I think I’m about to sign up for unemployment. Never thought I would have to. But in California we’re being told window washing isn’t “essential” business. I also want to do my part to help get this thing under control. Sitting out for eight to ten weeks is hard but I just moved into a new house with plenty of projects. And my daughters birthday is tomorrow. Take some time and focus on family. We will get back to work eventually.
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Everyone should be applying for the Paycheck Protection Program on April 3rd. Read up on it. I believe sole props are eligible.
Today, My banker sent me the app and list of things to have ready so he can submit to the SBA. He said the 3rd as well. Good luck everyone. Be well.
Always keep an eye on Michigan (Detroit)
We created the middle class, and it’s usally a safe bet, that what happens here, will soon affect the rest of the country.
We aren’t always the first, or the biggest headline, but we are usually the Litmus Test
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The sample application is up!
Seems pretty straightforward, except I’m a little confused as to whether to add my owner draw into total payroll.
Either way, its a good idea to have all your numbers ready to go for tomorrow at 9 AM EST, when the portal opens
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I bank with bank of America and I was able to submit my application early Friday morning. They have already gotten back to me and are going to be sending me the link to upload my payroll information to get funded. Most reports say that b of a customers should get the money be end of week.
Haven’t heard anything about the $10k grant from the disaster loan. Yet, or for that matter anything since they emailed me to get the $10k advance.
I think the 10 k advance is the EIDL loan
The EIDL is through SBA
The PPP loan is through a SBA banker
There is only two loans A PPP loan an an EIDL loan.
Your only allowed one.
Here is some information on the PPP loan
It doesn’t say you can’t use an EIDL and a PPP. It states you are allowed only one loan under the PPP. I met with b of a in person and the loan officer said that you could apply for both based on the information from the SBA. Now on the PPP application it does ask if you have RECEIVED funds from an EIDL but doesn’t say you can only apply for one or that you can only use one.
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Good glad to hear that , I hope Bank of America is right.
That checks out with everything that I’ve read. You can get an EIDL and the PPP.
But from my understanding you can’t “double dip” on forgiveness; that is to say, get forgiveness for the 10k EIDL advance plus the PPP loan. The grant would deduct from the total forgivable amount on the PPP.
Here’s an article in Forbes and According to their information, you can and should apply for both
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So if you’re approved for the EIDL loan , do you have to repay the advance payment back ? Some sources say yes and some say no , I applied either way . We shall see
The $10k is an advance while you go through the process. I honestly haven’t heard anything back since last week on it. However, the site said that the $10k will be forgiven and is part of the loan that you get. However, they will give you the $10k even if you don’t get approved for the SBA EIDL. So it’s basically $10k free and clear just for applying.
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I am researching and reading and a little unclear on the payroll part, I assume wages not including payroll burden
but if guys aren’t in the field would they want them paid for not being in the field?
or are they thinking 8 weeks of office payroll and owner’s payroll (not draw, payroll check that gets w-2’d)?
wondering if you had any clarity on that from your personal banker meeting? @mshramek
For those applying for EIDL and PPP are you also applying for unemployment or does PPP cancel that out?
I would assume if you where getting ppp and stayed on payroll then you wouldn’t qualify for unemployment. That would be double dipping
PPP is forgiven so long as it’s spent on payroll. So if you pay yourself on payroll, that would be forgiven. Also, yes the idea is for you to keep paying your employees even if they aren’t working. I’m incorporated and thus an employee and I do get paid on payroll so even payroll paid to me is forgiven.
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Since PPP is used on payroll then you wouldn’t be able to qualify for unemployment.
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This is so confusing. So , the 10 k is free an clear An forgiving just for applying for the EIDL , An the PPP would be forgiving for your pay roll ?
I have a very strong feeling this SBA money is going to create some serious consequences when the economy comes back? I’m talking some exponential inflation of everything.
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