My boat is named PPP.
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The huge plumbing company over here got $170k in free money for PPP when business was completely unchanged by covid. Such bullshit.
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They sure as fuck means tested me and my wife and we got $0
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Can confirm the people I know who took ppp money didnāt have any business slow down or business was booming. Money went to second houses, boats, stonks, whatever.
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800 billion to wealthy business owners and in return we got the worst inflation in 4 decades.
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Too poor confirmed
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The dumb thing js. Even if they means tested it
Im a CPA. Iāve seen a lot of bs
All these businesses would have ālostā money during the time period in question and just pushed that revenue to 2021 or 22 or etc
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They did means test it. Large businesses werenāt eligible and mostly didnāt get any
How large did it take to qualify as large?
Look, if you couldnāt play the PPP loan game you probably just suck at financial stuff period. Iād hate to see how bad tax planning is for those that couldnāt get a loan under PPP.
Thatās great and all, but Iām not sure it answers my question.
Unless it is your way of saying that iron81 is incorrect.
The point is āif you have to askā you donāt qualify as too large
First PPP was for businesses under 500 employees.
Second PPP was for businesses under 300 employees and also had a very weak gross revenue reduction requirement.
What many of us consider small businesses are actually micro businesses.
Again, thatās nice and all, but doesnāt answer my question. Iām not curious about whether I qualify as too large. I was just curious about what the requirements were.
Thanks. One other thing I am curious about is how they consider employees. For example if you have a bunch of partners (as in a law practice, for example), how is that handled. If they donāt get a W2, then they are not an employee?
There were some requirements
If you had a w-2 emoloyee making 100+. Only the first 100 counted in the calculation. There were some other requirements for owner and partners.
But really all these businesses got 3 months of free payroll
There was talk about on the tax return, not counting the cash received as income, but also disallowing the expenses that was paid using the money
Lol that didnāt happen.
Like solar installation is a micro business?
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When you refuse to make a gay wedding site, that you were never hired to make, for someone who isnāt even gay, what do you do? Sue!
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I got a ppp loan and had it forgiven as a self employed individual. I did almost no work to get it. My bank approached me about it (they got some fixed $ amount for each loan they processed). The application took very little time and effort. I didnāt really need it, but I qualified and certainly wasnāt passing up free $. It was basically $ straight into my pocket.
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I had dudes trying to create an S corp on Monday so they could apply for PPP loan on Tuesday. I told them thatās fraud and you canāt do it.
Others had no payroll at all. So they wanted us to fabricate payroll reports for the prior few years so they could apply for PPP loans. No thanks.