I'm thinking hey it's 10k. Who's biz couldn't use that?
Anyone else apply for PPP money?
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Roger63
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I believe the maximum is 100k.
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All the info you need to know...
mopar 3 B
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Well that does the little guy absolutely no good unless I missed something. Will have to talk to someone that knows more about this.
Roger63
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Are you a sole proprietor? What exactly is your status? As there are more guidelines and options coming out April 10th.
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Im a little guy and it's going to me help me quite a bit.
mopar 3 B
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Partnership, owe nothing business related and no employees. We just have no business income untill the stay in place has been removed. Makes it kind of hard to meet personal expenses.
In this case I'm an S Corp
Roger63
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Yes I understand me either. I have no income due to all my customers manufacturing plants are closed. I will let you know as I get it from my banker as soon as the new guidelines are made available.
Roger63
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Your corporate status is not important at this time. Just if you have employees or not. And other variables.
mopar 3 B
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If we had incorporated, had business debt or employees the existing plans would be great. But with nonessential work and stay in place we are kind of screwed. Got a home to finish so the owner can put it on the market. New construction is cover as essential. This is considered a remodel and not covered. Even with the home being vacant still a no go. Some of this is just plain stupid. With the chance of fines and loss of business license its just not worth the chance.
Probably just as well as the proper supplies can not be found anyway.
Probably just as well as the proper supplies can not be found anyway.
NJRR
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Let's see how the program actually works. My business, retail hardware, is considered essential and I'm still open. You have to apply through a bank. Last week our bank had no clue about the program. Finally, they opened up applications online yesterday. It took 2 days for us to be able to submit the info between the website being overloaded and gathering up all the documentation they need. They say we'll get an answer in 3-5 business days. I'm not holding my breath.
4406bbl
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I know one farmer with a side business that got the info friday, applied this morning, and was approved by noon, small local bank. Monday was hectic but it seems like things are moving well now, according to my accountant.
NJRR
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The one small local bank near me wasn't participating. So had to go with a major national bank that I use. Guess that's why they were so busy.
mopar 3 B
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From what I understand you have to have a loan to get the grant.
Roger63
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If you get the loan on the ppp program and then get qualified for another on the eidl program then the money you got on ppp becomes a loan.
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My business is down and I suppose that we qualify, but my guys are still working and as long as people keep paying their bills, we'll be ok.
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