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  • PPP Loan Forgiveness

    Has anyone started their Paycheck Protection Program loan forgiveness application? I have completed it for the owner I am working for now and it looks like the complete loan will be forgiven. The bank requested some additional paperwork after we uploaded all our documents, however it has been really simple for the most part.
    --
    Ron

    http://n6ach.com
    http://laws.n6ach.com
    [email protected]

  • #2
    I understand that the ENTIRE loan is forgiven!
    Hard to believe eh????
    I am not in charge of that!
    Don't put off until tomorrow, what you can do today.

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    • #3
      Originally posted by lady5563 View Post
      I understand that the ENTIRE loan is forgiven!
      Hard to believe eh????
      I am not in charge of that!
      Crazy ... He set aside the normal amount for payroll each pay period in a savings account just in case he had to pay back the loan. But because we have spent a bit more on payroll than we did prior, the entire loan looks to be forgiven. We lost 2 employees who didn't want to work during covid, but hired 3.
      Last edited by ams; 14 October 2020, 02:17 PM.
      --
      Ron

      http://n6ach.com
      http://laws.n6ach.com
      [email protected]

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      • #4
        I think that is what I read too...the business owner would have to use a certain % of the loan money and if he/she did, then the ENTIRE loan is forgiven!

        How are WE ever going to pay this back and actually recover????
        Don't put off until tomorrow, what you can do today.

        Comment


        • #5
          Originally posted by lady5563 View Post
          I think that is what I read too...the business owner would have to use a certain % of the loan money and if he/she did, then the ENTIRE loan is forgiven!

          How are WE ever going to pay this back and actually recover????
          Right? Our great grandchildren will be paying for this in taxes. A financial guy I listen to states that we're bringing in as much as we're spending, and that's it. No extra. But states and cities are falling way behind.
          Even duct-tape can't fix stupid. But it can muffle the noises.

          WA State

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          • #6
            Originally posted by KrisinWA View Post

            Right? Our great grandchildren will be paying for this in taxes. A financial guy I listen to states that we're bringing in as much as we're spending, and that's it. No extra. But states and cities are falling way behind.
            This will skyrocket the deficit for sure. Our little business was at $60k and the questionnaire had a lot of sections for those companies who got loans for over a million.
            --
            Ron

            http://n6ach.com
            http://laws.n6ach.com
            [email protected]

            Comment


            • #7
              I honestly can't understand why anyone in our business would need that loan in the first place. From what I can understand most everyone's business has either been stable or actually gone up during this pandemic. I'm full and turning down business most every day. Even collections have been easier during the past 6 months. Makes no sense to me.

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              • #8
                Originally posted by twotoejoe View Post
                I honestly can't understand why anyone in our business would need that loan in the first place. From what I can understand most everyone's business has either been stable or actually gone up during this pandemic. I'm full and turning down business most every day. Even collections have been easier during the past 6 months. Makes no sense to me.
                Same here we didn't lay off anyone nor did we plan to. Business has been good even with increased waives and less charged fees. We didn't even consider taking a PPP loan.

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                • #9
                  We lost 2 employees in March at the start. They left because of covid fears. We were unsure of how this was going to play out. So when our bank offered, we took it.
                  --
                  Ron

                  http://n6ach.com
                  http://laws.n6ach.com
                  [email protected]

                  Comment


                  • #10
                    Hijacking the topic for a moment, but did you land at another facility ams ? All I ever heard here was that they didn't have suitable live on for ya. Everytime I post job ads here it's pretty much guaranteed someone current from your old place is going to apply.

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                    • #11
                      Originally posted by ams View Post
                      We lost 2 employees in March at the start. They left because of covid fears. We were unsure of how this was going to play out. So when our bank offered, we took it.
                      This is sort of the reason my company accepted it, as well. They thought they would have to furlough us due to not knowing the outcome of all of this. With the loan, per the conditions of it, they were able to keep us all on and supplement our pay when we weren't in office (working from home). Very smart move on the company, yours too!

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                      • #12
                        Originally posted by Orkocean View Post
                        Hijacking the topic for a moment, but did you land at another facility ams ? All I ever heard here was that they didn't have suitable live on for ya. Everytime I post job ads here it's pretty much guaranteed someone current from your old place is going to apply.
                        Hola, I am not working at a facility, though I think I would like to do that again, I really like working with my wife. I am consulting at a office helping with administration and doing health and safety training to get the facilities OSHA/CalOSHA compliant. The owner was wanting to get everything legit instead of being a mom and pop type business.

                        As far as employees from my old place applying, I can see that, it doesn't look like that management company is a good one to work for.
                        --
                        Ron

                        http://n6ach.com
                        http://laws.n6ach.com
                        [email protected]

                        Comment


                        • #13
                          People tried to scam??? I am shocked

                          --
                          Ron

                          http://n6ach.com
                          http://laws.n6ach.com
                          [email protected]

                          Comment


                          • #14
                            Originally posted by ams View Post
                            People tried to scam??? I am shocked
                            All the best stories start out with "Florida Man..."

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