$10,000 EIDL GRANT

And most lenders are still confused on how to prove the payroll requirements for forgiveness for independent/sole proprietor

My loan officer said “we’ll get the cash, and figure it out later”

 

My kind of Lender

 

Okay, just went down and signed the PPP docs at my local bank. The lady met me in the parking lot where I signed the papers in my car. She was wearing a nice face mask though. Pretty simple process.

Money goes into account this afternoon. 1% interest rate listed on the docs, which of course doesn't have to be paid back if it's used towards payroll, which I'll make sure it does.

One other point I'll make is this, my payroll (through my S-Corp) is made up of a combination of W-2 & Per Diem. I also take S-Corp distributions throughout the year. I do this this lower my tax liability. I was able to document each of those items from my QuickBooks account and provide a 12 month average for the underwriter. They accepted that.

Point being is that if anyone decides to apply for the PPP, it's important to know that the W-2 payroll documentation in not the ONLY thing they are using to verify your average monthly draw.

 

Ive already made a absolute decision to dump the firetrap truck into the junkyard. And go find me a good CTS, Audi or whatever used car at a low price sometime this year all cash. No debt. Where is my keys and title Mr Dealer.

Like one poster said, get me 10 of these. Get those keys and titles plus bill of sale for them.

It does not help the dealer today because I am the one with the cash money when it's time to go find a dealer that is open to buy 10 cars. /half sarc.

 

Someday?

"That's as good as money, sir...those are IOU's"

 

Do you have to quit working if you pay yourself and employees with PPP money? Can I keep running and pay them with that money and still get it forgiven?

Why keep wearing my trucks out if everyone can just cruise the couch on free money?

 

If 75% of the money is used for payroll, it's all forgiven. If it's not all used for payroll, or 75%, it's paid back at 1% interest. It's all on that graph I posted.

 

To be clear, I can have my drivers drive and pay them with money that will be forgiven? Or do I have to halt operations and send them home? Be nice to get my payroll paid for me and keep truckin.

 

It's to "keep" your employees on the payroll. As far as how you do that, I'll stay out of your business

 

I have no idea how you are still running your trucks with the freight situation we have right now.
By hibernating your trucking company, you and all your drivers (even 1099 ones if you have them), should be getting $800-900 per week (includes $600 from Federals and the rest from state). Then you might be also able to get these Covid 19 loans to cover the payroll, rent or insurance.