I can't say I agree with you on that one... I am assuming that it is going to work as described, and it would get us (and I mean the royal Us, as in most people) over the hump in hhe economic lockdown. I can see where certain guys, like the union guys I know that work for really big employers, are probably going to get scarred. I was just talking with CM about how it's going to hit him in the next couple months and he's pissed and I get it.
We might be on the same flight w/ u from Houston. So when in July? July heat down there will kill off da virus...
My wife was looking into this today, and it looks like for our payroll we can use this "loan." She is bringing home the application tonight.
Stacia & i bank with Bank of America, I've got all my firm's banking resources associated with them. Yesterday at precisely 8:00 a.m. EST they blast-mailed out an explanatory email on precisely what I'd been researching for the previous 2 days... so that was sort of a waste of time, but I could confirm for myself that what I'd been thinking was accurate. As long as you spend the loaned money (as the business) on what you say you're going to when you take out the loan (keep good records), which means your employee's payroll, your business mortgage (interest only as you can request to defer mortgage principal payments) or rent, utilities and associated regular business expenses you just can't slide out of, then all of that money proven to go to those things will be forgiven for the initial 8 weeks from the date of "origination of the loan," (i.e. funding). So, we spent about 10 minutes figuring out where B. of A.'s online application for the PPP was, then 5 minutes completing it. So, we'll see. If you think your business qualifies, I'd not wait to get the loan app. completed and submitted, ti's a big, finite number... but it IS finite.
We have filled ours out. However our credit union does not do anything with sba so I have reached out to another bank in our area that does.
We are in the process. Do you know if the payroll during the period that you are using then “loan” for will still be a deductible expense for next year?
My "understanding" is yes, it's being carrried forward as a deduction, but it is in flux. My CPA sent an email to me about it (another blast) and he even said that it's unclear, as of right now, how it will all play out. But he did specifically mention the payroll taxes still being there to claim down the road.
