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$10,000 EIDL GRANT

Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.

Page 23 of 133
  1. Apr 15, 2020 #221
    Linte_Loco

    Linte_Loco Road Train Member

    1,618
    6,485
    Apr 24, 2011
    LA (lower Alabama)
    0
    And most lenders are still confused on how to prove the payroll requirements for forgiveness for independent/sole proprietor

    My loan officer said “we’ll get the cash, and figure it out later” :cool:
     
    Linte_Loco, Apr 15, 2020
    Linte_Loco, Apr 15, 2020
    #221
    Rideandrepair and Scooter Jones Thank this.
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  3. Apr 15, 2020 #222
    Rideandrepair

    Rideandrepair Road Train Member

    17,325
    56,213
    Aug 8, 2015
    0
    My kind of Lender
     
    Rideandrepair, Apr 15, 2020
    Rideandrepair, Apr 15, 2020
    #222
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  4. Apr 15, 2020 #223
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    Okay, just went down and signed the PPP docs at my local bank. The lady met me in the parking lot where I signed the papers in my car. She was wearing a nice face mask though. Pretty simple process.

    Money goes into account this afternoon. 1% interest rate listed on the docs, which of course doesn't have to be paid back if it's used towards payroll, which I'll make sure it does.

    One other point I'll make is this, my payroll (through my S-Corp) is made up of a combination of W-2 & Per Diem. I also take S-Corp distributions throughout the year. I do this this lower my tax liability. I was able to document each of those items from my QuickBooks account and provide a 12 month average for the underwriter. They accepted that.

    Point being is that if anyone decides to apply for the PPP, it's important to know that the W-2 payroll documentation in not the ONLY thing they are using to verify your average monthly draw.
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #223
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  5. Apr 15, 2020 #224
    x1Heavy

    x1Heavy Road Train Member

    34,017
    42,135
    Mar 5, 2016
    White County, Arkansas
    0
    Ive already made a absolute decision to dump the firetrap truck into the junkyard. And go find me a good CTS, Audi or whatever used car at a low price sometime this year all cash. No debt. Where is my keys and title Mr Dealer.

    Like one poster said, get me 10 of these. Get those keys and titles plus bill of sale for them.

    It does not help the dealer today because I am the one with the cash money when it's time to go find a dealer that is open to buy 10 cars. /half sarc.
     
    x1Heavy, Apr 15, 2020
    x1Heavy, Apr 15, 2020
    #224
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  7. Apr 15, 2020 #225
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    Someday?

    "That's as good as money, sir...those are IOU's"

     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #225
    Rideandrepair, x1Heavy and Midwest Trucker Thank this.
  8. Apr 15, 2020 #226
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,882
    21,170
    Aug 31, 2018
    0
    Do you have to quit working if you pay yourself and employees with PPP money? Can I keep running and pay them with that money and still get it forgiven?

    Why keep wearing my trucks out if everyone can just cruise the couch on free money?
     
    Midwest Trucker, Apr 15, 2020
    Midwest Trucker, Apr 15, 2020
    #226
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  9. Apr 15, 2020 #227
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
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    Apr 19, 2011
    0
    If 75% of the money is used for payroll, it's all forgiven. If it's not all used for payroll, or 75%, it's paid back at 1% interest. It's all on that graph I posted.
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #227
    Rideandrepair and x1Heavy Thank this.
  10. Apr 15, 2020 #228
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,882
    21,170
    Aug 31, 2018
    0
    To be clear, I can have my drivers drive and pay them with money that will be forgiven? Or do I have to halt operations and send them home? Be nice to get my payroll paid for me and keep truckin.
     
    Midwest Trucker, Apr 15, 2020
    Midwest Trucker, Apr 15, 2020
    #228
    Blackhorse77 and Rideandrepair Thank this.
  11. Apr 15, 2020 #229
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    It's to "keep" your employees on the payroll. As far as how you do that, I'll stay out of your business :rolleyes:
     
    Scooter Jones, Apr 15, 2020
    Scooter Jones, Apr 15, 2020
    #229
    Rideandrepair and Midwest Trucker Thank this.
  12. Apr 15, 2020 #230
    DUNE-T

    DUNE-T Road Train Member

    6,943
    16,839
    May 10, 2015
    Detroit, MI
    0
    I have no idea how you are still running your trucks with the freight situation we have right now.
    By hibernating your trucking company, you and all your drivers (even 1099 ones if you have them), should be getting $800-900 per week (includes $600 from Federals and the rest from state). Then you might be also able to get these Covid 19 loans to cover the payroll, rent or insurance.
     
    DUNE-T, Apr 15, 2020
    DUNE-T, Apr 15, 2020
    #230
    Blackhorse77 and Rideandrepair Thank this.
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