PPP Loan info..

Discussion in 'Ask An Owner Operator' started by TruckerPete1990, May 4, 2020.

  1. Midwest Trucker

    Midwest Trucker Road Train Member

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    No it can not. And be forgiven anyway.
     
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  3. Rideandrepair

    Rideandrepair Road Train Member

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    I thought 75% for pay, 25% for ???= 100% Forgiven.
     
  4. Wespipes

    Wespipes Heavy Load Member

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    So I got 10.5. I'm just paying myself that amount split in 8 weeks.

    I'm setup as a llc scorp so I pay myself an actual paycheck and run payroll through quickbooks.
     
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  5. Wespipes

    Wespipes Heavy Load Member

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    From what I understand a min of 75% HAS to be used for payroll and the other 25% can be used for the qualifying expense like business rent etc
     
  6. TruckerPete1990

    TruckerPete1990 Road Train Member

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    The way it reads is 75% for payroll and 25% for lease's rent's and so on and so on. Long as 75% goes to Payroll you are set. If you just want a loan spend it how you want and pay the money back in 6 months when the first payment is due
     
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  7. Hegemeister

    Hegemeister Road Train Member

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    So the money should be transferred over exactly 8 weeks? Not 2.5 months?
     
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  8. x1Heavy

    x1Heavy Road Train Member

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    If I was Mr Big with one truck paying a driver, thats me whynot just inflate pay to say... 20.00 a mile. POOF big check.
     
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  9. Midwest Trucker

    Midwest Trucker Road Train Member

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    Because you weren’t doing that prior to Feb 15 I believe it is. Don’t give guys an idea that’s going to get them in trouble. lol
     
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  10. wichris

    wichris Road Train Member

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    Payroll has to be less than 100K year or it's a loan. 1923.00/week is max.
     
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  11. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    The feds popped two guys in Rhode Island for fraudulently applying for a PPP loan. Said they are looking for more to nail too.
     
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