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13 April 2020
WATCH THIS UPDATE VIDEO (opens in new window)
Length 6 minutes.
8 April 2020
1) Contractors do NOT count in payroll for PPP. SBA changed the rule to avoid double-applications (e.g. – you apply and so does your contractor). If you are a sole-proprietor and have no employees, you may still qualify for the second round, presently scheduled to start April 10. If (IF) you qualify as a sole proprietor for second round, your contractors still would not count, just you as the “non-employee employee”. But right now the rule is “No W-2’s, no PPP”. There are a few banks that have applications that say otherwise. Those applications are obsolete.
2) The application for EIDL has a space for “lost rents”. That is encouraging for landlords/airbnb’ers.
3) I am getting more emails with questions than I literally can read. If you email me a question, I will almost certainly not see it or respond. Were I to do so, I’d literally spend all day just on emails. Sorry. And that will not change even if you send the same email four times.
4) Some of you have sent some nice nuggets. Thank you in advance, even if I do not respond.
5) If you already distributed 2020 RMD’s
– You have 60 days to put money back; or
– You can treat RMD as part of $100,000 distribution – be sure to inform your custodian
6) Here’s a nice website from Cheap Jim. It shows which states are stopping evictions, goes over automatic abeyance of Fannie Mae/Freddie Mac loans for landlords, etc. https://library.nclc.org/major-consumer-protections-announced-response-covid-19#content-4
Loan amount is 2.5 payroll (including some contractors). Per Wall Street Journal, it is that number + 25%
Interest rate will be .5% or 1%, not 4%
Term will be 2 years, not 10
Independent contractors and self-employed have to wait until April 10 to apply, as opposed to small businesses & sole proprietorships, which can apply tomorrow. The definition of those terms is unclear, to say the least.
They are talking about 1-day approval. That seems rather optimistic
YOU have 8 weeks to use the money from the loan grant date.
Looks like you can have both PPP and EIDL loans as long as they are not used for the same costs
As an FYI to those who emailed about fixed-rate packages that we are offering to help with loan applications and/or maximizing tax savings (credits, etc.), I plan on talking to each of you for 15 minutes this weekend (and Monday and Tuesday) to see if we can help enough to make it worthwhile to you. Staff can help on these, but I still will limit how many we take. There are only so many hours in the day. And the rush to get the PPP’s done will be intense before the $350B in funding runs out.
As far as by-the-hour work goes, I am swamped for at least two weeks, maybe more. In other words, if you emailed or called to “get a half-hour of John’s time” ……that will not happen for at least two weeks. Just trying to be up-front with expectations, I have learned not to over-promise.
If you applied to work with us, I will be sending a link to schedule the 15-minute call to get the ball rolling. Time is of the essence, but it must be done right the first time.