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Non-Cattle Specific Topics
Coffee Shop
PPP loan and schedule F
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<blockquote data-quote="simme" data-source="post: 1661345" data-attributes="member: 40418"><p><strong>General </strong>information. PPP round 1 was part of the original covid stimulus/relief last year. Paycheck Protection Program was a low interest loan (very low) for businesses at an amount up to 2.5 times your monthly payroll. Administered by the SBA. If you maintained your payroll (employees) through an 8 week segment of the pandemic (instead of laying employees off), <strong>then the loan is forgiven - free money that you don't have to pay back</strong>. Lots of paperwork required , but you got your payroll paid by the US debt for 8 weeks as well as a little more for utilities and rent. Theory was to keep people on their jobs (even if there was no work) and keep them off unemployment benefits.</p><p>There is now a round two in the new 2021 stimulus program. New round is only for companies that have had a 25% decrease in revenue in at least one quarter. <strong>Round 2 also allows you to spend money on property damage due to protests</strong>.</p></blockquote><p></p>
[QUOTE="simme, post: 1661345, member: 40418"] [B]General [/B]information. PPP round 1 was part of the original covid stimulus/relief last year. Paycheck Protection Program was a low interest loan (very low) for businesses at an amount up to 2.5 times your monthly payroll. Administered by the SBA. If you maintained your payroll (employees) through an 8 week segment of the pandemic (instead of laying employees off), [B]then the loan is forgiven - free money that you don't have to pay back[/B]. Lots of paperwork required , but you got your payroll paid by the US debt for 8 weeks as well as a little more for utilities and rent. Theory was to keep people on their jobs (even if there was no work) and keep them off unemployment benefits. There is now a round two in the new 2021 stimulus program. New round is only for companies that have had a 25% decrease in revenue in at least one quarter. [B]Round 2 also allows you to spend money on property damage due to protests[/B]. [/QUOTE]
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