Bailout and payroll

Unfortunately, your CPA is wrong. The $10,000 EDIL advance can be used as a part of the PPP when it goes live and processed.

 

The ppp plan isnt available yet. Its available tomorrow for some and the 10th for the rest

 

Exactly why the CPA wanted me to get the information ready to go.

 

You are correct that the $10,000 grant was available to me. The plan my bank was trying to sign me up for wasn’t. I didn’t post which plan my bank was trying to sign me up for. How would you know that it was correct for my situation? Not looking to start a fight as we are on the same side, but without all the information you shouldn’t assume.

 

Well, I'm not trying to pick a fight either However, you were the one that mentioned the ppp, so, I wasn't assuming. I hope everything works out for you and you get what you need.

As an aside, the assistance of a CPA at $200 (plus or minus) an hour to fill out the EDIL online grant application really isn't necessary, in my opinion.

The application literally takes about 10 minutes. They are allowing applicants to essentially "self-certtify" the information. It's helicopter money for small businesses.

 

I was wrong about the unemployment relief availability (this is separate from what's being discussed above). It is state by state for how you would normally apply for unemployment, and some have special provisions for COVID related events that make a self-employed person eligible.

But the national Stimulus program also will be sending $600 a week to the unemployed, including self-employed, gig workers etc. It's just not online yet.

A lot of Uber drivers and others will be making more off this deal than if they were working, especially if they get both state and national unemployment benefits. I'm not saying that's a good thing. It gets people more used to relying on the government.

 

The system on the Federal and State levels are overwhelmed at this point when it comes to administering the funds allocated by congress for this situation. That's why it was prudent to go online several days ago when the EDIL application link went live.

 

I agree with you that I don’t need them to fill the forms out for me. I have plenty of time on my hands currently and fortunately have the ability to do a few things on my own besides trucking. Some need the assistance of my more computer savvy wife and others don’t. I contacted the CPA to get information needed to complete the SBA forms for my bank. In order to do so I needed information from my 2019 tax return which had not been sent to me yet. As we know many services are slightly delayed this year, resulting in the filing deadline extension for 2019 tax returns. Fortunately due to a long standing relationship with my CPA I don’t get billed a dime when I call asking a question.
I hope everything works out well for you also. I have seen many of your posts over the years and while I don’t personally know you, I have a respect for you and your knowledge. Your obvious knowledge and education allows you to run a successful business. We both realize that in business not everyone has the same success as others.

 

Go back and reread my statement. First I referenced an unnamed grant application that my bank had sent me. Then I explained that my CPA stated that was the wrong plan for me, but other plans were available. Then I stated that the CPA stated there was a plan for me and I referenced the PPP.
I still respect your knowledge and can see that you could misunderstood what I said. We don’t all read one statement and see the same thing. A friendly respectful discussion to clarify things is good anyway. All of this information is new and changing daily, so what is correct today may be different tomorrow.

 

It's all good! I wish you well!