Help me understand my Paycheck Protection Program options

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Apr 1, 2020
9:59:07pm

heber79 Walk-on

Help me understand my Paycheck Protection Program options

I own my small medical practice, it is an LLC. I have 5 payroll employees currently. I am not on payroll but I pay myself with draws from the business account and have to take care of my own taxes. With this program is there any way I can include what I pay myself as part of monthly "payroll" expenses. The LLC is set up as a sole proprietorship. Thanks for any insights!

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heber79

Previous username: heebs79
New username: dingus79
Bio page: heber79
Joined: Oct 25, 2018
Last login: Jul 29, 2022
Total posts: 0 (0 FO)

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Messages

Author

Time

Help me understand my Paycheck Protection Program options

heber79

4/1/20 9:59pm

Yes. You can claim up to $100,000 of your salary.

brazilcoug

4/1/20 10:01pm

This is correct. For calculating loan and forgiveness, 100,000/12 for monthly

Plato

4/1/20 10:04pm

But it's only 2.5x the monthly average payroll though right?

nephicoug

4/1/20 10:17pm

I think you’re mixing up the payment protection loans with the mandatory sick

oohYeah

4/1/20 10:24pm

Yes, that is the max amount that you can borrow. The max amount that

brazilcoug

4/1/20 10:38pm

Talk with your banker. I'm in the same boat. I submitted p&ls to show my draws.

ebv

4/1/20 10:01pm

Thanks for the info

heber79

4/1/20 10:30pm

Here’s a great video on the PPP. It’s a little long, but the first 15-20 minutes

brazilcoug

4/1/20 10:40pm

One more thing

heber79

4/1/20 10:34pm

Gross.

brazilcoug

4/1/20 10:39pm

RE: Gross.

heber79

4/1/20 10:41pm

There is no way 350,000,000,000 can cover all of this

4/1/20 10:54pm

That money is gonna be gone in the first couple days

volleyjiver

4/1/20 11:37pm

Agreed. I know of many that have already processed applications

BlackBart

4/2/20 12:10am

I don’t believe lenders can process applications yet. I think they have to wait

vegasnative

4/2/20 12:49am

That is correct. The SBA is still making changes to the application

TheLoanArranger

4/2/20 6:56am

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