Bailout / Stimulus Discussion (Hints Missed & Shartz Fired)

Question: my extended has a small family partnership that we use to manage some rental properties that my grandmother left when she passed. We have a handful of tenants that are service industry employees and I imagine are struggling. The management of these properties isn’t that expensive, we just pay family members to do maintenance and stuff like that. My question is whether it would be possible to get one of these loans to cover the management costs so we could cut them all a break on the rent (we are cutting them a break anyway, but I want to try to ensure they don’t have to pay anythjng with as little push back from other family members as possible).

I haven’t had time to look into it with my work schedule recently, so any info/advice y’all could share would be greatly appreciated.

Not sure about EIDL, but I dont think the LLCs would be aggregated for PPP loan purposes. Generally need at least 50% common ownership (many more details not relevant here).

Are the people doing the management partners?

The Canadian bailout for ppl that’ve lost their income was shockingly easy to get. Calling a telephone number that actually worked, putting in your ID number, 3 button confirmations and you’re done. =/

Total premiums paid to the vendor, or just the company portion?

Unless you pay 100% of premiums for employees.

I ran into this issue along with the question of what happens when the same person is paid >100k via both companies. YOLO’d applications for all of them anyway under the guide of the tax attorney and our bank who said if the group in charge of processing applications has a problem with it, they’ll kick it back.

They also said to go ahead and apply for EIDL on top of it.

“You miss every shot you don’t take.” - Michael Scott

One is. My aunt, then her son has been helping with some maintenance stuff, he’s a shareholder somehow. The structure is a little funny, and I admit I haven’t really studied it closely. Basically my grandmothers children had management stake I partnership, then grandchildren have ownership shares, I believe.

Is it taxed as a partnership or an S Corp? If its a partnership, owners who work for it are self-employed technically, so more hoops to jump through re: payroll costs.

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It’s a partnership. Thanks.

PUA will provide up to 39 weeks of unemployment benefits to individuals who are not working as a result of COVID-19 and are self-employed, independent contractors, gig economy workers, and others who otherwise would not qualify for regular UC or EB under state or federal law or PEUC. These individuals will not be able to claim benefits directly through the UI Online System in Massachusetts, as of this time. The Department of Unemployment Assistance has engaged a vendor to build a new platform to disburse PUA benefits. The platform is expected to begin accepting PUA claims on or around April 30, 2020. Eligible claimants under PUA will be retroactively compensated with this benefit beginning February 2, 2020, or the first week a claimant was unable to work as a result of COVID-19, whichever date is later. The last week this benefit is payable is the week ending December 26, 2020.

loooooooooooooooooool

Dear America,

Fuck you right back.

Sincerely,
me

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https://mobile.twitter.com/CBSNews/status/1248299605290352644

No new info here really, just another reminder that things are pretty fucking far from OK.

Anyone get their government cheese today? I heard electronic payments were supposed to begin today.

I though April 14 was the target date. No money today

So far the least deserving appear to be the most successful, at least when it comes to PPP. The companies with finance and legal departments got up and down on this pretty quickly and submitted proper applications with appropriate support, and are at the ready to interact with the banks. Meanwhile the actual mom and pops aren’t used to this stuff and they’re really struggling. Just shipping everybody cash would have been much better.

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I believe payments start going out April 14th. Most should have by 17th. People that don’t have direct deposit information on file will be able to add it around end of April. Otherwise paper checks go out with lowest income first from May to September.

As a cpa that works for a firm like this

Does not feel good man

Not at all :)

Engaged a vendor. April 30th? That fast? Only the best…!

Someone’s sucking some gravy, I believe.

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Obamacare took 2-3 years to implement. It’s only been 2 weeks since this was signed into law.

This isn’t Obamacare. It’s some software shit. Calling software shit a “platform” doesn’t make it that much more complicated than software shit. Reread their statement with that in mind.

Oklahoma has now implemented the extra $600 federal unemployment on current claims. Still not a way to apply as a contractor/gig worker. Still awaiting eligibility guidelines from dept of labor.