Govt program

[callmefence]

I would encourage you to read and understand the rules prior to signing up. My daughter has a PPP loan from the first round. Her business is an LLC. She does not pay herself as an employee of the business. She just takes money out of the business account and moves it to her personal account as needed for her profit/compensation. The accounting method used does not treat her as an employee, but as the owner. Her conclusion for the first round of PPP was that the loan amount had to based on the payroll for her employees, not including herself. If she had been paying herself and treating herself as an employee, the loan amount (free money) could have been increased by 10 weeks of her pay. That was her understanding. It may have changed in these later rounds. Just be sure you understand the rules for your specific situation. There was much confusion on the first round and much paperwork for loan forgiveness. She submitted the paperwork. My understanding is that they are overwhelmed with the review of the first round forgiveness paperwork and are considering auto approval below certain size loans, but completed paperwork is required.

Good post..
Also if I understand correctly. To qualify for second round you have to have had a 25 percent decrease in sales. From the previous year.
We actually had considerable growth during the" planed demic"

 

[Mrcopier]

Good post..
Also if I understand correctly. To qualify for second round you have to have had a 25 percent decrease in sales. From the previous year.
We actually had considerable growth during the" planed demic"

We did also, we don't qualify

 

[ismith]

In it's simplest terms, the government can essentially carry debt forever. I think this article sums it up nicely. The author is an economics professor at the University of Georgia.

Why the $22 trillion national debt doesn’t matter – here’s what you should worry about instead

Although US debt may be at eye-popping levels, an economist explains why it shouldn’t keep you up at night.

theconversation.com

Please explain to me then why we pay taxes? Seems to me if what you're saying is true, we wouldn't be anymore.

 

[sstterry]

Good post..
Also if I understand correctly. To qualify for second round you have to have had a 25 percent decrease in sales. From the previous year.
We actually had considerable growth during the" planed demic"

It has to be a 25% decrease in any one quarter of 2020.

 

[4hfarms]

MMT does not work! The dollar will eventually run out of buying power. The price of everything shoots up after printing money. Look at the prices of....... anything. It will not be obtainable in the future if it would continue.
Things are about to change.... soon.

 

[littletom]

You only have to show the 25% decrease, if you got the first one and it was forgiven.

 

[callmefence]

Ol Joes messing round with it.

Biden Changes P.P.P. Rules to Help the Self-Employed (Published 2021)

A more generous loan formula for solo ventures is meant to get more very small businesses into the Paycheck Protection Program. But bigger applicants face a two-week pause.

www.nytimes.com

 

[4hfarms]

Wouldn't want to have to pay back something I understood was forgiven, until the rule changes again.