Also I am very interested in confirming that we do not need to continue paying

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Mar 27, 2020
12:45:03pm

BYUCLA Truly Addicted User

Also I am very interested in confirming that we do not need to continue paying

beyond 8 weeks. I am worried about getting the loan, then in the unlikely event that the closures last beyond the 8 weeks, I will be stuck paying my staff for months in order to obtain the forgiveness, even while they are still not working. That would put us out of business, however unlikely the scenario might be.

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BYUCLA

Previous username: jco77
Bio page: BYUCLA
Joined: Jul 23, 2012
Last login: May 2, 2024
Total posts: 5,052 (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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