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”![]()
$10,000 EIDL GRANT
Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.
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Linte_Loco Thanks this.
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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.Blackhorse77, Rideandrepair, Midwest Trucker and 1 other person Thank this. -
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.Rideandrepair Thanks this. -
Someday?
"That's as good as money, sir...those are IOU's"
Rideandrepair, x1Heavy and Midwest Trucker Thank this. -
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?Blackhorse77 and Rideandrepair Thank this. -
Rideandrepair and x1Heavy Thank this.
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Blackhorse77 and Rideandrepair Thank this.
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Rideandrepair and Midwest Trucker Thank this.
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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.Blackhorse77 and Rideandrepair Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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