NetZero
BuSo Pro
- Joined
- Nov 15, 2019
- Messages
- 102
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- 39
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My journey.
1. I first applied for the EIDL grant beginning April (application 360084....) for at first $10k then turned out to be $1k per employee or yourself. I received that last week (I didn't think I was going to, but it looks like they are still working through them.
2. I applied for PPP first with my business bank Chase during the first round and the money ran out. Then they denied me during second round. They took a long time and was not clear on paperwork needed. So, I then last week applied through my Square credit card processing and they were super clear, drivers license pdf, and schedule C pdf in particular line 31. Within same day they approved to move to SBA, and yesterday I was approved by SBA, and today money deposited. Here are the cliff notes on PPP forgiveness: 75% automatically forgiven for payroll (yourself if SP, the other 25% you need to show proof spending on approved expenses like mortgage interest, utilities, and whatever they have. I believe this is super easy to make it 100%.
3. There is some iffy stuff with unemployment specifically related to Sole Proprietors and COVID for California. This one I just applied for it, to get it started. I may not qualify for the State benefits because I am still receiving money from existing clients, and the PPP loan. But, because of shelter in place, childcare, it has affected my business for "new business". So, I will be completely transparent with them, and no lies or shade, but I think there may be something with the Federal unemployment boost of $600 that has potential (I watched some very helpful video from this lady
who is extremely helpful in the steps to apply).
4. I finally was able to make it through the IRS website last week and update my banking info for the federal relief and update it before Wednesday May 13th deadline, or it will be snail-mailed to you.
Any journeys for you guys?
1. I first applied for the EIDL grant beginning April (application 360084....) for at first $10k then turned out to be $1k per employee or yourself. I received that last week (I didn't think I was going to, but it looks like they are still working through them.
2. I applied for PPP first with my business bank Chase during the first round and the money ran out. Then they denied me during second round. They took a long time and was not clear on paperwork needed. So, I then last week applied through my Square credit card processing and they were super clear, drivers license pdf, and schedule C pdf in particular line 31. Within same day they approved to move to SBA, and yesterday I was approved by SBA, and today money deposited. Here are the cliff notes on PPP forgiveness: 75% automatically forgiven for payroll (yourself if SP, the other 25% you need to show proof spending on approved expenses like mortgage interest, utilities, and whatever they have. I believe this is super easy to make it 100%.
3. There is some iffy stuff with unemployment specifically related to Sole Proprietors and COVID for California. This one I just applied for it, to get it started. I may not qualify for the State benefits because I am still receiving money from existing clients, and the PPP loan. But, because of shelter in place, childcare, it has affected my business for "new business". So, I will be completely transparent with them, and no lies or shade, but I think there may be something with the Federal unemployment boost of $600 that has potential (I watched some very helpful video from this lady
4. I finally was able to make it through the IRS website last week and update my banking info for the federal relief and update it before Wednesday May 13th deadline, or it will be snail-mailed to you.
Any journeys for you guys?