CARES Relief Act

[Momma Smurf]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

That's great news. Our PPP was approved last Saturday. Waiting for final paperwork. Isn't the EIDL subtracted from the PPP somehow?

 

[NRV Runner]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

That's great news. Our PPP was approved last Saturday. Waiting for final paperwork. Isn't the EIDL subtracted from the PPP somehow?
.

Yes - from what I understand its forgiveness counts against any sort of PPP forgiveness.

 

[Arks]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February...

I finally got my $5000 deposit yesterday. I also had 5 employees. I applied for more, to see me through a few slow months. We'll see if they eventually get around to looking at that application.

Also hoping for some PPP money from the newly re-funded program. We'll see.
But the best news is that I currently have 4 rooms occupied! Last Friday I got a reservation, arrived yesterday, for 2 rooms, 4 nights! It's a family from central Arkansas, just looking for a getaway.
And yesterday I got a business traveler reservation for 2 rooms, 2 nights, arriving today. So I can afford to eat steak this weekend!

 

[Morticia]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February...

I finally got my $5000 deposit yesterday. I also had 5 employees. I applied for more, to see me through a few slow months. We'll see if they eventually get around to looking at that application.

Also hoping for some PPP money from the newly re-funded program. We'll see.
But the best news is that I currently have 4 rooms occupied! Last Friday I got a reservation, arrived yesterday, for 2 rooms, 4 nights! It's a family from central Arkansas, just looking for a getaway.
And yesterday I got a business traveler reservation for 2 rooms, 2 nights, arriving today. So I can afford to eat steak this weekend!
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’

 

[Arks]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February...

I finally got my $5000 deposit yesterday. I also had 5 employees. I applied for more, to see me through a few slow months. We'll see if they eventually get around to looking at that application.

Also hoping for some PPP money from the newly re-funded program. We'll see.
But the best news is that I currently have 4 rooms occupied! Last Friday I got a reservation, arrived yesterday, for 2 rooms, 4 nights! It's a family from central Arkansas, just looking for a getaway.
And yesterday I got a business traveler reservation for 2 rooms, 2 nights, arriving today. So I can afford to eat steak this weekend!
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’

Yes, big controversy over that. Big corporations got in there first and took millions, leaving little or none for small businesses. I think some of the corporations have given the money back after the criticism. I haven't followed it closely. Too depressing!

 

[Morticia]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February...

I finally got my $5000 deposit yesterday. I also had 5 employees. I applied for more, to see me through a few slow months. We'll see if they eventually get around to looking at that application.

Also hoping for some PPP money from the newly re-funded program. We'll see.
But the best news is that I currently have 4 rooms occupied! Last Friday I got a reservation, arrived yesterday, for 2 rooms, 4 nights! It's a family from central Arkansas, just looking for a getaway.
And yesterday I got a business traveler reservation for 2 rooms, 2 nights, arriving today. So I can afford to eat steak this weekend!
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’

Yes, big controversy over that. Big corporations got in there first and took millions, leaving little or none for small businesses. I think some of the corporations have given the money back after the criticism. I haven't followed it closely. Too depressing!
.

We don’t have big businesses here. I do know several resorts got a loan, but most of them are locally owned.
Doesn’t really matter, we’ve pulled ourselves out of deeper holes in the past, we’ll do it again!
And, the DAV gave Gomez $250 yesterday, so there’s that.

 

[Momma Smurf]

Update on PPP and EIDL. You'll recall we applied the Monday after the bill passed, right after they updated the online forms the first time.
Just received my PPP loan deposited into my bank account this morning. It was $3k less than I originally thought, because they calculated my payroll on FY2019, not on a rolling 12 months that included my busy first-quarter ski season.
SO & I also got our personal stimulus payment deposited into our personal checking account today. Since we do taxes direct deposit, we're not affected by the delay caused by the Orange Cheeto holding up the physical checks so he can stamp his obnoxious signature on it.
Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February, so it seems to make sense. It's half of what was promised, but I guess it would be obscene for me to complain at this point.
So in short, we have money in the bank, and are no longer draining our savings, which was getting pretty thin. Today I get to figure out how I can make this money last until the end of June. It seems like a windfall, but I know what payments are sitting out there unpaid, and I know if I paid them all, my bank account would be empty. I described it as a 400-pound man trying to cover himself with a fig leaf.
I wish everyone luck going forward. If I can help any of you with discussions about these two programs, let me know..

Finally, it looks like we got a $5,000 deposit into our account from the IRS. I'm guessing that's the EIDL loan, although we got no documentation or paperwork about it. We had 5 employees at the end of February...

I finally got my $5000 deposit yesterday. I also had 5 employees. I applied for more, to see me through a few slow months. We'll see if they eventually get around to looking at that application.

Also hoping for some PPP money from the newly re-funded program. We'll see.
But the best news is that I currently have 4 rooms occupied! Last Friday I got a reservation, arrived yesterday, for 2 rooms, 4 nights! It's a family from central Arkansas, just looking for a getaway.
And yesterday I got a business traveler reservation for 2 rooms, 2 nights, arriving today. So I can afford to eat steak this weekend!
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’
.

Front page of our newspaper this morning was exclaiming the average loan in my state was $150k. The letters to the editor page? ‘We don’t know anyone who got a dime.’

Yes, big controversy over that. Big corporations got in there first and took millions, leaving little or none for small businesses. I think some of the corporations have given the money back after the criticism. I haven't followed it closely. Too depressing!
.

We don’t have big businesses here. I do know several resorts got a loan, but most of them are locally owned.
Doesn’t really matter, we’ve pulled ourselves out of deeper holes in the past, we’ll do it again!
And, the DAV gave Gomez $250 yesterday, so there’s that.
.

Our PPP loan for $17K landed in our local bank account yesterday here in Maine. Applied for on April 6. We also received $1K EIDL on Monday. Sole Proprietor/No Employees. There is new guidance for the next loans for LLCs & S-Corps, etc. I would approach your local banks now to get the process rolling. Was actually very very simple and our loan guy was terrific. Again, two year term, 1% interest, no payments for six months.

 

[GoodScout]

For those who might be applying for your state's PUA (Pandemic Unemployment Assistance) program for the self-employed, be aware that you can't claim to be eligible for PUA because you're not working, and then turn around and pay yourself with PPP funds.

 

[Arks]

For those who might be applying for your state's PUA (Pandemic Unemployment Assistance) program for the self-employed, be aware that you can't claim to be eligible for PUA because you're not working, and then turn around and pay yourself with PPP funds..

For those who might be applying for your state's PUA (Pandemic Unemployment Assistance) program for the self-employed, be aware that you can't claim to be eligible for PUA because you're not working, and then turn around and pay yourself with PPP funds.

Phineas, your level of digging into all the details is so valuable for the rest of us...the clueless. Thanks again!

 

[GoodScout]

Thanks. Researching this stuff is the only job I have right now, now that everything has been cleaned, repainted and repaired. Twice.

 

[Morticia]

For those who might be applying for your state's PUA (Pandemic Unemployment Assistance) program for the self-employed, be aware that you can't claim to be eligible for PUA because you're not working, and then turn around and pay yourself with PPP funds..

Still waiting for my state to roll that out.

 

[Arks]

For those who might be applying for your state's PUA (Pandemic Unemployment Assistance) program for the self-employed, be aware that you can't claim to be eligible for PUA because you're not working, and then turn around and pay yourself with PPP funds..

Still waiting for my state to roll that out.
.

Still waiting for my state to roll that out.

Yes. I'm on the state's e-mail notice list to find out when ours is ready. I keep getting e-mails saying, "Still working on it." It's about getting the application website built, I guess.

 

[Morticia]

We got a grant. Not a big one as we only have one PT employee.

 

[Arks]

We got a grant. Not a big one as we only have one PT employee..

We got a grant. Not a big one as we only have one PT employee.

Sorry it wasn't what you needed, but BETTER THAN NOTHING! Glad to hear you got some help.

 

[Morticia]

We got a grant. Not a big one as we only have one PT employee..

We got a grant. Not a big one as we only have one PT employee.

Sorry it wasn't what you needed, but BETTER THAN NOTHING! Glad to hear you got some help.
.

We got a grant. Not a big one as we only have one PT employee.

Sorry it wasn't what you needed, but BETTER THAN NOTHING! Glad to hear you got some help.

It will cover utilities for this month. And we are getting new reservations for June and onward.

 

[Arks]

I just found out that, for the PPP loan to be forgivable, you only have 8 weeks from the day you get the loan to spend it on eligible expenses. That may be a problem. They gave me a large amount, way more than normal payroll and utilities and other eligible expenses would be in 8 weeks.

I've messaged my CPA to ask if I can pay the extra to myself, or rent the building from myself, or something! Worst case, though, I'd keep the full amount and pay the 1% interest, then use the money to pay down my bank loan, which is at much higher interest.

 

[GoodScout]

I just found out that, for the PPP loan to be forgivable, you only have 8 weeks from the day you get the loan to spend it on eligible expenses. That may be a problem. They gave me a large amount, way more than normal payroll and utilities and other eligible expenses would be in 8 weeks.

I've messaged my CPA to ask if I can pay the extra to myself, or rent the building from myself, or something! Worst case, though, I'd keep the full amount and pay the 1% interest, then use the money to pay down my bank loan, which is at much higher interest..

As I read it, there are two ways they're going to look at repayment: Total payroll and FTE's. You are correct that right now it only accounts for spending for 8 weeks. The date your loan was transmitted to you is when the clock starts.
You are allowed to pay yourself up to $100,000 with the proceeds, and that would -- as long as you pay yourself and do the proper withholding and reporting to the IRS and state) be able to be included in your total payroll numbers.
Keep in mind that your bank is the one charged with gathering documentation and certifying how much of your loan you've qualified to have forgiven. So stay in touch with them and give them what they need. My bank yesterday sent me a spreadsheet they had developed to track spending.

 

[Morticia]

I just found out that, for the PPP loan to be forgivable, you only have 8 weeks from the day you get the loan to spend it on eligible expenses. That may be a problem. They gave me a large amount, way more than normal payroll and utilities and other eligible expenses would be in 8 weeks.

I've messaged my CPA to ask if I can pay the extra to myself, or rent the building from myself, or something! Worst case, though, I'd keep the full amount and pay the 1% interest, then use the money to pay down my bank loan, which is at much higher interest..

I think that’s what the huge hotel chains were planning to do. We should have gone for that loan instead of the disaster one. The interest rate is better. Altho, we haven’t gotten a loan yet, just the grant.

 

[GoodScout]

For those using their PPP funds to pay staff, my bank's spreadsheet pointed to a potential stumbling block.
Under the PPP terms, you have to pay your employees at least 75% of what they earned during Q1 of this year. This is accounted for on an employee-by-employee basis.
So even if your total payroll is equal to what you were paying before the loan, if you have one employee that asks to work less hours and comes under that 75% threshold, you won't be forgiven for that part of the loan.

 

[gillumhouse]

For those using their PPP funds to pay staff, my bank's spreadsheet pointed to a potential stumbling block.
Under the PPP terms, you have to pay your employees at least 75% of what they earned during Q1 of this year. This is accounted for on an employee-by-employee basis.
So even if your total payroll is equal to what you were paying before the loan, if you have one employee that asks to work less hours and comes under that 75% threshold, you won't be forgiven for that part of the loan..

Didn't everyone expect a "Gotcha!"?