mopar 3 B
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Not sure how they came by the name? The employee has to be working for it to be paid out. If it was the Employer Payroll Protection Program would make more sense. Nothing about it guarantees a pay check to the employee.
Anyone else apply for PPP money?
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That is not true.
The employees have to be paid in order for that portion of the loan to be forgiven.
mopar 3 B
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Not what I was told. Was told they could be paid out of it but they had to be working.
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The whole point of PPP is when businesses are closed because of "government shutdown" to be able to retain employees and pay business expenses.
Our dopey RINO Governor, Charlie Baker (rhymes with faker) originally said that would end on May 4 & before that date came, he said that he's going to play follow the leader and do what NY will do....whatever that is. Now he says that he'll come out with a reopen plan on May 18, so we're all in suspense waiting for that now.
I predicted that my business would weather a six week lockdown, which it did, however, work has dried up because construction sites have been shut down, which has caused a ripple effect that all of us subs are now caught in. We originally weren't going to apply for the PPP, however, when I saw that this was going to last longer than 6 weeks, we applied for it & just got word on Monday that we've been accepted.
I predicted that my business would weather a six week lockdown, which it did, however, work has dried up because construction sites have been shut down, which has caused a ripple effect that all of us subs are now caught in. We originally weren't going to apply for the PPP, however, when I saw that this was going to last longer than 6 weeks, we applied for it & just got word on Monday that we've been accepted.
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How do you keep a RC in suspense?
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???
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So...regarding the PPP Paycheck Protection Program...
As I posted before, any business that showed a loss on their federal income tax return for 2018 or 2019 is automatically DISQUALIFIED. Another way of looking at that rule is "The federal government is giving mostly forgivable (free) money to businesses that are struggling due to the government at various levels FORCING businesses to close. Businesses that have a record of struggling the most, before the shutdown of the economy, as evident by them showing a loss on their tax return, THOSE WHO NEED FREE MONEY THE MOST, WELL WE HAVE A RULE THAT THEY CAN'T GET ANY PPP MONEY"
So now that I've got that chip off my shoulder, I am VERY HAPPY to say that the ONLY COVID-19 related federal loan program that I could apply for has given me $1K of free money, AND made a substantial offer for a 3.75% loan payable over 30 years. That's the SBA EIDL loan.
The Economic Injury Disaster Loan is NOT FORGIVABLE, but that's fine by me. I actually prefer that, and it is going to give me and my small one man business a "fresh start" by my being able to pay off high interest business loans and debts that I ran up over the course of about the last 2½ to 3 years. Lesson learned! Just because I have a credit score that makes it easy to borrow money and get high limit credit cards for business expenses does NOT mean that I should enslave myself to creditors to the point where I lost all peace of mind and live in a constant state of stress.
So thank you SBA, I will gladly pay back my loan from you, and I will move forward with the knowledge that I have gained over the last couple of years.
As I posted before, any business that showed a loss on their federal income tax return for 2018 or 2019 is automatically DISQUALIFIED. Another way of looking at that rule is "The federal government is giving mostly forgivable (free) money to businesses that are struggling due to the government at various levels FORCING businesses to close. Businesses that have a record of struggling the most, before the shutdown of the economy, as evident by them showing a loss on their tax return, THOSE WHO NEED FREE MONEY THE MOST, WELL WE HAVE A RULE THAT THEY CAN'T GET ANY PPP MONEY"
So now that I've got that chip off my shoulder, I am VERY HAPPY to say that the ONLY COVID-19 related federal loan program that I could apply for has given me $1K of free money, AND made a substantial offer for a 3.75% loan payable over 30 years. That's the SBA EIDL loan.
The Economic Injury Disaster Loan is NOT FORGIVABLE, but that's fine by me. I actually prefer that, and it is going to give me and my small one man business a "fresh start" by my being able to pay off high interest business loans and debts that I ran up over the course of about the last 2½ to 3 years. Lesson learned! Just because I have a credit score that makes it easy to borrow money and get high limit credit cards for business expenses does NOT mean that I should enslave myself to creditors to the point where I lost all peace of mind and live in a constant state of stress.
So thank you SBA, I will gladly pay back my loan from you, and I will move forward with the knowledge that I have gained over the last couple of years.
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Well..
That was fast!
Within 24 hours I got a loan offer, accepted it, application was approved, and I just signed the closing docs!
SBA..
I guess because today is Friday night, and Monday is a federal holiday, it will be Memorial Day week when I get my loan money.
That was fast!
Within 24 hours I got a loan offer, accepted it, application was approved, and I just signed the closing docs!
SBA.. I guess because today is Friday night, and Monday is a federal holiday, it will be Memorial Day week when I get my loan money.
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