I’m a solo practitioner organized as a LLC with no payroll except for what I earn. There is another attorney in my office but we have our finances separate and then a LLC that we both own that owns the building.
In that case, instead of average monthly payroll, you will use average monthly net income. You will need the schedule C from your 2019 tax return. What ever loan provider you end up choosing (I have only dealt with community banks so far) should be able to walk you through the needed documents. I really don’t think anything is needed outside of the tax return and your corporate docs (certificate of LLC, articles of organization, FEIN,). I’m not sure if they will want an operating agreement.
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Thank you for the responses.
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Same. Very informative and easy to follow.
I got my first PPP through Chase, where we have our accounts, but only after the program’s money had been replenished. Places like Kabbage, Lendio, and PayPal were much quicker on the draw than Chase. I’m guessing that will be true this round as well. But it seems like it would make much more sense to do it through Chase again. Any thoughts on that? Also any speculation on whether the new limits on these loans will keep the money from getting drained so quickly again?
lol Schumer and Nancy are going to have to pull Biden to the left and tell him to eat shit on this bi partisan nonsense and smash through a reconciliation bill.
Never got an answer, I saw someone say reconciliation takes 3 months, is that set in stone and why? We need that bill ASAP.
The three month thing is not set in stone. Reconciliation bills have been passed faster. But you’re limited in how often you can use them, so they tend to be large, omnibus bills, which take time to write.
Has anyone else heard about receiving the full 10k grant this time for EIDL? I applied the first go around and just took the grant. I only received 1k. There is a lot of chatter on Reddit EIDL thread about getting the full 10k this time regardless of number of employees.
I suspect the funds won’t run out like they did the first time, but it’s a bit to early to tell. It’s a tough call on who to go through for this round in your case. The process will almost certainly be easier using Chase (since you won’t need anything but the application), but I do think the smaller lenders/community banks/online providers will be faster. If you can find out from Chase when they will be able to let you apply, I would do that and go from there. It’s probably next week for them. If you have all of the documents handy that you used for the first application, I think I would try one of the online options. There’s a slim chance they won’t need those documents either since the round 2 application asks for the round 1 SBA loan number - which would make things so much easier.
I haven’t seen anything about that and afaik it’s still limited to $1k per employee, but I have seen something about the loans only being available to “economically distressed areas”. Something about your census tract being x% of the poverty level or y% below state median.
Whatever the heck it’s going to be, just like last time it’s a mess body understands yet.
From what I understand, you can now get the full 10k grant, but only if the business is located in a “low-income community” and hits the other eligibility requirements (max number of employees, 30% reduction in gross receipts, etc). If that happens to be you, you can claim the difference for the full 10k.
(Not sure about zikzak’s link… it doesn’t match anything else I’ve seen so maybe it’s describing eligibility for a loan and not grant? who the fuck knows)
Anyway, I never received the grant I should have gotten. Just no explanation whatsoever for months. Then randomly got an email saying the problem could be one of these 35 things. Gee, thanks. Finally figured out what the problem was after calling like 10 times and fixed it immediately, despite the issue being completely irrelevant. But the money had already run out. And as far as I can tell, this new bill doesn’t fund businesses in my situation that should have been paid the grant originally but weren’t. Sweet.
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That sucks. Yea the more I look into it the more I’m confused. Doesn’t seem like anyone even the “experts” know how it’s going to work.
No PPP for us. Because we take the pass thru tax credit, we have to take some of the business income as salary. We pay my wife $15k/year to administer the business, so our PPP is based on that, works out to $2.5K PPP loan eligibility.
We are better off to wait to see if there is re-opening for expanding our EIDL.
Sucks, my side of the business was down about 80% last year. Its going to be better this year, but still looking at half of normal depending on when I can start travelling on site again. A lot of what I do involves being in the lab or plant spending real time with people as opposed to saving it up for two weeks for a couple of hours on zoom.
I thought they had my updated address as well butnahhh. Now what? It says see us in person (LOL) or call to change it. There’s form 8822 which some tax people are saying definitely do not use. So my only option is to call and probably never get through? Seems like they’re just going to send it to the wrong address at this point and I’ll never get it.
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At least according to my reading, if it goes to the wrong address, it will either be sent back or updated as non-cashed. At that time, the Get My Payment response will update to say they need further information from you to determine where/how to send your stimulus payment.
I called and was on hold for an hour or so before speaking with someone. I don’t know if speaking to someone will help you, but it is possible to at least speak to someone.
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BUT HOW ARE WE GONNA PAY FOR IT JOE
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