$10,000 EIDL GRANT

Line 31 is the net profit of a sole proprietor's business.

So for example, if line 31 is $50,000 you would divide by 12 = $4,166 per month average X 2.5 = $10,416

In that example, that's what the PPP loan would be.

 

I'll reiterate that no one I know, who has applied for the EIDL loan, and has received the "ADVANCE" has even heard from the SBA regarding a loan offer yet.

I suspect that in the next couple of weeks these loan offers for EIDL will start rolling in.

 

Yes, your assumption is correct that if a sole proprietor wrote off a lot on the schedule C, and as such, reported very little or zero profit on line 31, forget getting anything on the PPP side.

 

I would also add that if a sole proprietor is showing little to no profit on line 31, aside from utilizing the Section 179 expense option for qualifying business equipment, or using the 50% bonus depreciation method, then they might want to re-evaluate whether they're making any money at all, and are just spinning the wheels in oblivion.

 

From the article:

"The End Goal Is Survival. We are very lucky in a way. The logistics and trucking world isn’t going away like some others will. Changing? Yes. Evolving? Yes. But it will remain, and good people like you will be needed to run it and manage it. When the dust clears, you have one goal only; be one of the 10% still left standing, taking orders, providing a service everyone needs, and hopefully, making a little profit for your troubles. It won’t be like the “good old days” – but your goal is to simply survive to tell the tale."

Kind of sounds like my game of musical chairs analogy

I will say that his prediction of only 10% will be left standing might be a little overdone, but I get his point.