Paycheck Protection Program PPP Summary, Who Qualifies, and What Amount is Forgivable

[tammyinga]

@frcs Man this is really a shit show of a roll out LOL.

 

[frcs]

@tammyinga Yeah... he basically said “start applying tomorrow!” And then “be patient”....I can’t apply till next week as a single self-
Employed so hopefully somethings will be worked out by then...

 

[tim_h]

@man_in_pain Hypothetically can I ADD an employee during this time and have their salary be eligible for forgiveness?

 

[man_in_pain]

@tim_h It says payroll can't be higher than the comparison period

 

[boyert1969]

@man_in_pain Payroll is my largest cost, then rent thereafter. Could I get the loan at ~2.5x Payroll and use it to simply pay rent. I’m currently closed and am no longer paying employees. Or, do the employees have to stay on to pay the other costs the business has?

 

[seekinggodjesus]

@boyert1969 The point of this is to keep people on payroll. If you let them go you can rehire them.

 

[goldenmindset]

@boyert1969 This ... is exactly why this program will ultimately fail. I hope they brought a good underwriting team to protect out tax dollars.

 

[613jono]

@man_in_pain I published your video in my telegram chat (I will be glad to see you there), my social networks and sent it to partners with a large audience. Good review. Thanks. https://t.me/theutopiacommunity

 

[man_in_pain]

@613jono Thanks! Glad it was helpful

 

[jillaroo]

@man_in_pain Everything awesome about this post since I was going to come with this info and it tallies! Except it is all quickly changing info.

Have query about this part:
NAICS code begins with 72

Is this true ? I see that they have just said small business in SBA site and anyone affected could get qualified and not just brick and mortar or food workers .. what about say on-site technical computer jobs ?

One other from my note is that this will start from April 3 only. Few more clarifications are reqd from govt. And SBA does not administer this loan - it is by 7a lenders which is your local banks if they partner with SBA -- am finding out this more since SBA lender match tool is not working and redirects to PPP page.

Side note: This PPP is major program and other being EIDL from SBA site .. could anyone please do similar thing as this post for EIDL program too ? I saw someone did an earlier post but it had incorrect info and format.

Also for PPP there is a max 100k limit per employee. Given that 50% of private work force are in SBA sector, these norms should be relaxed since this chinese virus is not the rest of the worlds fault!

 

[frcs]

@man_in_pain Mnuchin during the White House briefing today. Said after feedback from SBA partners the .5% was too low for the smaller local entities. So they’re raising it to 1%. I imagine it’ll change again tomorrow. Haven’t been able to find documented info yet.

 

[613jono]

@man_in_pain I’m troubled by the forgivable amount. Specifically “net payroll costs”. Appears to be net payroll is gross payroll minus from 941 “total taxes”. Anyone see what I mean?

 

[koh]

@man_in_pain Does the 8 week period for forgiveness consideration start with the origination date or funding date? I just got funded on day 10. Does that mean costs incurred during those 10 days before we had the money can be considered in forgiveness?