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Joined: Dec 2007
Posts: 11,211
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2007
Posts: 11,211 |
Anyone planning to burn their $1200 stimulus check can tell you whatever they want everyone else should say go for it; there’s no difference.
The govt made decisions that took money out of your pocket and now has a program to help reimburse you. That’s what this is.
Do it and don’t feel bad at all.
Exactly, It didn't take the states long to figure out how much they will fine you if you violate the no work orders.
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Joined: May 2016
Posts: 60,463 Likes: 15
Campfire Kahuna
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Campfire Kahuna
Joined: May 2016
Posts: 60,463 Likes: 15 |
I'm 58, was self employed, but now retired, don't need a thing, I believe you guys should do what's best for your families and businesses. Thumbs up! Ps.....I thought you were still farming. Need a tractor driving job this spring.
I am MAGA.
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Joined: Sep 2004
Posts: 4,716
Campfire Tracker
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Campfire Tracker
Joined: Sep 2004
Posts: 4,716 |
All this free money is going to cause inflation. if you dont participate the inflation will still be there
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Joined: Feb 2010
Posts: 2,835
Campfire Regular
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Campfire Regular
Joined: Feb 2010
Posts: 2,835 |
I am a sole proprietor and work for myself. I don't have any employees but was planning to add one this summer The PPP is set up to help employers to continue to pay their employees a paycheck and remain employed while this "pandemic" winds down. Our company qualifies for that interest free / possibly forgiven loan but they ran out of money. Been paying 8 employees out of pocket. Can't continue that indefinitely without help. Sole proprietors should go to the back of the line. No offense. Glad you have savings. As an employer, I sincerely hope your employees get paid unemployment when your apparently non-essential business goes tits up. No offence. The entire point of this PPP program is to provide funds to employers to continue to pay employees a paycheck during this pandemic. To save jobs so employees don't HAVE to go on unemployment. I've been paying out of pocket to my valued employees. "Non-essential"? dumbass? Our company is a licensed and bonded company that provide in-home care to the elderly that wish to remain in their homes. Tell me about your essential business smartass. Sorry you are offended, I did say no offence. Just as you did. Sole proprietors are just as entitled to this funding as any other business affected by this mandated work stoppage. Best wishes on your return to being profitable.
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Joined: Sep 2009
Posts: 46,247 Likes: 1
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2009
Posts: 46,247 Likes: 1 |
I'm 58, was self employed, but now retired, don't need a thing, I believe you guys should do what's best for your families and businesses. Thumbs up! Ps.....I thought you were still farming. Need a tractor driving job this spring. LOL, no Big Jim, I just farm a few cows to keep from getting bored, I'm about a 15/16th's retired, fair weather working, lazy vagina, thanks for the job offer though Friend.
Trump Won!
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Joined: Aug 2007
Posts: 115,424 Likes: 13
Campfire Sage
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Campfire Sage
Joined: Aug 2007
Posts: 115,424 Likes: 13 |
Yes you should apply for any and everything you qualify for.
You didn't create this mess and it is not welfare.
Trump being classless,tasteless and clueless as usual. Sorry, trump is a no tax payin pile of shiit. My young wife decided to play the field and had moved several dudes into my house
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Joined: Jan 2018
Posts: 2,387
Campfire Regular
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Campfire Regular
Joined: Jan 2018
Posts: 2,387 |
According to my small business friends, the program sucks. Yes, some of them received money. Yet they say the paperwork is complex. They state bankers ignored the small dollar loan applications as it took the same effort on their part to do a million dollar loan as a 5000.00 loan. As most commercial loan officers are now paid on production, why spend time of a small loan VS. a larger loan.
In training to be an obedient master to my two labs
Shooting, fishing and hunting
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Joined: Aug 2005
Posts: 11,352
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2005
Posts: 11,352 |
You may see if you qualify for the $600 per week Covid19 unemployment pay. I think it is possible that you do. I've seen an 80% reduction in revenues in 2 months, so will be tapping my savings in another few at this rate. Planned for a rainy day and looks like it'll be raining a bit.
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Joined: Nov 2007
Posts: 29,649 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Nov 2007
Posts: 29,649 Likes: 5 |
According to my small business friends, the program sucks. Yes, some of them received money. Yet they say the paperwork is complex. They state bankers ignored the small dollar loan applications as it took the same effort on their part to do a million dollar loan as a 5000.00 loan. As most commercial loan officers are now paid on production, why spend time of a small loan VS. a larger loan. I’ve been running these assembly line style on first come first served basis. First the paperwork. You take your 940 and divide the gross by 12 and multiply that by 2.5. Plus you have to fill in your business name., address, and EIN. Very very simple. Then the lender paid based upon production... only somewhat correct. They’re paid on profitability, and these aren’t very profitable at all. These loans are a waste of time if viewed from a profitability standpoint. My institution is viewing it as an investment in our community. Regional banks around me aren’t taking aps or are prioritizing them based upon size of customer so I’ve gotten calls from prospects who want to switch. Moral of the story is that when things are going ok you can bank anywhere; a small community focused institution will prove beneficial during tough times.
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Joined: Apr 2020
Posts: 279
Campfire Member
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Campfire Member
Joined: Apr 2020
Posts: 279 |
Old farmer being interviewed on the radio -
MC "are you going to sign up for the govmnt loans?"
old farmer replied "don't need to, the wife won the
lottery for a million dollars"
MC "what are you going to do with the money?
Farmer "oh, we'll probably just keep farming til its gone
then try the lottery again"
Oldcuss
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Joined: Apr 2013
Posts: 633
Campfire Regular
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Campfire Regular
Joined: Apr 2013
Posts: 633 |
I work in a small town bank that is working on funding up to 200 small businesses so far. If you qualify, try to get it. I've been telling my customers, 'You may not need it the next 8 weeks, but what about later?' Using these funds to save your business now, saves your funds to operate later.
Rest assured all, this money won't be free. I expect that the forgiven debts will be taxed as income like always. Of course if the economy has knocked off some of you business it may not make much difference.
So far, this appears to be a decent program. It has been a lot of work, but if it works it will be well worth it.
KC If you look at the regs, I believe they specifically say the forgiven loan is tax free. I researched it for the company I work for but we found we are not eligible. G23
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Joined: Apr 2013
Posts: 633
Campfire Regular
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Campfire Regular
Joined: Apr 2013
Posts: 633 |
Another option is the Economic Injury Disaster Loan (EIDL). It is limited to $10,000 and is forgiven. Last I heard there was still funding for that. Not all banks are handling these so you may have to look around
G23
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Joined: May 2016
Posts: 60,463 Likes: 15
Campfire Kahuna
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Campfire Kahuna
Joined: May 2016
Posts: 60,463 Likes: 15 |
Yes you should apply for any and everything you qualify for.
You didn't create this mess and it is not welfare. Are you just saying that or do you really mean it?
I am MAGA.
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Joined: Nov 2018
Posts: 17,034 Likes: 7
Campfire Ranger
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Campfire Ranger
Joined: Nov 2018
Posts: 17,034 Likes: 7 |
After discovering that several large companies have applied to the PPP program, Mnuchin warns them about the statements on the qualifying ‘certification’. The SBA/PPP program is designed for small businesses without access to the capital needed to continue payroll operations. Any big business that has access to capital could face severe penalties and/or investigation if they disregard the certification and make an SBA claim under the program. Our government is inept and all government employees are still getting their fat paycheck while screwing the American entrepreneur struggling to get by. Mnuchin speaks
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