Trump signs bill to ease guidelines on coronavirus relief loans for small businesses

[Hitman]

2 minutes ago, jefferson1 said:

 

LOL

[trent]

17 minutes ago, Bhumchik said:

What do you mean “smart”? Is it claiming nonexistent employees on record as of Jan? How can you create payroll for those imaginary employees for January - now in May or June to be able to apply for a loan?? If you don’t run payroll for employees on time (Jan) and pay payroll taxes on time, you’ll go to jail.

if you don’t pay your employees on time (Jan), you’ll end up paying TWICE the salaries and also penalties, interest and possible criminal charges for nonpayment of payroll taxes -

https://www.google.com/search?q=not+run+payroll+on+time+crime

why would anyone risk criminal charges for payroll and deportation for false records on loan application??

There is nothing like “exactly how to play the game” and there are no “safe thresholds”. So far you have not backed up your allegations with any factual data.

Mana mestris business operation style Chala diff vuntadi antha fraid but legal way. Chill

naku personal ga telisina  chinna mestri ke 2.5 million vachay. He said this ur free money due to this corona and planning to set up Agro-pharma with this money in AP.

he makes roughly 15cr every yr on his shops and this yr ila extra profit vachay. Nuvvu cheppevi anni paper medane 😐 reality Idi 

[Bhumchik]

2 hours ago, trent said:

Mana mestris business operation style Chala diff vuntadi antha fraid but legal way. Chill

naku personal ga telisina  chinna mestri ke 2.5 million vachay. He said this ur free money due to this corona and planning to set up Agro-pharma with this money in AP.

he makes roughly 15cr every yr on his shops and this yr ila extra profit vachay. Nuvvu cheppevi anni paper medane 😐 reality Idi 

Good luck to your mestri with proving 2.5 million in payroll costs. He is just bragging that he got free money - something that you don’t have.

[dewarist]

25 minutes ago, Bhumchik said:

What do you mean “smart”? Is it claiming nonexistent employees on record as of Jan? How can you create payroll for those imaginary employees for January - now in May or June to be able to apply for a loan?? If you don’t run payroll for employees on time (Jan) and pay payroll taxes on time, you’ll go to jail.

if you don’t pay your employees on time (Jan), you’ll end up paying TWICE the salaries and also penalties, interest and possible criminal charges for nonpayment of payroll taxes -

https://www.google.com/search?q=not+run+payroll+on+time+crime

why would anyone risk criminal charges for payroll and deportation for false records on loan application??

There is nothing like “exactly how to play the game” and there are no “safe thresholds”. So far you have not backed up your allegations with any factual data.

Ok, you win. Things work as they are on Paper in this world.

I wont get a prize to prove you wrong in this virtual realm.

[trent]

2 minutes ago, Bhumchik said:

Good luck to your mestri with proving 2.5 million in payroll costs.

Vallaki emi Bro emaina chestaru 

e Rojullo evadu fraud chesthe vade magadu vade CM PM 

manalanti vallu paniki raru e society lo 😢

[tacobell fan]

16 minutes ago, Bhumchik said:

It’s not free money or a grant - it’s a LOAN with low 1% interest that may be forgiven if you meet the criteria on spending it on payroll (minimum 75% of the loan amount and up to 100%) and payroll costs like rent, utilities and mortgage interest (up to 25% max) in a limited timely manner which is within 8 weeks (but there was talk the time limit would be increased).

If you already laid off 25% or more of your employees, you won’t be able to spend it all within 8 weeks on payroll and end up paying back the loan amount! If you are required to spend the loan amount on paying employee salaries (who you stopped paying or cannot afford to pay due to no business and due to corona), how is that going into your pocket as employer and how is that free money? It is a means to retain your employees - not your pocket money. PPP => Paycheck Protection Program.

yeah, I got PPP loan money too.

Congratulations and do your research and not end up in surprises later on.

@heha 

Good luck if you are paying back. 

[trent]

Just now, tacobell fan said:

@heha 

Good luck if you are paying back. 

How r u uncle, wats going on? Meru kuda brown lives matter ani start cheyali inka 😂

[tacobell fan]

19 minutes ago, Bhumchik said:

It’s not free money or a grant - it’s a LOAN with low 1% interest that may be forgiven if you meet the criteria on spending it on payroll (minimum 75% of the loan amount and up to 100%) and payroll costs like rent, utilities and mortgage interest (up to 25% max) in a limited timely manner which is within 8 weeks (but there was talk the time limit would be increased).

If you already laid off 25% or more of your employees, you won’t be able to spend it all within 8 weeks on payroll and end up paying back the loan amount! If you are required to spend the loan amount on paying employee salaries (who you stopped paying or cannot afford to pay due to no business and due to corona), how is that going into your pocket as employer and how is that free money? It is a means to retain your employees - not your pocket money. PPP => Paycheck Protection Program.

yeah, I got PPP loan money too.

Congratulations and do your research and not end up in surprises later on.

idi nee lanti valla kosam ee. 

Trump said the legislation "will especially help restaurants, hotels and other businesses that have been very hard hit by the virus."

The bill: 

• Cuts the share of aid recipients need to use on payroll to 60% from 75%
• Allows businesses to use the money for six months instead of two months 
• Extends a June 30 deadline for companies to rehire employees 
• Gives loan recipients a longer period of time to repay the loans 
• Lets companies receiving loan forgiveness defer payroll taxes 

Though the bill passed by voice vote this week, it did not get through the Senate before Sen. Ron Johnson, R-Wisc., got assurances about future changes. He wants the PPP to expire earlier than originally planned. 

https://www.cnbc.com/2020/06/05/coronavirus-relief-trump-signs-bill-to-ease-limits-on-small-business-loans.html

 

[Bhumchik]

Just now, tacobell fan said:

@heha 

Good luck if you are paying back. 

I’ve already spent it all (94% of it on salaries and the rest on rent, utilities) and waiting for the loan forgiving application lol

[Bhumchik]

1 minute ago, tacobell fan said:

idi nee lanti valla kosam ee. 

Trump said the legislation "will especially help restaurants, hotels and other businesses that have been very hard hit by the virus."

The bill: 

• Cuts the share of aid recipients need to use on payroll to 60% from 75%
• Allows businesses to use the money for six months instead of two months 
• Extends a June 30 deadline for companies to rehire employees 
• Gives loan recipients a longer period of time to repay the loans 
• Lets companies receiving loan forgiveness defer payroll taxes 

Though the bill passed by voice vote this week, it did not get through the Senate before Sen. Ron Johnson, R-Wisc., got assurances about future changes. He wants the PPP to expire earlier than originally planned. 

https://www.cnbc.com/2020/06/05/coronavirus-relief-trump-signs-bill-to-ease-limits-on-small-business-loans.html

 

Correct - that is today’s news and good for businesses.

It does not talk about any relaxations on applying for the loan - only post loan approval processes.

[tacobell fan]

Just now, Bhumchik said:

Correct - that is today’s news and good for businesses.

It does not talk about any relaxations on applying for the loan - only post loan approval processes.

Tone marchesav enti brother

[Bhumchik]

2 hours ago, tacobell fan said:

Tone marchesav enti brother

I already mentioned there was a talk about increasing the time limit on spending the loan amount. They are changing it from 8 weeks to 24 weeks - to be forgivable.

from 75% minimum, now it is 60% minimum on payroll and the rest on payroll costs - to be forgivable.

You have to pay salaries even if your employees cannot work due to corona! You are paying rent, utilities so your employees can work and have a place to work.

Still, none of it it goes into employer’s pocket and it is basically a forgivable loan - no changes here.

[Bhumchik]

If you are self employed like an s-Corp, you take a salary and pay payroll taxes from the loan amount. Maybe this is where you are confused because the money goes into his pocket as salary for owing the business. For bigger companies, it is spending it all on payroll.

[mustang302]

Inthaki em thelcharu db lo..Pakodi employees ki create chayyala vadha on paper?🤣

[mettastar]

1 hour ago, tom bhayya said:

  aa inka lakers kabatti repaid it , donga naa companies enni unnayo 

NBA’s LA Lakers got $4.6 million in coronavirus federal loan money for small business

Vuncle mari restaurant meda loan theesukuntunnava