$10,000 EIDL GRANT

Well, if an O/O normally runs 2500 miles a week, and clears $3500, after fuel, and $ 2700 after fixed costs, and now is only running 1200 miles, and clearing only $800 after fuel. By the time he pays fixed costs, there’s nothing left for a paycheck. Add variable costs,like maintenance, and he’s in the hole.Whether he’s still working, or parks the Truck, pay the Driver, same wage he normally makes.

 

All I can say now, that I wish my very reasonable salary in 2019 was more than very reasonable but who would have thought?

 

Yeah, it finally paid off doing things by the book for us. My wife and I pay ourselves $20/hr on 40 hrs per week for our S Corp. I wonder if we can take a percentage of our dividend/ROC checks? I’m sure it’s been answered but I hadn’t paid attention to that. If so, that would make it a lot easier towards getting to that 100% level.

 

Don't get me wrong. LOL.
I do things by the book too. I pay myself enough to stay off IRS audit radar. I'd say 65% in salary / 35% in dividends.However, considering the PPP calculations, the higher the payroll the better. If I were a transportation company CEO residing in the office, the salary should be much higher - e.i. reasonable.

 

I don’t know, but I noticed salary includes health ins. Premiums paid, vacation pay, and retirement contributions. I’m sure you can figure something out. Not to mention, the 75% 25% criteria. Some limits might be on the 25%, but I see Utilities, and I assume Insurance, and it definitely states mortgage interest, and rents. I’ve got $900 in insurance and parking costs, per mo. alone for 1 Truck. $300 in health premiums. Vacation pay? What’s that? Sounds familiar.

 

Yes your pay is also derived from the dividend, I would imagine that 100% counts.

 

I realize most here know more than I do. Just trying to learn myself. Don’t want any repercussions, if I decide to get the ppp. Still deciding.

 

I would do it before it runs out. Just think of it as getting some of your tax money already paid back.

 

I should have worded that better. Didn’t mean to imply anything. I just realized through this whole thing that I’ve been paying our cell phone bills and health insurance bills out of personal when it should be out of the company. So I’m going to reimburse and utilize the PPP money for those 2 months of it. Duh... :smacks forehead: