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cbslee

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About cbslee

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  1. This link doesn't work. There are so many changes happening,. links that worked this morning don't work later in the same day.
  2. I have 7 monthly writeup/payroll/tax business clients that I am advising.
  3. Perhaps setting up an EFTPS account would work.
  4. Here are summaries of the two programs: * Paycheck Protection Program The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. * Economic Injury Disaster Loans and Loan Advance To apply for a COVID-19 Economic Injury Disaster Loan, click here. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid
  5. cbslee

    SBA Loans

    Here are summaries of the two programs: * Paycheck Protection Program The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. * Economic Injury Disaster Loans and Loan Advance To apply for a COVID-19 Economic Injury Disaster Loan, click here. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
  6. cbslee

    SBA Loans

    I started a new thread about the "Payroll Protection Program" which is a different program with a different application process. It's getting hard to keep track of all the moving parts of the different programs.
  7. The other thread is about a different SBA program called an " COVID 19 ECONOMIC INJURY DISASTER LOAN." Copied from the Journal of Accountancy: Applications for small business Paycheck Protection Program open April 3 By Kim Nilsen and Alistair M. Nevius, J.D. Advocacy & Tax Relief Management Accounting Tax Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday. Starting April 10, independent contractors and self-employed individuals can apply. The application can be found here on the Treasury site, along with details for borrowers and lenders. Treasury urged those in need of funding to apply quickly, noting that the program has a cap and demand is likely to be high. The $349 billion program was enacted as part of last week’s Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. Under the program, small businesses with 500 or fewer employees including not-for-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible for loans to pay up to eight weeks of payroll costs including benefits as well as other costs. Businesses with more than 500 employees are eligible in certain industries, Treasury said. Loan forgiveness is based on the employer’s maintaining or quickly rehiring employees and maintaining salary levels, Treasury said in its overview documents. Forgiveness will be reduced if full-time headcount declines or if salaries and wages decrease. PPP funds can also be used to pay interest on mortgages, rent, and utilities. Treasury noted that due to likely high demand for the program, at least 75% of the forgiven loan amount must have been used for payroll. Loan payments will be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. An employer who receives a loan under the PPP is not eligible to also claim an employee retention credit under the CARES Act. The employee retention credit gives eligible employers whose business operations are fully or partially suspended due to the COVID-19 pandemic a credit against employment taxes equal to 50% of qualified wages (up to $10,000 in wages) for each employee.
  8. cbslee

    SBA Loans

    These dates are for a program called the "Paycheck Protection Program."
  9. cbslee

    SBA Loans

    It's pretty simple, if you have the time.
  10. cbslee

    SBA Loans

    I just filled out the application for my own business in about 20 minutes, did not ask for the $10,000 grant advance.
  11. You also have the option of documenting your verbal inquiries and your clients answers.
  12. I have my clients sign a certification statement, which I found online and modified for my purposes.
  13. cbslee

    SBA Loans

    I was reading on one site today, that you cannot obtain a forgiveable SBA loan and also claim a payroll tax credit.
  14. I believe what is included in wages for WC purposes is on a state by state basis.
  15. I believe they have 90 days to return the money to the fiduciary.
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