/biz/ - Business & Finance

I dont own a small business

>>18292811
Checked.
>>18292819
Is that the only means to take advantage of said loan?

>>18292819
Start one then file for bankruptcy after taking the money.

>>18292832
The loan is through the SBA, for businesses less than 500 people. The loan is only forgivable if you use it directly to support only your business or your employee's wages. The point is for small businesses not to fire their employees

>>18292868
Do you have a link to more info? I need to pass this along to someone.

>>18292811
admit that you're a leaf and i might

>>18292887
Google.com

>>18292811
>$10,000 forgivable government loan
I owned a small business which I neglected to renew the license for since it wasn't making any money. Too bad this didn't happen a year ago, I could have received my free $10,000

>>18292951
You just have to be an independent contractor. If you drive and uber or operate a chainlink node, you can claim a loan for your own payroll. There's language about forgivness in the form-- they're expecting defaults. Banks probably aren't going to scrutinize them because they're federally backed and the banks pay a fee.

Hopefully some smart people or lawfags can hop in and we can formulate how to get our spot at the trough with at least plausible deniability to outright fraud.

>>18292951
It 404 whenever I click that for some reasons

>>18293110
That is a phishing site. Don't ever go there.

>>18292868
they think $10,000 will keep companies from firing employees?

>>18292887
are they fake hiring? sign me up!

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to
small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the
same for everyone.
The loan amounts will be forgiven as long as:
 The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
utility costs over the 8 week period after the loan is made; and
 Employee and compensation levels are maintained.

nothing about a 10 grand limit here faggots, fuck you; further:

How large can my loan be? Loans can be for up to two months of your average monthly
payroll costs from the last year plus an additional 25% of that amount. That amount is subject to
a $10 million cap. If you are a seasonal or new business, you will use different applicable time
periods for your calculation. Payroll costs will be capped at $100,000 annualized for each
employee.
How much of my loan will be forgiven? You will owe money when your loan is due if you use
the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities
payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated
that not more than 25% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.
 Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time
employee headcount.
 Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and
wages by more than 25% for any employee that made less than $100,000 annualized in
2019.
 Re-Hiring: You have until June 30, 2020 to restore your full-time employment and
salary levels for any changes made between February 15, 2020 and April 26, 2020.

>>18292868
>>18293189

The Disaster loan can be greater than 10k, but the max forgivable is 10k. If you're an independent contractor or a gig worker you are eligible. I really doubt they will disallow this 10k as long as you aren't blatantly committing fraud. So if you even think you may be eligible go ahead and apply, at worst you will have a low interest loan which may be partially forgiven.

As for the Paycheck Protection Program (PPP) this loan is up to $10 million and MUST be spent on payroll (75%) and other business expenses listed (25%) in order to be POSSIBLY forgiven. There are other limitations on this loan and it is tricky, awfully planned, and a pain to get so far. If you're on the edge and just want to stay a float get the EIDL.

There is a second iteration of the PPP coming available starting next Friday specifically for self-employed individuals with no employees/independent contractors. It may be worth paying attention to once we have more info.

>>18293244
You are referring to a different program. "PPP" was specifically introduced for COVID-19. The EIDL (disaster loan) is legacy. What is new is the $10,000 advance, which is more of a grant to struggling small businesses.

>>18292811
I want to apply. I'm an independent contractor with no other employees so I'm not sure what proof they will require that the funds were used for payroll purposes. I've never made a distinction on my taxes before, so what do I do? I also have not filed for the last quarter of 2019 season yet, do you have to do this in order to be eligible for the loan?

Yes I did. By the way its a $10k GRANT (you don't have to pay it back) in addition to a SBA EIDL loan.
I am an independent contractor so technically a small business.

You apply here:
https://covid19relief.sba.gov/#/

The application is surprisingly simple.

The PPP stuff I am still looking in to. Thinking about hiring a friend to do nothing but take the 8 weeks of free pay and split it with me. I should also add that I applied and got offered the max unemployment weekly rate for 26 months from my state. Really a great time to be american.

>>18293483

> Applicant does not present live performances of a prurient sexual nature or derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature.

The form excludes thots!
> maximum kek

>>18293483
Thann you, anon

>>18293483
What do you put for your business' legal name as an independent contractor? iirc they do not require this when you declare income as an IC, do you just use your name?

>>18293483
My state put together some good tldr content about the small biz benefits:

https://www.schatz.senate.gov/coronavirus/small-businesses

One thing to note, your business had to be active as of January 31, 2020. But I would still start one now, because more gibs might come around election time.

>>18293259
Did not know about the upcoming iteration on Friday. I don't know if I can handle all this free money.

>>18292868
>tfw you're the CEO of a one man chainlink speculation company

>>18293522
you can call it "art" and you're good to go. You can start an "art" blog/magazine where you fuck pornstars but only post the artsy shots

>>18293549
So I just put "First Last SP", and it was accepted. Then picked independent contractor from the org type. In my state when you register yourself as a business and apply for a GE tax license it defaults the trade names to your real name.

>>18293623
Thank you, application sent out. Based that you live in Hawaii, how do you like it? I lived on Oahu for three years but the last I moved into a moldy apartment and it destroyed my life.

>>18293687
I grew up here and somehow I love it. Cost of living is rough and I know how shitty apartments can be: mold, roaches, ants, centipedes, micronesians... I have to pay $2k per month rent to NOT live in a 3rd world slum-tier place. COVID hype also means on-base commissaries are for active-duty only now so I have to pay the 40% markup price for food.

On the upside, I'm getting $23k in unemployment for 6 months of NEETing!

>>18293754
>I'm getting $23k in unemployment for 6 months of NEETing!

based

>>18293754
will you continue to work or are you just going to NEET?

>>18292868
backlog some ghost employees, or use a straw.

>>18292868
I'm mostly self employed, can I use the loan to not fire myself?

I used ETH + some Kleros to buy my house. Got a place in Chicago from a crypto bro. How do I profit off this loan now?

>>18293899
I'm an electrician so I could keep doing handyman projects for cash. I will probably try to get a bit more cash because I'm anticipating a lot of foreclosures coming up and want to jump in on some cheap real estate.

HOW can I take advantage if I don’t own a business? Can I sell something on ebay real quick and register a business?

>>18293997
imagine scooping up some cheap shacks in nanakuli... fuck i would move back if i could do that

>>18294154
You needed to have it operational on February 23rd. I'm not sure what proof is needed or if you can just backdate something.

>>18294171
Keep an eye out. Rich folk from California are already panic selling their 2nd , 3rd vacation homes in Makiki for below market price so they can move back. Also, homeless people arriving here from CA are getting sent back! A lot of redpilling going on.

Best of luck with your loan. Supposedly they follow up within a week asking for more details, then approve your funds within a month.

>>18294154
You missed this one but If I'm you I still register as a business now. That way you don't miss out on future gibs. You can sell meme artwork pillows on eBay and consider it business for tax purposes so why not.

>>18292811
> hi what can i get for you anon!

literally shit in a cup and put some whipped cream on it pls

>>18294331
baste

>>18293581
Entrepreneurs like you are our future.

>>18293259
dont listen to this retard

>>18293581
Scam. Fraud.

>>18295612
Sup John

>>18293483
When did you file? I was ineligible but I'm pretty sure I fucked up the work history part. They worded it 3 different times It was confusing as fuck as what they wanted.