$10,000 EIDL GRANT

You should see his grass!

 

From what Ive read, the PPP maximum amount forgivable for a Single employee Operation, is roughly $20,500. Due to the $100k annual salary cap.That includes $15,385 wages max,and the rest for allowable expenses, if met.

 

I see he mentioned getting 10k, though it was for EIDL grant. Ofcourse if he gets the ppp, it will void the grant portion, that is they’ll take 10 k right off the top of the ppp. But then he should be able to get it all forgiven anyways I haven’t heard from Sba yet with an offer. Unemployment pua runs out July 25th. Hopefully things will pick up by then..

 

I do not believe there is going to be a lot red tape for the $25,000 and under no collateral loan. I have received a $30,000 business line of credit from my bank and several smaller loans over the years and all the bank did was check my credit, no financials, no tax returns.

 

Wait a minute...I received $1 000 advance towards EIDL loan, then I accepted the PPP loan... $6150 for me. Do you mean that the $1000 from EIDL will be taken out of the $6150 now? Will I have to return $1000 since I took PPP? I am confused here...
I could not find that info anywhere ...

Would my possible acceptance of the EIDL loan affect the PPP already taken, anyhow?
I thought the two loans were independent of each other.

 

Ok so it is 8 weeks to utilize PPP in 75% for payroll in order for it to be forgiven, since the money were transferred.
I pay myself monthly on the last day of each month.
I will pay myself from PPP on May 30th and then June 30th, which will be 6.5 weeks since receiving the loan. It should satisfy the requirement of 75% and 8 weeks.
What you said about paying yourself of 8 equal amounts. Those amounts are adjusted by withholding or not?

For instance, If I wanted to do it on weekly basis instead.
I have $6125 PPP
That divided by 8 is $765.62
So do I pay myself weekly $765.62
Or
Do I need to withhold taxes from that amount and pay myself accordingly less?