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$10,000 EIDL GRANT

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

Page 27 of 133
  1. Apr 16, 2020 #261
    Scooter Jones

    Scooter Jones Road Train Member

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    Scooter Jones, Apr 16, 2020
    Scooter Jones, Apr 16, 2020
    #261
    Rideandrepair Thanks this.
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  3. Apr 17, 2020 #262
    Scooter Jones

    Scooter Jones Road Train Member

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    Listened to a financial show tonight regarding the PPP funding.

    Funding was set aside in the CARES Act for PPP, for companies 500 employees or less.

    However, 90% of small businesses consist of 19 employees or less.

    Market Watch has been able to determine that roughly 95% of the PPP money went to companies with 100 to 500 employees!

    With the majority of the loans made by mega banks or super regional banks! Banks who had no interest in working with smaller companies in that 19 and under employees size.

    Some things never change...
     
    Last edited: Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    #262
    Rideandrepair, snowwy, mp4694330 and 1 other person Thank this.
  4. Apr 17, 2020 #263
    Linte_Loco

    Linte_Loco Road Train Member

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    I created another separate checking account titled “payroll”. Put all funds in it to satisfy PPP requirements

    As an sole proprietor/I.C. It’s all I can think of
     
    Linte_Loco, Apr 17, 2020
    Linte_Loco, Apr 17, 2020
    #263
    Rideandrepair and mp4694330 Thank this.
  5. Apr 17, 2020 #264
    Scooter Jones

    Scooter Jones Road Train Member

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    Received an email from my bank rep today. They have my current SBA 7(a) truck loan. He told me NOT to make my end of the month truck payment, SBA contacted them and told them to defer the next 6 mos of payments.

    Also, confirmed that after those six mos, the SBA confirmed to them that another 6 mos of payment FORGIVENESS will follow.

    It's kind of strange having your lender call you and tell you not to make your monthly payment.

    I feel pretty fortunate the way things are shaking out for me right now. Especially since I personally know many small operators that never even made it past 1st base on the PPP loan/grant.
     
    Last edited: Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    #264
    Blackhorse77, Rideandrepair, Tug Toy and 3 others Thank this.
  7. Apr 17, 2020 #265
    Scooter Jones

    Scooter Jones Road Train Member

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    I took the time this afternoon to contact the Chief Executive Officer, Chief Credit Officer and Chief Lending Officer, of the local community bank that processed my PPP loan/grant. I put in a good word for how diligently the lending rep who worked with me performed.

    I hope he gets more than an, "atta boy!"...

    The Chief Lending Officer got right back with me and told how tirelessly all the reps in their six different locations worked to get the applications submitted, processed and funded. Noting that 99% of the applicants were funded.

    That is tremendous!
     
    Scooter Jones, Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    #265
    Blackhorse77, Rideandrepair, Tug Toy and 2 others Thank this.
  8. Apr 17, 2020 #266
    Linte_Loco

    Linte_Loco Road Train Member

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    I love bureaucracy. My eligibility is my forgiveness. Sole proprietor/Independent contractor fell through the cracks on forgiveness.

    snippet from rules


    What documentation will I be required to submit to my lender with my request for loan forgiveness?
    In addition to the borrower certification required by Section 1106(e)(3) of the Act, to substantiate your request for loan forgiveness, if you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms or equivalent payroll processor records that best correspond to the covered period (with evidence of any retirement and health insurance contributions). Whether or not you have employees, you must submit evidence of business rent, business mortgage interest payments on real or personal property, or business utility payments during the covered period if you used loan proceeds for those purposes.
    The 2019 Form 1040 Schedule C that was provided at the time of the PPP loan application must be used to determine the amount of net profit allocated to the owner for the eight-week covered period. The Administrator, in consultation with the Secretary, determined that for purposes of loan forgiveness it is appropriate to require self-employed
    13

    individuals to rely on the 2019 Form 1040 Schedule C to determine the amount of net profit allocated to the owner during the covered period for the reasons described in Paragraph 1.d. above.
     
    Linte_Loco, Apr 17, 2020
    Linte_Loco, Apr 17, 2020
    #266
    Freddy57 and Blackhorse77 Thank this.
  9. Apr 17, 2020 #268
    paulf

    paulf Bobtail Member

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    paulf, Apr 17, 2020
    paulf, Apr 17, 2020
    #268
  10. Apr 17, 2020 #269
    paulf

    paulf Bobtail Member

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    Are they adding the payments on to the end of the loan or writing them off?
     
    paulf, Apr 17, 2020
    paulf, Apr 17, 2020
    #269
  11. Apr 17, 2020 #269
    Scooter Jones

    Scooter Jones Road Train Member

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    Just take draws throughout the 8 week period that are equivalent (in total) to what you listed on the original PPP application, keep track of those draws through your accounting software. Print it out at the end of 8 weeks and send it in to the bank.
     
    Last edited: Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    #269
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  12. Apr 17, 2020 #270
    Scooter Jones

    Scooter Jones Road Train Member

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    First 6 mos are deferred, second 6 mos are written off.
     
    Scooter Jones, Apr 17, 2020
    Scooter Jones, Apr 17, 2020
    #270
    Rideandrepair and paulf Thank this.
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