For the average solo operator Joe Blow, even if it's determined that only 50% of 10k to 13k (average payout) has to be paid back, it's not that big of a deal.
30 mos of say 7k dollars at 1% is, as you say, not that burdensome. In fact, it's downright cheap money with NO collateral needed.
Payment Every Month $236.36
Total of 30 Payments $7,090.78
Total Interest $90.78
$10,000 EIDL GRANT
Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.
Page 85 of 133
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My EIDL offer came through today for $18,500. Low debt 1 truck operation with a side of real estate.
Not sure how I will proceed yet but told you guys I’d update.whoopNride, Nostalgic, Jrry and 2 others Thank this. -
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Payroll costs do not include the following expenses:
- The compensation for an individual employee which is in excess of an annual salary of $100,000, as prorated for the covered period.
- Taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code of 1986, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees, during the covered period of February 15 2020 through June 30, 2020. (payroll taxes, railroad retirement taxes, income taxes).
- Any compensation of an employee whose principal place of residence is outside of the U.S.
- Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116–127).
- Qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act (Public Law 116–127).
Last edited: May 19, 2020
Tug Toy Thanks this. -
There is not a requirement to use a specified percentage of the funds for payroll costs. However, at least 75 percent of the PPP loan proceeds to be forgiven shall be for payroll costs.
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- Sum of payments made during the eight-week period beginning on the date of the origination of the covered loan for: payroll cost, interest on covered mortgage, covered rent, and covered utilities. This will be reduced for the following:
- Decreases in full-time equivalent (FTE) employees and decreases of more than 25 percent in compensation to employees making less than $100,000 on annualized basis. (Reductions in FTEs or compensation occurring between February 15, 2020 and 30 days after enactment of the CARES Act are not taken into consideration if restored by June 30, 2020.)
- Per the SBA’s Interim Final Rule published on April 2, 2020, not more than 25 percent of the loan forgiveness amount may be attributable to non-payroll costs.
- Sum of payments made during the eight-week period beginning on the date of the origination of the covered loan for: payroll cost, interest on covered mortgage, covered rent, and covered utilities. This will be reduced for the following:
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What I have done in order to simplify things, is to take the the total amount I received and divide it into 8 weeks and use the amount for payroll with equal draw downs.
Since I really don't have rent, mortgage, interest payments, etc, I just made it real easy for myself and the powers that be.
It's important to note that for payroll, they are going by the GROSS amount and not NET.TallJoe Thanks this. -
Scooter Jones Thanks this.
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TallJoe said: ↑By mail ?Click to expand...TallJoe and Scooter Jones Thank this.
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