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Mar 27, 2020
12:38
:44
pm
BYUCLA
Truly Addicted User
I believe he was referring to employee healthcare insurance costs
I.e. any business that provides healthcare insurance for their employees.
Correct me if I’m wrong.
This message has been modified
Originally posted on Mar 27, 2020 at 12:38:44pm
Message modified by BYUCLA on Mar 27, 2020 at 12:39:00pm
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BYUCLA
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jco77
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BYUCLA
Joined
Jul 23, 2012
Last login
Jun 8, 2024
Total posts
5,119 (4 FO)
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Messages
Author
Time
Updated terms for Small Business Assistance from CARES Act
boogers
3/27/20 12:18pm
Thanks, good info. I dont currently need it, but might be wise to apply
BYUfan92
3/27/20 12:21pm
The company I work at doesn't need it, but with the forgiveness I will apply.
RealComfortableJeans
3/27/20 12:24pm
One requirement is that you can't obtain financing elsewhere.
Plato
3/27/20 12:39pm
thats not how it works. You can get a loan for 2.5 X...but only 8 weeks
boogers
3/27/20 12:41pm
So a small biz can get 2 months of payroll costs forgiven? If so, won't every
BYUfan92
3/27/20 12:45pm
I am assuming so.
boogers
3/27/20 12:47pm
That’s the whole idea behind the bill
BYUCLA
3/27/20 12:49pm
Any clarity - does the forgiveable loan amount cover salary only for employees
BYUfan92
3/27/20 12:59pm
I assume owners salary is part of gross company payroll, so that part of the
boogers
3/27/20 1:19pm
Thank you for the info, much, much appreciated.
BYUfan92
3/27/20 1:28pm
Thats what I wondered - why not apply if it is free money?
BYUfan92
3/27/20 12:41pm
Do you know how they determine eligibility for the loan?
Bar7h
3/27/20 12:22pm
transcribing that now (done)
boogers
3/27/20 12:28pm
Also, a significant concern includes how soon funds can be made available
boogers
3/27/20 12:23pm
I thought I saw or heard somewhere that if you took the money you couldn't
RealComfortableJeans
3/27/20 12:26pm
It appears to be only under the "8 week" covered period. WE are waiting for
boogers
3/27/20 12:29pm
That portion would just no longer be forgiven, but you can still get the loan.
JohnnyGJR
3/27/20 12:29pm
That's how it appears to be worded.
boogers
3/27/20 12:42pm
Healthcare not included? So if our PT clinic is extremely slow, to point of
byu1
3/27/20 12:30pm
I believe he was referring to employee healthcare insurance costs
BYUCLA
3/27/20 12:38pm
That makes more sense. Duh
byu1
3/27/20 12:39pm
that contradicts what I just heard on a National Restaurant Association call
run26
3/27/20 2:32pm
American Dental Association also said healthcare insurance premiums are covered
BYUCLA
3/27/20 3:04pm
Boogers, could I have my staff collect unemployment while I’m closed, then
BYUCLA
3/27/20 12:42pm
I don't know. I *think* that is not how it is intended to work. I will dig
boogers
3/27/20 12:44pm
I appreciate your help with this!
BYUCLA
3/27/20 12:47pm
As of yesterday, Bank of America at the Regional level had rec'd no
boogers
3/27/20 12:50pm
Just got off a call with our accountant and some of his attorney associates
boogers
3/27/20 1:47pm
The ADA recommended furloughing all employees until we begin paying on May 1st
BYUCLA
3/27/20 3:23pm
Also I am very interested in confirming that we do not need to continue paying
BYUCLA
3/27/20 12:45pm
That's one we looked at pretty closely. There does not appear to be any
boogers
3/27/20 12:46pm
Also...only wages up to $100k are included in calculations
boogers
3/27/20 12:48pm
100k for the 8 week period for a single employee?
BYUCLA
3/27/20 12:52pm
The portion of the salary >$100k annually prorated over 8 weeks is not
boogers
3/27/20 12:54pm
*answered in response to sibling post*
TwinsRight
3/27/20 12:53pm
Following - Thanks, Boogers (did I just type that?); CB is the greatest!
scottpete
3/27/20 12:59pm
Do you know if the 10,000 advance/grant will be deducted from SBA7A forgiveness?
BYUCLA
3/27/20 3:10pm
My understanding is that the $10k grant would be deducted from the PPP.
JohnnyGJR
3/27/20 5:31pm
Question - so businesses that aren't impacted much can essentially get a loan
BluebloodOR
3/27/20 4:02pm
Yes, I believe so
BYUCLA
3/27/20 4:12pm
I guess it's par for government assistance programs
BluebloodOR
3/27/20 4:32pm
How do sole proprietors fit into all of this?
1984coug
3/27/20 8:17pm
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