This is probably the application for the loan portion of EIDL. You have the grant portion already.
Rishi Khan 178 CEO Extreme Scale Solutions
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- You can do both, but you can't use the same monies for the same reasons. That is, you can use EIDL for payroll AFTER PPP. You can use EIDL to pay your legal or account or 1099 expenses, or unallowed... (More)
It isn't signed into law yet (by POTUS), but should be signed this week. Expect guidance from the SBA shortly (e.g. this week or next).
You can use it for future payroll costs, rent, utilities, and interest on debt obligations. Nothing else.
Only the 8 weeks of payroll, plus rent, utilities, and mortgage interest. Please read the PPP forgiveness application. It makes all of this clear.
Yes. I would suggest you look at the PPP forgiveness app here12 and refer to the "Alternative Period" and the wording
"Line 1: Enter total eligible payroll costs incurred or paid during the Covered Period or the Alternative Payroll... (More)
I don't see an issue. But your draw as a sole proprietor is limited to (2019 net income)/52*8 if you earned less than $100K last year.
Yes. That's fine. You just can't say you paid person X $500 and applied it to both PPP and EIDL at the same time. But, you also may want to consider using EIDL funds for non-payroll costs that exceed the... (More)
My reading is 'no'. Because both the interim ruling and the CARES act and the forgiveness paperwork say "the term “covered utility payment” means payment for a service for the distribution of electricity, gas, water, transportation, telephone, or internet access... (More)
Reading the PPP worksheet schedule A, it looks like because Step 1 will bring them to pre-covid levels during the covered period, you do not have to worry about the June 30th calculation.
Yes. Because you are taxed 100% as income, this counts.
All income that is taxed with payroll tax counts. Because S-Corp distributions are not taxed as payroll, I don't think they count. So, for loan amount calculation, you can't do anything.
However, there is no reason you cannot start to... (More)
I believe the amount you pay yourself has nothing to do with what you paid yourself previously as long as it's less than $100K and more than 75% of what you paid yourself before.
Here is the equation:
75% of... (More)
This is UNCLEAR. The law says 'costs incurred and paid during the covered period'. Thus it would seem that you'd have to PAY it also. Maybe the SBA will clarify. But I suggest paying your last payroll early so it's... (More)
Yes. But you can not get more than the PPP loan amount forgiven.
My reading is that you can bring them back on and pay them and it will be forgiven. I would suggest being creative and finding 'other' work for them. Do you need SOP's? How's your 3-year plan? What about marketing... (More)
My understanding is that the forgiveness is only for the 7(a) loans.
See section 1102(a) here:
This has not been signed into law, but it passed the Senate and is expected to pass the House on 3/26.
NOTE: I'm... (More)