102
    On another note lumber prices are dropping

  21. #146
    Join Date
    Nov 2002
    Location
    Behind the Zion Curtain
    Posts
    3,223
    Worrying about whether employees will be overpaid, so hot right now.

    Pretty fuckhead thing to worry about.

  22. #147
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    We got approved today for our PPP loan. Sign docs early next week and it funds immediately thereafter. So, where's FastFred?

  23. #148
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    5,381
    Quote Originally Posted by Core Shot View Post
    But seriously my $15 trainees make more on unemployment now. Why will they come back to work?

    My $30 skilled techs make $30 bucks on unemployment now, with the bonus.

    Is this an end run to the guaranteed basic income? I need more tinfoil
    Think about it; you offer them their jobs back, they decline, you report to unemployment that they declined, they get cut off. Not a lot of incentive to stay away.

  24. #149
    Join Date
    Oct 2015
    Posts
    2,151
    Quote Originally Posted by BobMc View Post
    Worrying about whether employees will be overpaid, so hot right now.

    Pretty fuckhead thing to worry about.
    Bob, you seem to have been doing right by your employees throughout this. Hopefully your getting a payroll loan, since the program seems made for companies like yours.

  25. #150
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    10,447
    Quote Originally Posted by GoldMember View Post
    Think about it; you offer them their jobs back, they decline, you report to unemployment that they declined, they get cut off. Not a lot of incentive to stay away.
    Not really. I have fought two unemployment claims by assholes that quit. I lost both times.

    But with PPP if I put them on payroll. They become ineligible for unemployment. But they will be pissed for sure.

    https://apple.news/AMmaWcKH_RUq7o_HqgKRr0Q

    Weird url. It’s a Forbes magazine about what to do after getting funded.
    Sequester funds. Keep good records.
    “Life has become immeasurably better since I have been forced to stop taking it seriously.”
    Hunter S. Thompson

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •