My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact:
I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds.
Originally Posted by Buehler445:
My understanding is the only covid related stuff is related to employees.
I think you’re just SOL. I’d wait and see what provisions come out from the money they allocated to Ag. Maybe they’re already out - I’ve been pretty swamped and haven’t paid attention. Your best hope is that you don’t have to lower rent.
Sister and I are already talking about it as a good faith act. [Reply]
Originally Posted by chiefforlife:
I wouldnt wait on BOA, go to a small bank ASAP. I have heard that Wells Fargo BOA and Chase have all let their smaller customers hanging.
I will be funded by the time I hear from Chase. I was worried about the same thing and also thought, I was in on the first day, first hour of the opening. Surely Chase will come through before this other bank.
It wasnt even close as previously stated.
Look, I know how much this probably means to you, checking for Emails from the bank every five minutes.
Find out which small bank in your area is having success and run to them. It wont mess up the status of your loan with BOA and whomever gets it first.
This is to important not to. Good luck fellow Chief fan!
I used a smallish credit union 8 days from apication to final paperwork. My accountant recommended staying away from big banks. [Reply]
If I could start the process over, I'd have done the same. I figured in the first days of the process that most banks were only working with their own customers. Being first come, first serve I jumped in line with BOA and got my app in.
Fortunately, it appears that I'm FINALLY going to be funded...got my promissory note yesterday morning and should have the funds in the next day or two.
That being said, I haven't talked to a single person that used a big bank that had a quick and smooth process. Across the board, it appears that the little banks were way ahead of the curve, easier to deal with and certainly more transparent. My final timeline will be application on 4/4, documents uploaded 4/7, and then 17 days from that point until confirmation that my application is complete, another 5 days until email saying it has been submitted to SBA, and now acknowledgement that everything is good. So approximately 30 days from start to funding. [Reply]
So I am assuming if you are in an LLC with several others you only need to report the amount paid out to you when filing unemployment? What if you only pay out monthly? [Reply]
Originally Posted by Trivers:
Sorry, but the IRS is saying otherwise;
Yes, the PPP loan/grant is not taxable, BUT....you can't claim the EXPENSES paid by the PPP.
&*^$#^^^&!!*)+*
We are still paying taxes.
Politicians didn't expect this stunt from the Treasury Dept and state they will close that loophole.
"This notice provides guidance regarding the deductibility for Federal income tax
purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or
business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck
Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C.
636(a)(36)). Specifically, this notice clarifies that no deduction is allowed under the
Internal Revenue Code (Code) for an expense that is otherwise deductible if the
payment of the expense results in forgiveness of a covered loan pursuant to section
1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public
Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with
the forgiveness is excluded from gross income for purposes of the Code pursuant to
section 1106(i) of the CARES Act."
I should have read the article better. Yeah. I’m going to guess congress will try and change the language. Whether they will or not remains to be seen.
Typically loan forgiveness is taxable and any associated expenses deductible. So congress came out and said they won’t be taxable so Treasury said that expenses used won’t be deductible.
Which is not awesome. For anyone except auditors.
Originally Posted by displacedinMN:
Sister and I are already talking about it as a good faith act.
Presume rent is due in Dec or Jan? For sure wait until you see what the program looks like. If it’s due in May or something maybe let them defer it and see how the year goes. [Reply]
Originally Posted by RunKC:
So my wife’s company used Chase bank. They royally ****ed up their portal and paperwork so my wife’s company could not get a loan in the first rd.
Their company is in the process of moving everything to a new bank.
I'm in the process of doing the same thing. Chase and BofA is dead to me at this point. [Reply]
Originally Posted by Monty:
I'm in the process of doing the same thing. Chase and BofA is dead to me at this point.
I had some Wells Fargo stock in my IRA, and I finally sold it to protest the fact that they're just f*****g evil. I ashamedly kept the stock after the scandal where they were opening credit accounts in people's names, but now that it's emerged that they screwed over small businesses in the ppp to make more processing fees, they're dead to me. (And I didn't apply to the ppp through them just to show that it's not personal.)
I'll probably do the same with some US Bank stock since they've been accused too. I don't have previous proof that they're evil so I'm waiting to see what happens there.
Wells Fargo is everything that's wrong with the American financial system. I wish every company in America would pull their business and put that company out of business. [Reply]
Originally Posted by Rain Man:
I had some Wells Fargo stock in my IRA, and I finally sold it to protest the fact that they're just f*****g evil. I ashamedly kept the stock after the scandal where they were opening credit accounts in people's names, but now that it's emerged that they screwed over small businesses in the ppp to make more processing fees, they're dead to me. (And I didn't apply to the ppp through them just to show that it's not personal.)
I'll probably do the same with some US Bank stock since they've been accused too. I don't have previous proof that they're evil so I'm waiting to see what happens there.
Wells Fargo is everything that's wrong with the American financial system. I wish every company in America would pull their business and put that company out of business.
SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
Notice: New Eligibility for Economic Injury Disaster Loan and Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Eligible agricultural businesses may apply for the Loan Advance here. [Reply]
Kind of a weird, but somewhat expected, side affect of all the shutdowns.....
Now that things are opening back up slowly, we are gaining some new customers because they are having trouble getting their staff to come back to work. These people are getting their $600/week from unemployment and they don't want to give it up. So, companies are looking for alternatives to handling their phones - which is where we come in.
We've picked up around 5 new customers because of it in the last 3 days. Most recent was an attorney just north of us who was referred to us by his son, who is good friends with a customer of ours in Florida. Also picked up another restaurant in Seattle. [Reply]
Originally Posted by Trivers:
Sorry, but the IRS is saying otherwise;
Yes, the PPP loan/grant is not taxable, BUT....you can't claim the EXPENSES paid by the PPP.
&*^$#^^^&!!*)+*
We are still paying taxes.
Politicians didn't expect this stunt from the Treasury Dept and state they will close that loophole.
"This notice provides guidance regarding the deductibility for Federal income tax
purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or
business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck
Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C.
636(a)(36)). Specifically, this notice clarifies that no deduction is allowed under the
Internal Revenue Code (Code) for an expense that is otherwise deductible if the
payment of the expense results in forgiveness of a covered loan pursuant to section
1106(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public
Law 116-136, 134 Stat. 281, 286-93 (March 27, 2020) and the income associated with
the forgiveness is excluded from gross income for purposes of the Code pursuant to
section 1106(i) of the CARES Act."
Also heard the same is going to be true of related payroll taxes....the forgiveness on the tax portion will be treated as income.... [Reply]
Originally Posted by displacedinMN:
Buehler-We have this years first payment, waiting for second in Oct/Nov. Leases have to be negotiated and signed by Nov 1. Iowa laws.
I would wait. Things can turn around before corn and beans come in.
Just a heads up, communicate what you’re doing and why. And that it won’t happen every time he gets a stroke of bad luck. You know your tenant better than I do. Just be clear about expectations.
Originally Posted by Trivers:
HEADS UP!!!
SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
Notice: New Eligibility for Economic Injury Disaster Loan and Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Eligible agricultural businesses may apply for the Loan Advance here.
Thanks man. I’ve been busy getting fisted by the weather. Much appreciated. [Reply]
Originally Posted by Buehler445:
I would wait. Things can turn around before corn and beans come in.
Just a heads up, communicate what you’re doing and why. And that it won’t happen every time he gets a stroke of bad luck. You know your tenant better than I do. Just be clear about expectations.
Thanks man. I’ve been busy getting fisted by the weather. Much appreciated.
So sick of this rain. I have a butt ton of plants inside that I need to move outside, but it won't stay dry long enough for the ground to be tillable. [Reply]
