Are there any links to free webinars today that anyone can watch?
I can’t vouch for this firm, and have never done any work with them, but they’ve been spamming my Inbox the last couple of weeks and appear to have publicly available webinars and replays of their webinars.
Just found out that ADP will automatically run the PPP payroll numbers, exclude earnings over $100,000. Super super helpful.
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Just found out a local law firm whose partners earn 7 figures a year and who is busier than ever (obviously) is applying for PPP. Great job Congress.
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My understanding on these two questions is this:
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Include all fringe costs to calculate the average payroll (health insurance, PTO, holidays, payroll taxes)
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Calculate the payroll costs for 2019 to come up with your average, then also calculate your average for January and February 2020. Use the amount that is the largest of the two. The bank will use your quarterly tax filings to determine what is the correct amount. I was told to err on the high side, as it can always be adjusted down.
We are using our local bank and will try to put the application in ASAP. I heard that although applications will start being processed tomorrow, banks are already getting them and putting them in their queue. I also heard/read that loans may be gives as soon as 48 hours after the application is submitted, it’s a really quick turnaround.
Yeah if you use a payroll company that’s a massive amount of legwork they can do for you.
That’s my thinking - as long as I’m not committing straight-up fraud, the worst thing that would happen is they’d adjust it down, or make any portion above what would have been the correct calculation non-forgivable.
Chase is only accepting applications online, they’re definitely not accepting them yet. A small local bank might be more flexible but our relationship and accounts are already with Chase so I think I’m going that route.
Was discussing with my older sister and discovered that when I was a baby, Dad was audited by the IRS and his accounts frozen. Just lol at the outrageous conspiracy theory explanations he gave me that I have accepted as fact my entire life.
Rent has been deferred where I live, but with the notice that we are required to pay as soon as we receive stimulus monies.
Both the PPP and EIDL are clearly ripe for abuse. Worst-case, you get a two-year loan at .5% interest, but it will be super easy to reach the bar where a big chunk of it is forgiven.
My banker just said that as of Chase’s morning conference call, application and documentation requirements had not been finalized by the SBA. Fun!
IRS will start sending payments out April 9th but some may not get them to September.
Hey at least we have Steve Mnuchin running this, we can count on him to administer these programs with integrity!
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The IRS expects to create a portal in late April or early May that will allow taxpayers to find out the status of their rebate payment and update direct deposit information, the memo says.
lol the people who need this money the most will be living on the streets before they get a penny.
First Midwest Bank is part of the program but they sent out an email today saying they are not ready to accept applications yet
I’ve long since given up any hope of integrity, but he projects more competence than most of the rest of these fucknuts.
Chase is openly saying that they don’t expect to be taking applications tomorrow because the rules aren’t clear yet, which is not great.
5 months sounds right. When I first got approved for SSDI, the first payment was 5 months later.
My bank is unclear whether the loans are immediately purchased by the SBA or whether they will remain on our books. The organization is not too keen on lending billions of dollars at .5% interest while also taking on credit risk.
Fwiw I talked to our local lender this afternoon and they still have nothing from the government on how to actually process and submit applications. They don’t think there’s any way this is happening tomorrow.
No, they’ll get $600 from a Payday lender owned by Jared Kushner. If they pay back $1200 in three months all is settled, $200 per month fees added after that.
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