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  1. #426
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,054
    I hope you bank JH from here on out.

    I argue with every biz owner that does not bank local.

    It’s a no brainer. I never expected a pandemic.
    But hard times happen. And when your bank knows your name, they trust you.
    BoA and Wells Fargo see you as a line item on a spreadsheet. You mean nothing.

    Glad you got funded.
    Now do the right thing and move your accounts to the local bank.
    . . .

  2. #427
    Join Date
    Sep 2006
    Location
    JAC
    Posts
    1,175
    Both wife and I banked with Jackson State Bank which was then purchased by Wells.

    I will say my local branch people were and are wonderful to work with, and we got an excellent mortgage for our home from
    one of their brokers as well.

    But yes, as I wrote above, we are moving our accounts. My business checking will stay at Wells until I use all the PPP funds at Bank of JH-
    perfect transparency for gaining full forgiveness. So 8 weeks and then I am done.

    As you know once you have all the automated bill pay features, it is a pain to set up over on the other side. Along with linking accounting software
    blah blah blah. I mean I am actually a fucking ski bum first and foremost, so handling back end items at a business is not what I am on this planet for!

    The number I really care about are 67 days at JHMR, 217 Trams (will the tram even open next year?) In these exceptional times.....................
    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

  3. #428
    Join Date
    Nov 2002
    Location
    Behind the Zion Curtain
    Posts
    4,875
    I got approved today as well! Alias_Rice is the farking man! You know where I’ll be on the bypass next season, swing by every time for a beer on me!

    We’ve been dead as hell and this couldn’t have come at a better time! We never heard from our other banks we applied at, I can’t say thanks enough!

  4. #429
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,054
    SuperGaper I get it. Wifey still hasn’t abandoned BoA. It’s the autopays fromFleet Bank before satan bought them out.
    But one autopay at a time, make the move.

    BobMc. Congrats. Alias_rice, well done.

    Now work that spreadsheet and document that money. It’s nice to fuck the feds. But then I realize I’m really screwing life for my kids and grandkids.

    https://brrr.money/
    Don’t forget to turn on the sound and turn up the printer
    . . .

  5. #430
    Join Date
    Oct 2015
    Posts
    2,848
    More than happy to get that done. What else can I do to a mag that’s offered me wine while I was stuck in LCC traffic hell?

  6. #431
    Join Date
    Oct 2005
    Location
    Idaho
    Posts
    10,953
    If you’re paying people to stay home, keep tabs on that payroll. For your GL audit some insurance companies are going to give a break. For work comp, NCCI may issue changes to the general manual rules of reclassifying payroll that will be in your favor. Some insurance companies are already allowing that payroll to be shifted to telecommuting codes or have commented that they won’t count it at all. Check with your insurance brokers.

  7. #432
    Join Date
    Dec 2004
    Location
    Where the sheets have no stains
    Posts
    22,070
    Well now. EIDL just hit my account.

    Already received the P3 payment last month. OTOH still waiting on $ 2200 from my 2019 taxes and $ 1200 from Trump.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

    "Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"

  8. #433
    Join Date
    Sep 2006
    Posts
    6,388
    How can new Eidl applications still be waiting for new funds?

  9. #434
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,054
    Quote Originally Posted by Conundrum View Post
    If you’re paying people to stay home, keep tabs on that payroll. For your GL audit some insurance companies are going to give a break. For work comp, NCCI may issue changes to the general manual rules of reclassifying payroll that will be in your favor. Some insurance companies are already allowing that payroll to be shifted to telecommuting codes or have commented that they won’t count it at all. Check with your insurance brokers.
    Good point.
    My GL is based on sales. But paying comp on folks at home is silly
    . . .

  10. #435
    Join Date
    Mar 2011
    Location
    North,NorthEast
    Posts
    3,558
    Well hot damn! Got the call from the bank today that we are approved for the PPP.

    As a great man once said - “Hallelujah! Holy shit! Where's the Tylenol”

  11. #436
    Join Date
    Dec 2005
    Location
    STL
    Posts
    13,294
    My stupid bank told me my money was “reserved” just waiting on doc to sign.

    I’ll believe it when I see it.


    Sent from my iPhone using TGR Forums

  12. #437
    Join Date
    Apr 2004
    Location
    Three-O-Three
    Posts
    15,418
    Quote Originally Posted by Cono Este View Post
    My stupid bank told me my money was “reserved” just waiting on doc to sign.

    I’ll believe it when I see it.
    I heard the same thing from my bank today. Like you, I'll believe it when I see the money hit my account.

    Question for those "in the know": let's assume I get my PPP funding. My company is a single owner LLC/S-Corp, and I applied for funding based on a combination of my salary and owner distributions (net income of the business). When I get the funding, do I have to pay myself using the same ratio? Or can I pay myself the entire amount in owner distributions in order to meet the payroll requirement?

  13. #438
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    Quote Originally Posted by smmokan View Post
    I heard the same thing from my bank today. Like you, I'll believe it when I see the money hit my account.

    Question for those "in the know": let's assume I get my PPP funding. My company is a single owner LLC/S-Corp, and I applied for funding based on a combination of my salary and owner distributions (net income of the business). When I get the funding, do I have to pay myself using the same ratio? Or can I pay myself the entire amount in owner distributions in order to meet the payroll requirement?
    Generally, owner distributions aren't considered 'payroll expenses' in this. But, I'm no expert. You might want to read this article and see how you fit into the scenarios.

    https://www.nav.com/blog/does-an-own...am-ppp-606284/

  14. #439
    Join Date
    Apr 2004
    Location
    Three-O-Three
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    15,418
    Quote Originally Posted by GoldMember View Post
    Generally, owner distributions aren't considered 'payroll expenses' in this. But, I'm no expert. You might want to read this article and see how you fit into the scenarios.

    https://www.nav.com/blog/does-an-own...am-ppp-606284/
    Yeah.... sounds like actual small businesses get fucked again.

    "But an email from the SBA dated April 6, 2020 states, “Only payroll costs in the form of salary, wages, tips, etc. are eligible for the PPP program. Owner draws, distributions, amounts recorded on a K-1 are not eligible for the PPP program.” An SBA webinar I recently attended stated the same information so it appears to be an official position of the SBA."

  15. #440
    Join Date
    Oct 2015
    Posts
    2,848

    Small Biz Support 2020

    It was our understanding that K1 distributions do not count, but net profit does. But it’s still maxed out at $100k per owner in combined payroll and profit per year.

    Also if you have an etran # and have signed you are safe. Unless your bank is really fucking incompetent.

  16. #441
    Join Date
    May 2009
    Location
    inpdx
    Posts
    20,197
    s-corp here too
    discussions w/ our bank were that distributions were income...but that article seems pretty clear on that not being correct

    doesn't seem to matter to date since ours hasn't gone through yet

    yay

  17. #442
    Join Date
    Mar 2005
    Location
    Dystopia
    Posts
    21,054
    Quote Originally Posted by smmokan View Post
    I heard the same thing from my bank today. Like you, I'll believe it when I see the money hit my account.

    Question for those "in the know": let's assume I get my PPP funding. My company is a single owner LLC/S-Corp, and I applied for funding based on a combination of my salary and owner distributions (net income of the business). When I get the funding, do I have to pay myself using the same ratio? Or can I pay myself the entire amount in owner distributions in order to meet the payroll requirement?
    It may depend on whether your net income/distributions are on schedule c or a k1.

    Sounds like you are schedule c, since you were able to include net income in your application to get a higher loan amount.

    I have read and re-read the forgiveness section of the CARES act a dozen or more times.
    There is nothing in there about distributions being qualified payroll expenses for forgiveness.

    If I were you, unless you can get a lawyer to write an opinion letter, or your banker to agree in writing to distributions, I would take it all in payroll.
    The payroll taxes will also be in the forgiveness, so you won’t have to pay them later.

    Point being your bank has to sign off. And if they aren’t cozy with the idea, you may not get the free government cheese.

    Something else to consider is doing a pro forma tally of your non payroll costs.
    If those don’t add up to 25% of the loan, plan on paying yourself more Than 75% payroll so it’s forgiven rather then being a loan you have to repay.
    . . .

  18. #443
    Join Date
    Mar 2005
    Location
    Dystopia
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    21,054
    Quote Originally Posted by ::: ::: View Post
    s-corp here too
    discussions w/ our bank were that distributions were income...but that article seems pretty clear on that not being correct

    doesn't seem to matter to date since ours hasn't gone through yet

    yay
    Are you k-1 or sched C?
    . . .

  19. #444
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
    Posts
    6,741
    I think the key here is that if you've been taking partial pay in distributions, convert to payroll as Core Shot says. You're not allowed to reduce payroll under the program (for forgiveness) but there's nothing I've seen that says you can't increase payroll. So, if you make your income on payroll rather than distributions, it should be subject to forgiveness. That's not a bad deal when you consider you're effectively getting the costs reimbursed through a grant at the end.


  20. #445
    Join Date
    May 2009
    Location
    inpdx
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    20,197
    Quote Originally Posted by Core Shot View Post
    Are you k-1 or sched C?
    k1

    Quote Originally Posted by GoldMember View Post
    but there's nothing I've seen that says you can't increase payroll.
    that seems like the avenue to look at
    but it's a bit of a revisionist strategy at this point with app docs submitted

  21. #446
    Join Date
    Mar 2005
    Location
    Dystopia
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    21,054
    Quote Originally Posted by ::: ::: View Post
    k1
    Me too. I got jack shit credit for that on my application.

    Interesting that your bank used that net income for you loan amount.

    Maybe it’s because I have other employees.
    I sure could have used that extra coin. The thousand bucks a week I get on payroll ain’t what floats the family boat.

    In any case, I would not feel comfortable taking PPP distributions and expecting forgiveness.
    . . .

  22. #447
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
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    6,741
    Quote Originally Posted by ::: ::: View Post
    k1


    that seems like the avenue to look at
    but it's a bit of a revisionist strategy at this point with app docs submitted
    It's something of a revisionist strategy but the issue isn't that you can't claim forgiveness, it's that you could have qualified for more money had you been payroll before. But you want to max out enough payroll on this to get your rent/lease/mortgage interest covered along with utilities. You may want to schedule out an eight week budget with the overheads being = 25% then back load how much in payroll expense you need to balance out the 75%. If you go to full payroll, you may end up with 90% payroll and only 10% left for the other expenses. That's somewhat self-defeating so dial back the payroll budget to 75% and take the rest in distribution to be sure you can recover as much of the other costs as possible.

  23. #448
    Join Date
    Mar 2005
    Location
    Dystopia
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    21,054
    Quote Originally Posted by GoldMember View Post
    It's something of a revisionist strategy but the issue isn't that you can't claim forgiveness, it's that you could have qualified for more money had you been payroll before. But you want to max out enough payroll on this to get your rent/lease/mortgage interest covered along with utilities. You may want to schedule out an eight week budget with the overheads being = 25% then back load how much in payroll expense you need to balance out the 75%. If you go to full payroll, you may end up with 90% payroll and only 10% left for the other expenses. That's somewhat self-defeating so dial back the payroll budget to 75% and take the rest in distribution to be sure you can recover as much of the other costs as possible.
    I’m thinking the opposite. My non payroll expenses are only 15%.
    So I either take the 10% difference as a loan, or I cram it through payroll and bonus the crew to make it forgivable.
    Week 7, it depends on the economy. If I need the loan, I’ll take it.
    If I think I can survive without it, I’ll pay 85% to payroll.

    But yes, I think you’re also saying max out the 25% if you can. Those biz expenses are forgiven free and clear, with no extra payroll taxes, etc.
    . . .

  24. #449
    Join Date
    Apr 2006
    Location
    Spokane/Schweitzer
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    6,741
    Quote Originally Posted by Core Shot View Post
    I’m thinking the opposite. My non payroll expenses are only 15%.
    So I either take the 10% difference as a loan, or I cram it through payroll and bonus the crew to make it forgivable.
    Week 7, it depends on the economy. If I need the loan, I’ll take it.
    If I think I can survive without it, I’ll pay 85% to payroll.

    But yes, I think you’re also saying max out the 25% if you can. Those biz expenses are forgiven free and clear, with no extra payroll taxes, etc.
    Yeah, you're looking at it from the opposite direction. If you were a single-person shop and had been taking heavy distribution and little salary, you'd have a tough time getting the non-payroll recovered as it would be well beyond 25%. So, bump the payroll up enough to get the amount of the non-payroll to 25% but don't go too far with salary or you drown out the non-payroll and wind up missing out on the non-payroll 25% max. That's why I'm suggesting building an 8 week budget that allows for maxxing out the non-payroll. That should be the primary goal of the budget.

  25. #450
    Join Date
    Feb 2005
    Posts
    19,215
    THIS MAN DESERVES A RAISE!

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