$10,000 EIDL GRANT

The $1000 is an advance, automatically converted into a grant, whether or not you get/accept the actual loan. Stay tuned.

 

And that's the problem I fell into.. being I had all the expenses of starting my MC in 2019 but my LLC was established in 2017 I couldn't say I was a new business and show just income from this year.. so I had to show 2019 when I was barely profitable.

I'm also to be honest not real thrilled with the situation single member tax rate on my adjusted earnings when I do show profits...

I'm starting to wonder if the best way forward is to go s-corp. As a s-corp I would have gotten my full amount requested as example..

 

That’s what I do. LLC taxed as an S Corp. It’s a little more work with payroll and end of year accounting but less double taxation and certainly helped with this PPP situation.

 

I’m pretty sure you qualify for state unemployment at a minimum of 50% the maximum weekly benefit for your state, along with the $600 week fed money available for 19 weeks. As far as EIDL loan, from what I’ve read, you don’t need to have a profit, only criteria is had to be in Bussiness Jan. 2020, or something like that, anyway. You should get unemployment, the stimulus $1200 like everyone else in America, and $1000 EIDL seems to Me. Along with a supposed offer for the loan itself. Bottom line is you don’t need the ppp, anyways.

 

The key is taking advantage allowable deductions. An O/O could make a great salary, take accelerated depreciation, and pay no taxes. The difference is depreciation is allowed to be added back into Salary, when applying for a loan.

 

LOL. I can see the attorney commercials on TV already. " If you accidentally misrepresented the truth on your PPP or EIDL application, please call our toll free number immediately"