President Trump Signs $2t Covid-19 Relief Bill Into Law

Discussion in 'Free For All' started by Stacia_and_John, Mar 30, 2020.

  1. Restling

    Restling I can choose my own title Registered Member

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    Cost of living adjustment would have made sense, as well as, not paying people more in the stimulus, then they were making when they were working. Probably could have spent less time with Kennedy Center kickbacks, voter registration, and "green deal" airline restrictions.
     
  2. Stacia_and_John

    Stacia_and_John T&A Tour Guide Registered Member

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    Hey small business owners.... look into the part of the CARES act which supports the "Paycheck Protection Program."


    https://www.washingtonpost.com/busi...-loan-under-349-billion-coronavirus-aid-bill/

    I've been reading about this program off and on all day. Even if You aren't the business owner, point it out to the person who is if you work in/for a small business.

    It looks like you can add up your business' payroll, add in office mortgage/rent and up to an additional 25% and get a loan from the SBA side of the guvmint (backed by local banks, sped-up application system being rolled out in the next few days) and you acan ask for 2.5 times the total amount you'll need... I'm trying to pin down how "long" the period is you can request the money. Right now, it appears to be through June 30, but I can't seem to get that confirmed.

    So, for Stacia & I, since I'm the owner with her of an s-corp Professional Corporation which pays us an annual salary and we rent our office space and have ongoing necessary expenses to support said office, I as the business owner, can support my business (i.e. most of the money goes to my "employees" which are the two of us) and cover the major bills.

    It IS a loan, but the intitial 8 weeks of what you borrow is apparently FORGIVEN, meaning, you don't have to pay it back. This is how I think a lot of the ... call it a bail-out if you want, is going to come down. Maybe as much as 25% of the total if I'm reading this right.
     
  3. Restling

    Restling I can choose my own title Registered Member

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    What do you mean “the initial 8 weeks of what you borrow is apparently forgive?”

    Are you talking interest of the loan, or the actual loan itself?
     
  4. Stacia_and_John

    Stacia_and_John T&A Tour Guide Registered Member

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    Apparently, and don't take my word for it as Gospel as it's really not that clear, but it does read like the initial 8 weeks of the payout to cover what you get is forgiven, and in loan terms, forgiven means you don't have to pay it back.

    Which seems too good to be true, but it is a business support bill during a disaster/emergency situation.

    Still reading...
     
  5. Stacia_and_John

    Stacia_and_John T&A Tour Guide Registered Member

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    SBA Issues Paycheck Protection Program Guidance

    Seems to say, "forgiven."

    "Loan amounts will be forgiven as long as:
    The loan proceeds are used to cover payroll costs, and most mortgage interest, rent and utility costs over the eight-week period after the loan is made*; and
    Employee and compensation levels are maintained."

    Don't you all read it that way?
     
  6. mexico24

    mexico24 Guru Registered Member

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    I wonder if $2,000,000,000,000 could have got us a fast cure/vaccine?
     
  7. Len from the Floor

    Len from the Floor Addict Registered Member

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    I think it is safe to say that if throwing money at a vaccine would have solved the problem, they would have done it. If you listen to the medical people it is a process that you cannot speed up beyond the 12 to 18 months they have been talking about. As far as a cure , it to is a process and it seems they are doing everything possible to speed up that process. Tests are underway if the reporting is correct.
     
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  8. Steve&Meredith

    Steve&Meredith Enthusiast Registered Member

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    That is correct. I already filled out the app. It is now available on treasury.gov
    It is the governments way of making sure you keep your employees on the payroll and not on unemployment.
     
  9. Restling

    Restling I can choose my own title Registered Member

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    My wife works in the loan department at a bank. She said the banks are actually loaning he money, so “forgiving” he loan would have to be made good by the government.

    Lots of paperwork involved, and proof, that payment is all going towards payroll etc... and that you are effected by the “lockdowns”.

    I own a small construction company, and we are still working, so not eligible for this loan. I asked her if we could get the loan, to offset our sons college tuition. She says no way, with the amount of paperwork and checks in the system.
     
  10. PWed

    PWed Enthusiast Registered Member

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