PPP Loans

**kss** · 03-24-2021, 04:49 PM

Originally Posted by mthomasdev

For anyone that runs their scrapping business as a true business and files appropriate taxes. You should look into the PPP loans. Good money with forgiveable loans.

Isnt the only forgivable portion, the portion that goes to paying payroll?

Meaning, yes if you run a scrap operation with employees, the PPP loan is a no brainer as the gov essentially will pay them for you for a while, via the forgivable PPP loan, to keep people employed and businesses afloat...

Most here are on man shows, that dont have payroll, so even though we may be able to get the loan, no part of it will be "free money" that will get forgiven by the government.... but it is very low interest loan if you need the cash to stay afloat, but ya gotta pay it back...

This is just from what I have heard, if you know otherwise fill me in.... me and my wife both have businesses (sole-props)

My boss at my day job I think got the PPP loan, but I think I heard him say it is capped at previous years annual payroll, and has to go to payroll, to be forgiven.

**mthomasdev** · 03-24-2021, 07:03 PM

Originally Posted by kss

Isnt the only forgivable portion, the portion that goes to paying payroll?

Meaning, yes if you run a scrap operation with employees, the PPP loan is a no brainer as the gov essentially will pay them for you for a while, via the forgivable PPP loan, to keep people employed and businesses afloat...

Most here are on man shows, that dont have payroll, so even though we may be able to get the loan, no part of it will be "free money" that will get forgiven by the government.... but it is very low interest loan if you need the cash to stay afloat, but ya gotta pay it back...

This is just from what I have heard, if you know otherwise fill me in.... me and my wife both have businesses (sole-props)

My boss at my day job I think got the PPP loan, but I think I heard him say it is capped at previous years annual payroll, and has to go to payroll, to be forgiven.

KSS,
You should really look into it. For sole proprietorship, you count as payroll. Without employees, loan is based on 20.83 percent of line 7 (gross income) on your schedule C, line 7 not to exceed $100k. That amount should be all forgivable. It's worth a look.

**kss** · 03-25-2021, 07:36 AM

Originally Posted by mthomasdev

KSS,
You should really look into it. For sole proprietorship, you count as payroll. Without employees, loan is based on 20.83 percent of line 7 (gross income) on your schedule C, line 7 not to exceed $100k. That amount should be all forgivable. It's worth a look.

Hmmmm VERY interesting. I had not known this..... will definitely look into it now.... everyone loves free money! thanks!

**kss** · 03-25-2021, 07:45 AM

Originally Posted by mthomasdev

KSS,
You should really look into it. For sole proprietorship, you count as payroll. Without employees, loan is based on 20.83 percent of line 7 (gross income) on your schedule C, line 7 not to exceed $100k. That amount should be all forgivable. It's worth a look.

Doesnt have to be here, you can message if youd prefer, but if you can point me towards some documentation on this if you have any/came across any I would appreciate it. Not for my business but for my wifes. She is a wedding photographer and her business just got completely obliterated by covid and everyone canceling weddings..... she did qualify for unemployment, so not sure if PPP loan and unemployment is double-dipping or not, but would like to read up on it some more if you got any details/links/documents

**Patriot76** · 03-25-2021, 08:25 AM

Originally Posted by kss

Doesnt have to be here, you can message if youd prefer, but if you can point me towards some documentation on this if you have any/came across any I would appreciate it. Not for my business but for my wifes. She is a wedding photographer and her business just got completely obliterated by covid and everyone canceling weddings..... she did qualify for unemployment, so not sure if PPP loan and unemployment is double-dipping or not, but would like to read up on it some more if you got any details/links/documents

The easiest way is to contact your bank as they process it. Last I knew the deadline is the end of the month, but they recently made some changes and might extend the deadline.

**mthomasdev** · 03-25-2021, 10:10 AM

Originally Posted by kss

Doesnt have to be here, you can message if youd prefer, but if you can point me towards some documentation on this if you have any/came across any I would appreciate it. Not for my business but for my wifes. She is a wedding photographer and her business just got completely obliterated by covid and everyone canceling weddings..... she did qualify for unemployment, so not sure if PPP loan and unemployment is double-dipping or not, but would like to read up on it some more if you got any details/links/documents

https://www.sba.gov/funding-programs...ection-program

**hills** · 03-25-2021, 12:16 AM

Originally Posted by kss

Isnt the only forgivable portion, the portion that goes to paying payroll?

Meaning, yes if you run a scrap operation with employees, the PPP loan is a no brainer as the gov essentially will pay them for you for a while, via the forgivable PPP loan, to keep people employed and businesses afloat...

Most here are on man shows, that dont have payroll, so even though we may be able to get the loan, no part of it will be "free money" that will get forgiven by the government.... but it is very low interest loan if you need the cash to stay afloat, but ya gotta pay it back...

This is just from what I have heard, if you know otherwise fill me in.... me and my wife both have businesses (sole-props)

My boss at my day job I think got the PPP loan, but I think I heard him say it is capped at previous years annual payroll, and has to go to payroll, to be forgiven.

I was talking with one of the clam diggers last year. He's self employed as a one man operation got around 20 K. He just had to write himself a paycheck every week till the amount was expended.

Last year's PPP was also applicable for paying rent & utilities to some degree. You might check the rules on this year's version.

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Off topic ... i was talking with a younger couple that had six kids last week. The government dropped ten grand in their account with the latest 1,400.00 $ stimulus. ( You better start gettin' busy there guys ! )