So i thought i would share some Info on the PPP Loan...
If you get approved this month your first payment doesn't start till Dec.
Interest rate of 1%
My loan will be paid back in 18 payments if i don't pay myself 75%...
Loan payments of $630 a month with the first payment in Dec.. IF you are late its $150 late fee
At 1% interest thats some cheap money so make sure to apply if you need it. Even if you don't use it for Payroll pay off some higher loans u might have and then just pay back the PPP loan lol
PPP Loan info..
Discussion in 'Ask An Owner Operator' started by TruckerPete1990, May 4, 2020.
Page 1 of 3
-
slow.rider, Bean Jr. and Rideandrepair Thank this.
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
So I’m assuming you got approximately $11k. Not bad, if you manage it right. I don’t trust myself, honestly. Too easy to “borrow” a little from myself, and not pay it back. I’ve got about that much parked on a 0 % credit card. Better for me to stick with my plan to pay it off, most of it anyways before the % jumps up. Tempting though, very tempting.
-
Rideandrepair Thanks this.
-
slow.rider Thanks this.
-
What kind of documentation do you have to have to pay yourself at least 75% ?
That way you don’t have to pay it back....? Is that correct?slow.rider, Rideandrepair and just_sayin Thank this. -
Rideandrepair Thanks this.
-
I have an account where all my business revenue is deposited. That's where the PPP will be deposited. Then over the following 8 weeks, I will show even weekly transfers to my personal spending account.
Rideandrepair Thanks this. -
Nostalgic and Rideandrepair Thank this.
-
Do Owner Draws Count as Salary for the Paycheck Protection Program? | Bench Accounting
This link explains how to determine forgiveness amount depending upon your tax status.slow.rider, Rideandrepair, ValentinMichigan2018 and 2 others Thank this. -
question, does anyone know if a truck payment, trailer payment, insurance, and such can be used as the 25% or the ppp?
slow.rider and Rideandrepair Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 3