Unemployment payments

[isufbcurt]

Can you do it for your personal stuff and corporation stuff? Personal stuff would not be income from the corp.

I way I understand it is that a majority owner can only apply for one PPP Loan. You do have to list ownership percentage. So for example I own my CPA 100% and applied for the PPP Loan. I also am a 95% owner in my racing business. Since I applied via my CPA business I can not apply for my racing business.

That's how I understand it based on what I read and my discussions with a couple bankers.

The annoying thing is that different banks are requiring different documentation. I had one bank just want a client's Q4 2019 Form 941 but then another bank wanted all 2019 941's, 2019 940, copy of tax return, articles of organization, operating agreement, IRS EIN letter, etc. And then some banks want everything submitted online, some want it emailed, and one even wanted us to print everything put it in an envelope and bring it to their drive up.

 

[BCClone]

I way I understand it is that a majority owner can only apply for one PPP Loan. You do have to list ownership percentage. So for example I own my CPA 100% and applied for the PPP Loan. I also am a 95% owner in my racing business. Since I applied via my CPA business I can not apply for my racing business.

That's how I understand it based on what I read and my discussions with a couple bankers.

The annoying thing is that different banks are requiring different documentation. I had one bank just want a client's Q4 2019 Form 941 but then another bank wanted all 2019 941's, 2019 940, copy of tax return, articles of organization, operating agreement, IRS EIN letter, etc. And then some banks want everything submitted online, some want it emailed, and one even wanted us to print everything put it in an envelope and bring it to their drive up.

I emailed farm credit so I will see what my options are.

 

[isufbcurt]

I emailed farm credit so I will see what my options are.

Good deal.

In the last 2 weeks I've spent more time helping clients sign up for unemployment/sba loans/sba grants than I have doing tax returns.

 

[IcSyU]

Good deal.

In the last 2 weeks I've spent more time helping clients sign up for unemployment/sba loans/sba grants than I have doing tax returns.

Our firm has had the same experience.

 

[DreamyCy]

I just hope there aren’t any surprises with the loan forgiveness like the federal student loan forgiveness programs.

 

[ArgentCy]

Are you self-employed or have your own business?

Yes and no I'm not applying. For one because we haven't been affected.

But hey anything for free money these days. That's the American way.

 

[isufbcurt]

I just hope there aren’t any surprises with the loan forgiveness like the federal student loan forgiveness programs.

I understand what you are saying but the rules make it pretty straight-forward and simple.

Has anyone applied for the Economic Injury Disaster Loans (EIDL)? I've applied for 15-20 for various clients and none of them have heard anything, we signed up at the very beginning too. My wife signed up the first day it was available for where she works and hasn't heard anything either. This was supposed to give you an advance within 3 days, but it's been almost 2 weeks and nothing.

 

[isufbcurt]

Yes and no I'm not applying. For one because we haven't been affected.

What's that matter? For the PPP you don't have to be affected, it's to ensure you keep your payroll consistent.

 

[CYdTracked]

Its a crazy world right now when is comes to what qualifies for what. I'm not going to judge anyone for getting what they can if it means keeping their head above water with their finances right now. My employer is offering child care reimbursement for unexpected child care for school age children and they aren't asking for any documentation with the reimbursement requests. Our youngest child is still in daycare and we were paying for before and after school program through the school for our oldest child so we still had an expense there but not as much as we are paying now that we have to send her to the same daycare center as our youngest because both of us currently can't work from home. I could max out the reimbursements and make quite a bit of money off it but 1 week of reimbursement is covering the difference of an entire month so I am doing the honest thing and only submitting reimbursement for actual cost incurred.

My employer also is giving us bonus pay over the next several pay periods since we are an essential business and many of us had to take on more hours or duties because of what is going on right now. Very thankful for all the additional income along with the stimulus money because we realize we are blessed to have jobs that are still getting a paycheck while many others are probably struggling to make ends meat and pay bills while they are not working. Planning to use a portion of that money we were not anticipating to have this year to give to local charities and our church and will be frequenting a lot of local businesses more often once things start to open up again too.

All know right now is throw everything out the window when it comes to your views on anything because things may be stable for you but for someone else they may be in a big mess and hurting. Be a good human being and not complicate things or judge those who are truly in need of help right now.

 

[ArgentCy]

What's that matter? For the PPP you don't have to be affected, it's to ensure you keep your payroll consistent.

Because we haven't been affected. They work and make money. Nothing has changed. There are plenty of businesses that actually need this money and it's not that big of a pot.