richieb Posted May 7, 2020 Share Posted May 7, 2020 We’ve done the same drive through thing past couple weeks. Grabbed burgers/fries/malt, wait in line about 20 minutes, tip the human handing over the goods. We then head to a large county park a couple miles away, park by a lake and have little park setting picnic. Kind of enjoyable and may continue into post Rona “normalcy” — 1 Quote Link to comment Share on other sites More sharing options...
DizRotus Posted May 7, 2020 Author Share Posted May 7, 2020 The PPP $$$ are in the account. 1 Quote Link to comment Share on other sites More sharing options...
Jeff Matthews Posted May 9, 2020 Share Posted May 9, 2020 Expenses paid with PPP funds will not be deductible. https://finance.yahoo.com/news/stunning-irs-ruling-may-bankrupt-194235373.html Quote Link to comment Share on other sites More sharing options...
DizRotus Posted May 25, 2020 Author Share Posted May 25, 2020 Unless I’m misunderstanding this, I might be compelled to use PPP funds to pay an employee reluctant to return to work under the current COVID-19 protocols. Since I am unable to hire a replacement in the next few weeks, it may be necessary to continue to pay the reluctant employee to meet the 75% threshold. If I meet the threshold, SBA pays all three employees, as the PPP loan is treated as a grant. If I don’t meet the threshold, PPP funds used to pay our employees are an expense of our business, as the PPP loan must be returned or repaid as a low interest loan. Seems to me that meeting the 75% threshold is paramount. 1 Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted May 25, 2020 Moderators Share Posted May 25, 2020 5 hours ago, DizRotus said: Unless I’m misunderstanding this, I might be compelled to use PPP funds to pay an employee reluctant to return to work under the current COVID-19 protocols. Since I am unable to hire a replacement in the next few weeks, it may be necessary to continue to pay the reluctant employee to meet the 75% threshold. If I meet the threshold, SBA pays all three employees, as the PPP loan is treated as a grant. If I don’t meet the threshold, PPP funds used to pay our employees are an expense of our business, as the PPP loan must be returned or repaid as a low interest loan. Seems to me that meeting the 75% threshold is paramount. That's my understanding, you have to hit the 75% with gross pay (940 expenses don't qualify as part of that is my understanding so watch that as well). Not sure if you hire a temporary employee to do work of reluctant employee counts, it probably does, as does a replacement employee. I think they are looking at gross numbers before and after. I don't know if you can use it for back pay if employees were laid off and you use it to help make ends meet. If they can do anything from home I know you can use it to pay people for that. Quote Link to comment Share on other sites More sharing options...
sputnik Posted May 26, 2020 Share Posted May 26, 2020 Congratulations on finally getting your funds. The forgiveness process still seems to be evolving but the link below is from the latest information from my bank (as of Friday). They sent me the latest PDF and said it may still not be the final draft but it gives an idea of what information will need to be provided for loan forgiveness. I have to say that my local bank has really been on top of things through the whole process - I’ve been working with them for nearly 30 years and they were truly looking out for me. They got our application in early in the wee hours on the first day and we had the funds about a week or so later - very easy compared to other stories I’ve heard. https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf 1 Quote Link to comment Share on other sites More sharing options...
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