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PPP Loan info..

Discussion in 'Ask An Owner Operator' started by TruckerPete1990, May 4, 2020.

Page 2 of 3
  1. May 6, 2020 #11
    Midwest Trucker

    Midwest Trucker Road Train Member

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    No it can not. And be forgiven anyway.
     
    Midwest Trucker, May 6, 2020
    Midwest Trucker, May 6, 2020
    #11
    slow.rider and Rideandrepair Thank this.
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  3. May 6, 2020 #12
    Rideandrepair

    Rideandrepair Road Train Member

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    I thought 75% for pay, 25% for ???= 100% Forgiven.
     
    Rideandrepair, May 6, 2020
    Rideandrepair, May 6, 2020
    #12
  4. May 6, 2020 #13
    Wespipes

    Wespipes Road Train Member

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    So I got 10.5. I'm just paying myself that amount split in 8 weeks.

    I'm setup as a llc scorp so I pay myself an actual paycheck and run payroll through quickbooks.
     
    Wespipes, May 6, 2020
    Wespipes, May 6, 2020
    #13
    Cat sdp and Hegemeister Thank this.
  5. May 6, 2020 #14
    Wespipes

    Wespipes Road Train Member

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    From what I understand a min of 75% HAS to be used for payroll and the other 25% can be used for the qualifying expense like business rent etc
     
    Wespipes, May 6, 2020
    Wespipes, May 6, 2020
    #14
  7. May 6, 2020 #15
    TruckerPete1990

    TruckerPete1990 Road Train Member

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    Bentonville Arkansas
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    The way it reads is 75% for payroll and 25% for lease's rent's and so on and so on. Long as 75% goes to Payroll you are set. If you just want a loan spend it how you want and pay the money back in 6 months when the first payment is due
     
    TruckerPete1990, May 6, 2020
    TruckerPete1990, May 6, 2020
    #15
    slow.rider Thanks this.
  8. May 7, 2020 #16
    Hegemeister

    Hegemeister Road Train Member

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    Jun 16, 2012
    Mechanicsburg, PA
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    So the money should be transferred over exactly 8 weeks? Not 2.5 months?
     
    Hegemeister, May 7, 2020
    Hegemeister, May 7, 2020
    #16
    slow.rider Thanks this.
  9. May 7, 2020 #17
    x1Heavy

    x1Heavy Road Train Member

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    If I was Mr Big with one truck paying a driver, thats me whynot just inflate pay to say... 20.00 a mile. POOF big check.
     
    x1Heavy, May 7, 2020
    x1Heavy, May 7, 2020
    #17
    slow.rider Thanks this.
  10. May 7, 2020 #18
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Because you weren’t doing that prior to Feb 15 I believe it is. Don’t give guys an idea that’s going to get them in trouble. lol
     
    Midwest Trucker, May 7, 2020
    Midwest Trucker, May 7, 2020
    #18
    slow.rider Thanks this.
  11. May 7, 2020 #19
    wichris

    wichris Road Train Member

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    Payroll has to be less than 100K year or it's a loan. 1923.00/week is max.
     
    wichris, May 7, 2020
    wichris, May 7, 2020
    #19
    slow.rider and Cat sdp Thank this.
  12. May 7, 2020 #20
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    The feds popped two guys in Rhode Island for fraudulently applying for a PPP loan. Said they are looking for more to nail too.
     
    kemosabi49, May 7, 2020
    kemosabi49, May 7, 2020
    #20
    clausland and Midwest Trucker Thank this.
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