https://mobile.twitter.com/burgessev/status/1247980141936074754
Anyone have a synopsis of the two proposals?
I’m going to guess the Democrats’ proposal sucks, but does some good things, and the Republicans’ proposal sucks way more and does minimal good things.
1 Like
Reading the politico article sounds like the republicans want to refresh the Payroll funding for small businesses while the democrats want to add money to fund hospitals and local governments.
Seems dumb for them not to do both. Can’t wait for republicans to explain why hospitals don’t need more money.
I suspect another stupid showdown is upcoming. We shall see.
Gee I wonder who will win.
Yeah WF’s cap got lifted for the purpose of funding PPP loans.
You know what’s way easier than all of this? Just giving money to everyone.
8 Likes
They did think it through. That was the point.
If the error rate is 95%+ then clearly there is an issue with the application
Like a third of the people don’t even sign their application. Another third don’t initial the “I’m not a criminal” questions even though there is a god damn line right next to the question that says initial here. Correctly enter average monthly payroll and correctly multiply by 2.5? May as well ask people to do differential calculus.
1 Like
This is the only part I’m slightly worried about, because I’ve got my payroll reports from ADP, but that doesn’t include health insurance premiums. So I generated a report from Quickbooks that shows the premiums we pay for our health plan. The average monthly payroll cost I came up with is our (2019 total payroll (excluding any individual salary above $100K)) + (our total health insurance premiums) / 12. So it’s not like the number I came up with is sitting on a sheet that they can just refer to. I also included our 2019 W3 and 2019 1040.
That’s a top 1% package/submission. You should be fine.
Thanks. I also just found this document on the Chase site that I think confirms I did it right.
It noted BofA had around 180,000 applications for $32 billion dollars on Monday. Article more gets into the grant funding issues.
I am positively shocked to learn that all of the ways I predicted these programs would completely fail to help people like me are completely failing to help people like me.
1 Like
I don’t think I have really seen this answered anywhere. If I am a 33% member of 2 different LLCs can each LLC apply for the PPP separately? Same with the EIDL grant.
The application has this question on it:
- Is the Business or any owner an owner of any other business or have common management with any other business? If yes, attach a listing of all Affiliates and describe the relationship as addendum A.
So that says to me that the answer to your question is yes.
Are there any other common owners?
Yes. LLC1 is 100% owned by person A with person B as an independent contractor for LLC1. LLC2 is a 3 person LLC with Person A,B,C as 33% owners. Person A says they have already applied for LLC1 with their accountant(even though LLC1 doesnt have payroll). I am hoping that doesnt disqualify LLC2 from applying.