I have never received any government handout and just don't believe in it. I am a sole proprietor and work for myself. I don't have any employees but was planning to add one this summer, maybe a second next winter, before all this happened.

March was my best month ever, even though I didn't receive a penny after the 23rd. My income has been devastated. I am able to get by because I have savings and no debt. I did not qualify for the stimulous handout.

I do qualify to apply for the PPP, and possibly have it cancelled. So it's a low interest loan that may turn into free money. I have very mixed feelings about it. The first round was out of money in a snap. Lot's of big, evenly publicly traded company's paid out in it. My dad also worked for himself and I have tried to think what he would do...and I'm not sure. He's been dead for years.

Those of you working for yourself, are you similarly conflicted, making the grab, or turning it down?

I am in the very shoes you talk about!!! my banker talked me into filing for it. I guess we will see. good luck !

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.

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.

Right, because sole proprietors don't pay taxes...

Let the greed mongers have and hold your head up.

Who mentioned anything about taxes? Wow that came from left field.

I don't understand your quandary. The government caused the problem and should pay up. They owe you!

My accountant thinks I should definitely apply, but I don't agree. My business routinely has 1-2 week down times, although the last one was definitely due to the current fear.

We are back to work and not in need of .gov funding. Even if the accountant thinks me foolish for not getting some of the free money being tossed out.

Not going to be the first in my family to take the cheese. F*%k that.

Apply, if you're qualified. You've paid plenty in and will continue to, if you're still in business and thriving again. That's what this is for. It's to help carry small businesses over, so they are in a better/healthier position when we're given the go-ahead to reopen. You almost have a duty to yourself, your family and your country to apply and position your business to thrive again.

My son has a business, six employees. He has kept them all working despite dismal revenues. I strongly encouraged him to go for the loan that presumably will be forgiven. He applied but the money was gone. He thinks his business will get some loan money the second round.
T the OP, if I were you, I’d hold my nose and try to get some of that money. You are going to be paying for it, in taxes.

As an employer, I sincerely hope your employees get paid unemployment when your apparently non-essential business goes tits up.

No offence.

I have a storefront but can work remote if need be done it before and can do it again not in debt now and don’t intend to be we have stayed busy but have slowed down some not being booked out two weeks but going day to day as far as outside service work we’re essiantal

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.

In much the same boat with 10 employees . Most have been on the payroll for 17 years... . As always lots of weight on my shoulders and mind, and they and their families too.

It’s not a handout. You have been paying taxes, probably more than most and they returned some of what you paid. There are people who get refunds who have never paid a dime in taxes. Nothing to feel bad about.

You didn't make these rules, but they are the what we collectively, though our representatives, have agreed upon.

During this crisis which is beyond your control, decisions were make negatively impacting your business. These decision were made for the perceived benefit of all of us. In exchange for this harm done to you, we've also put in place programs to mitigate those effects. I see no legal, moral, or ethical reason you should participate in all of the harm, and none of the mitigation.

It sounds like you are trying to run your business properly, so why punished yourself for that? As previously mentioned, not taking it may risk your continued self employment as a time of economic stress. If you business fails, conditions may not support the creation of a new one, or traditional employment opportunities. This increases the risk you'll be on the government doll in the future, as part of some kind of unemployment plan, or because you are broke in old age and no longer able to support yourself.

My advise, take the money. It's cheap capital. If may be a long time until you have an opportunity for cheap capital. Put it away for a rainy day, or (hopefully) better yet, future expansion. Look for those opportunities to use it exactly as it was intended, by maintaining your productivity, investing in capital equipment with high returns on investment, and hopefully, provide some good American jobs in the future.

AS.

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 anyone was shut down by the government, threaten with fines if they still choose to work, is entitled to what ever scraps thrown to them. Frankly, government doesn't want small business and the more that go under and the slack picked up by large corporations the better.

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.

Thumbs up!


Ps.....I thought you were still farming.

Need a tractor driving job this spring.

All this free money is going to cause inflation. if you dont participate the inflation will still be there

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.

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.

Yes you should apply for any and everything you qualify for.

You didn't create this mess and it is not welfare.

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.

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.

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.

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

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

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

Are you just saying that or do you really mean it?

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