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Mar 27, 2020
12:21
:24
pm
BYUfan92
Truly Addicted User
Thanks, good info. I dont currently need it, but might be wise to apply
just to have the money available if something goes downhill quickly over the next 2 months....
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BYUfan92
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BlueMan
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BYUfan92
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Jul 17, 2002
Last login
Jun 7, 2024
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35,350 (419 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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