Valli_ Posted May 26, 2020 Report Share Posted May 26, 2020 Government forgivable loans istundi for small business because of Covid-19. 2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months. 100 employees = easy $2.5 million Quote Link to comment Share on other sites More sharing options...
Pitta Posted May 26, 2020 Report Share Posted May 26, 2020 2 Quote Link to comment Share on other sites More sharing options...
Bhumchik Posted May 27, 2020 Report Share Posted May 27, 2020 34 minutes ago, Valli_ said: Government forgivable loans istundi for small business because of Covid-19. 2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months. Skip 100 employees = easy $2.5 million It’s not jackpot. Minimum 75% of it or up to 100% of it needs to be spent on payroll and the remaining on rent, utilities or mortgage interest (payroll costs). They cannot pay any employees over 100K. They need to pay salaries to employees even if they cannot work due to corona. They need to spend all that money within 8 weeks during May and June and furnish proof to the lending bank to get the loan forgiven. Otherwise it remains as a loan at 1% interest repayable within 2 years. If employers reduced 25% of their staff or reduced their wages by 25% in the last couple of months, they will not be able to spend the money on remaining employees or paying them at their reduced wages to have the loan forgiven. Check out the woes - its anything but a rose garden. https://www.cfodive.com/news/payroll-rule-paycheck-protection-program-useless-coronavirus/577213/ https://www.ktvb.com/article/news/health/coronavirus/ppp-loan-doesnt-help-boise-hair-salon-owner-pay-bills-or-employees/277-a17a5b88-9e08-487e-a991-756c29084f5a 1 Quote Link to comment Share on other sites More sharing options...
Valli_ Posted May 27, 2020 Author Report Share Posted May 27, 2020 C2C money from vendors takes 60 to 90 days. Consultancies will use up the $2.5 million in no time. Pay all the consultants, pay rents, pay recruiters in India, etc Quote Link to comment Share on other sites More sharing options...
Bhumchik Posted May 27, 2020 Report Share Posted May 27, 2020 https://www.uschamber.com/co/events/virtual/national-small-business-town-hall-inc-us-chamber-coronavirus-loans Quote Link to comment Share on other sites More sharing options...
Bhumchik Posted May 27, 2020 Report Share Posted May 27, 2020 https://www.inc.com/video/how-to-get-your-ppp-loan-forgiven-if-youre-a-business-of-one.html Quote Link to comment Share on other sites More sharing options...
tacobell fan Posted May 27, 2020 Report Share Posted May 27, 2020 congrats @tom bhayya & @TOM_BHAYYA Quote Link to comment Share on other sites More sharing options...
swatz Posted May 27, 2020 Report Share Posted May 27, 2020 vayya consultancy lo 1099 pi work chesi contractors vunta, still eligible for stimulus loan? Can you shed some light? 3 hours ago, Bhumchik said: It’s not jackpot. Minimum 75% of it or up to 100% of it needs to be spent on payroll and the remaining on rent, utilities or mortgage interest (payroll costs). They cannot pay any employees over 100K. They need to pay salaries to employees even if they cannot work due to corona. They need to spend all that money within 8 weeks during May and June and furnish proof to the lending bank to get the loan forgiven. Otherwise it remains as a loan at 1% interest repayable within 2 years. If employers reduced 25% of their staff or reduced their wages by 25% in the last couple of months, they will not be able to spend the money on remaining employees or paying them at their reduced wages to have the loan forgiven. Check out the woes - its anything but a rose garden. https://www.cfodive.com/news/payroll-rule-paycheck-protection-program-useless-coronavirus/577213/ https://www.ktvb.com/article/news/health/coronavirus/ppp-loan-doesnt-help-boise-hair-salon-owner-pay-bills-or-employees/277-a17a5b88-9e08-487e-a991-756c29084f5a Quote Link to comment Share on other sites More sharing options...
snoww Posted May 27, 2020 Report Share Posted May 27, 2020 Monne oka desi gaadini bokkalo esaru ilanti kathalu mingithe Quote Link to comment Share on other sites More sharing options...
JambaKrantu Posted May 27, 2020 Report Share Posted May 27, 2020 There is no free lunch in America. Vanda rules untay aa paisal ki.. lite.. Quote Link to comment Share on other sites More sharing options...
Odale Posted May 27, 2020 Report Share Posted May 27, 2020 Appi gaadu expert Quote Link to comment Share on other sites More sharing options...
Bhumchik Posted May 27, 2020 Report Share Posted May 27, 2020 34 minutes ago, swatz said: vayya consultancy lo 1099 pi work chesi contractors vunta, still eligible for stimulus loan? Can you shed some light? https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf Quote Link to comment Share on other sites More sharing options...
Anta Assamey Posted May 27, 2020 Report Share Posted May 27, 2020 Quote Link to comment Share on other sites More sharing options...
ARYA Posted May 27, 2020 Report Share Posted May 27, 2020 2 minutes ago, Anta Assamey said: Quote Link to comment Share on other sites More sharing options...
TechAdvice Posted May 27, 2020 Report Share Posted May 27, 2020 11 hours ago, Valli_ said: Government forgivable loans istundi for small business because of Covid-19. 2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months. Skip 100 employees = easy $2.5 million There are lot of conditions for those .. one of the condition is you have to show you have no income and struggling to afford day to day activities Quote Link to comment Share on other sites More sharing options...
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