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Thread: Has anyone applied for PPP if so do you have all the rules and back end requirements???

  1. #1

    Default Has anyone applied for PPP if so do you have all the rules and back end requirements???

    I am self employed and have 18 employees. Rather than lay off people I was very interested in gaining the SBA payroll protection plan. This to me is a great way to maintain what cash I have as new sales are not coming in. (Do to stay at home orders). I have applied and received notice funds will be issued early next week. My question is does anyone really know what the back end requirements will be? My banker is suggesting I open a new account? Like I will be able to get new checks and everything else that goes along with it to keep my reporting up to date. I believe the banks are suggesting this to get their piece of the pie..more accounts mean more revenue for the banks. Just wondering if any commercial lenders are here really know what’s needed. Or are they (feds). Still making it up as we go? Any info would be great. I thank you all in advance

  2. #2

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    sba.gov... Work your way through the site. I went through funding programs--->Loans--->Hover and see corona virus relief options
    Now there's no more oak oppression
    They passed a noble law
    Now the trees are all kept equal
    By hatchet, axe and saw.

    I will not comply.

    The Tea Party... quietly plotting to take over the world,
    and leave you the hell alone!

  3. #3

    Default

    Well as I understand the rules are still being drafted....first off you will pay taxes on any forgiven loan grant or any other word you may call it. Also you cannot lay any ...”any” employee off.....if you do you will be penalized and must pay back the ppp at one percent for any difference. Also you can use rent and utilities to make up not more than 25% of the loan. If so any difference will be considered loan and must be paid back. Also the banks will be in charge of forgiveness status...need I say more. All interest will be due when 8 weeks is over and will be added to any portion not forgave....this is on top of the value of income gained. The banks will decide and tell you how much you owe even after you meet the forgiveness status. Nothing but more money for the banks, state and fed after all the dust settles. Just saying. Good luck and I wish you all welll and safety

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