Desi consultancies jackpot

[Valli_]

Government forgivable loans istundi for small business because of Covid-19.

2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months.

100 employees = easy $2.5 million 

[Pitta]

[Bhumchik]

34 minutes ago, Valli_ said:

Government forgivable loans istundi for small business because of Covid-19.

2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skip

 

 

100 employees = easy $2.5 million 

It’s not jackpot. Minimum 75% of it or up to 100% of it needs to be spent on payroll and the remaining on rent, utilities or mortgage interest (payroll costs). They cannot pay any employees over 100K. They need to pay salaries to employees even if they cannot work due to corona. They need to spend all that money within 8 weeks during May and June and furnish proof to the lending bank to get the loan forgiven. Otherwise it remains as a loan at 1% interest repayable within 2 years. If employers reduced 25% of their staff or reduced their wages by 25% in the last couple of months, they will not be able to spend the money on remaining employees or paying them at their reduced wages to have the loan forgiven.

Check out the woes - its anything but a rose garden.

https://www.cfodive.com/news/payroll-rule-paycheck-protection-program-useless-coronavirus/577213/

https://www.ktvb.com/article/news/health/coronavirus/ppp-loan-doesnt-help-boise-hair-salon-owner-pay-bills-or-employees/277-a17a5b88-9e08-487e-a991-756c29084f5a

[Valli_]

C2C money from vendors takes 60 to 90 days. Consultancies will use up the $2.5 million in no time. Pay all the consultants, pay rents, pay recruiters in India, etc

[Bhumchik]

https://www.uschamber.com/co/events/virtual/national-small-business-town-hall-inc-us-chamber-coronavirus-loans

[Bhumchik]

https://www.inc.com/video/how-to-get-your-ppp-loan-forgiven-if-youre-a-business-of-one.html

[tacobell fan]

congrats @tom bhayya & @TOM_BHAYYA

[swatz]

vayya

consultancy lo 1099 pi work chesi contractors vunta, still eligible for stimulus loan?

 

Can you shed some light?

3 hours ago, Bhumchik said:

It’s not jackpot. Minimum 75% of it or up to 100% of it needs to be spent on payroll and the remaining on rent, utilities or mortgage interest (payroll costs). They cannot pay any employees over 100K. They need to pay salaries to employees even if they cannot work due to corona. They need to spend all that money within 8 weeks during May and June and furnish proof to the lending bank to get the loan forgiven. Otherwise it remains as a loan at 1% interest repayable within 2 years. If employers reduced 25% of their staff or reduced their wages by 25% in the last couple of months, they will not be able to spend the money on remaining employees or paying them at their reduced wages to have the loan forgiven.

Check out the woes - its anything but a rose garden.

https://www.cfodive.com/news/payroll-rule-paycheck-protection-program-useless-coronavirus/577213/

https://www.ktvb.com/article/news/health/coronavirus/ppp-loan-doesnt-help-boise-hair-salon-owner-pay-bills-or-employees/277-a17a5b88-9e08-487e-a991-756c29084f5a

 

[snoww]

Monne oka desi gaadini bokkalo esaru ilanti kathalu mingithe

[JambaKrantu]

There is no free lunch in America. Vanda rules untay aa paisal ki.. lite..

[Odale]

Appi gaadu expert

[Bhumchik]

34 minutes ago, swatz said:

vayya

consultancy lo 1099 pi work chesi contractors vunta, still eligible for stimulus loan?

 

Can you shed some light?

 

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

 

[Anta Assamey]

[ARYA]

2 minutes ago, Anta Assamey said:

 

[TechAdvice]

11 hours ago, Valli_ said:

Government forgivable loans istundi for small business because of Covid-19.

2.5 months expenses, including payrolls, if the company has less than 500 employees and if they do not fire anyone who n the next 2 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skip

 

100 employees = easy $2.5 million 

There are lot of conditions for those .. one of the condition is you have to show you have no income and struggling to afford day to day activities