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Surly Thread of Business Owners/Managers, Etc. & Current Business Climate

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Nah. It’s 100k/52 x 8 = 15385 weekly forgiveness even though your monthly figure for the application was 100k/12  x 2 = 16666

I need to remember to unpay myself 1281 but right now I have zero fucks to give

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Nah. It’s 100k/52 x 8 = 15385 weekly forgiveness even though your monthly figure for the application was 100k/12  x 2 = 16666
I need to remember to unpay myself 1281 but right now I have zero fucks to give
Right. That is what i thought. Thanks.

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Nah. It’s 100k/52 x 8 = 15385 weekly forgiveness even though your monthly figure for the application was 100k/12  x 2 = 16666
I need to remember to unpay myself 1281 but right now I have zero fucks to give

That’s my point. Even if I didn’t make it well. It’s a little different.

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Given the changes in the law and the forgiveness rules for independent contractors, do any Surly bankers have remaining PPP lending available?

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In case anyone is wondering, today's guidance provides that Schedule C or F independent contractors with a loan of the 2.5/12 (up to $20,833) paid over the 24-week covered period will be forgiven. Sole proprietors without employees appear to be able to achieve blanket forgiveness.

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On 6/15/2020 at 9:52 PM, 4th and 5 said:

Nah. It’s 100k/52 x 8 = 15385 weekly forgiveness even though your monthly figure for the application was 100k/12  x 2 = 16666

I need to remember to unpay myself 1281 but right now I have zero fucks to give

Well, looks like I'm electing the 24 week period and writing myself a check for $4,167 boys!

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Yup.    And it's not far from my idea of giving our banking office a letter that says "We're good." and just being done with things. 

 

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2 minutes ago, Wally Pryor said:

Yup.    And it's not far from my idea of giving our banking office a letter that says "We're good." and just being done with things. 

 

Odd question. We will blow thru the money WAAAAAY before the 24 weeks. Can we use 12 weeks? 14 weeks? 

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I have the same question.   I'm guessing so.   Just waiting for more "interpretation", again, of necessary details that aren't provided.   

I don't see instructions along with this form (as we did with the initial form).   Wouldn't surprise me if the SBA forgot to do them.

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40 minutes ago, Wally Pryor said:

Wouldn't surprise me if the SBA forgot to do them.

Sorry. I work for the government. I'm not expected to do anything

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Posted (edited)
3 hours ago, Wally Pryor said:

So it looks like there is a cap of $20,833 on owner comp for the 24 week period.  Is there no  cap on non-owner employee comp for the same period (I assume it's 100k times 24/52?)?  Are benefits included in the 20,833 for owners, or would they be in addition to that?  That document is shockingly sparse on details, but that's not necessarily bad.

Edited by Chewbacca

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AUSTIN, Texas — An Austin man was arrested on Thursday for allegedly defrauding the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) of more than $2 million.

Federal authorities said Michael George McQuarn, 51, of Austin, submitted fraudulent applications in April 2020 for two fictitious companies he created – Vantastic Voyages, LLC and Happy Days Movers, LLC – to secure SBA-backed PPP loans.

According to the U.S. Attorney’s Office, McQuarn claimed the funds were for legitimate business purposes, when in fact the money was used for his own personal use, including purchasing a 26-foot Pavati Wake Boat and a Rolls Royce. It is alleged McQuarn fraudulently received an excess of $2 million in PPP funds.

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28 minutes ago, Wally Pryor said:

for his own personal use, including purchasing a 26-foot Pavati Wake Boat and a Rolls Royce.

Go big or go home!

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1 hour ago, T’Boo Ted Marshall said:

How could that happen if you have to show FS like tax returns, P&L, etc?

download.gif

 

 

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3 hours ago, Wally Pryor said:

AUSTIN, Texas — An Austin man was arrested on Thursday for allegedly defrauding the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) of more than $2 million.

Federal authorities said Michael George McQuarn, 51, of Austin, submitted fraudulent applications in April 2020 for two fictitious companies he created – Vantastic Voyages, LLC and Happy Days Movers, LLC – to secure SBA-backed PPP loans.

According to the U.S. Attorney’s Office, McQuarn claimed the funds were for legitimate business purposes, when in fact the money was used for his own personal use, including purchasing a 26-foot Pavati Wake Boat and a Rolls Royce. It is alleged McQuarn fraudulently received an excess of $2 million in PPP funds.

If anyone sees that Pavati show up on a government auction site, let me know. For the right price (read dirt cheap), I may have some interest.

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53 minutes ago, Brew said:

If anyone sees that Pavati show up on a government auction site, let me know. For the right price (read dirt cheap), I may have some interest.

Government Repo guy is using it for the weekend...

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Checking in to see how everyones businesses are doing.  May was a terrible month for invoicing and June is even worse.

On the bright side I'm hearing about projects opening back up and we're getting new business to quote now.  I hope this "second wave" doesn't bring things to a grinding halt.  It's just beginning to look like there might be a light at the end of the tunnel for us.  

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6 minutes ago, VABuckeye said:

May was a terrible month for invoicing and June is even worse.

Damn, I'm bummed to hear.

 

We have been wide open. Only real issue we are having right now is that our receivables have really been dragging. I do see a little light in the tunnel on that end at least.

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On 6/16/2020 at 5:34 PM, Apep said:

Given the changes in the law and the forgiveness rules for independent contractors, do any Surly bankers have remaining PPP lending available?

Our bank still has some left to lend, probably 20-30% capacity still.   We had to proceed a bit differently than most CFI's because we just came out from an OCC consent order, so the very companies intended to be lent to under this PPP platform are the types we were strictly monitored about before.  Although based in Illinois, I am working with them still to allow for some PPP activity here in Austin/Houston.  It's almost entirely uncharted territory though.  It's a federally chartered CFI, which is rare.  It's very small, even by CFI standards, but we have borrowers coming to us from a dozen states for PPP.    

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On 6/19/2020 at 10:52 AM, Wally Pryor said:

AUSTIN, Texas — An Austin man was arrested on Thursday for allegedly defrauding the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) of more than $2 million.

Federal authorities said Michael George McQuarn, 51, of Austin, submitted fraudulent applications in April 2020 for two fictitious companies he created – Vantastic Voyages, LLC and Happy Days Movers, LLC – to secure SBA-backed PPP loans.

According to the U.S. Attorney’s Office, McQuarn claimed the funds were for legitimate business purposes, when in fact the money was used for his own personal use, including purchasing a 26-foot Pavati Wake Boat and a Rolls Royce. It is alleged McQuarn fraudulently received an excess of $2 million in PPP funds.

someone want to get the edit here??

https://en.wikipedia.org/wiki/Michael_McQuarn

Pretty sure I saw him in Devil's Cove 2 weeks ago

 

2 hours ago, VABuckeye said:

Checking in to see how everyones businesses are doing.  May was a terrible month for invoicing and June is even worse.

On the bright side I'm hearing about projects opening back up and we're getting new business to quote now.  I hope this "second wave" doesn't bring things to a grinding halt.  It's just beginning to look like there might be a light at the end of the tunnel for us.  

 

That's exactly what's going to happen.

Thanks, Greg.

 

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1 hour ago, 4th and 5 said:

someone want to get the edit here??

https://en.wikipedia.org/wiki/Michael_McQuarn

Pretty sure I saw him in Devil's Cove 2 weeks ago

 

Meh, pretty sure we'll find out that the known racist entity SBA going was doing its thing.  But we won't hear about it until they've taken the noose from Bubba's garage and hung it in the rearview of the Rolls.

Weird that we've not seen the guy's pic in any of the stories.  Actually, not weird at all.

And a good find on this.  Simpletons like I should try Wiki more often. 

 

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3 hours ago, VABuckeye said:

Checking in to see how everyones businesses are doing.  May was a terrible month for invoicing and June is even worse.

On the bright side I'm hearing about projects opening back up and we're getting new business to quote now.  I hope this "second wave" doesn't bring things to a grinding halt.  It's just beginning to look like there might be a light at the end of the tunnel for us.  

 

3 hours ago, Cheeseweasel said:

Not great, Bob.

Pretty much this. During the last big downturn in my field (O&G) at the end of 2015, things quickly picked up about 3 months in and people were constantly checking in with me to make sure I was available to hit the ground running the moment a project restarted or a new one came in. This time around it's been dead silent since the end of March. I've even been checking up on my old project and past project areas to see if things have been moving on without me and things really did come to a stand-still out there. Selfishly, I'm thankful that is the case and it wasn't me getting left out in the cold for reasons unknown. 

The PPP loan is greatly appreciated, though. It came in right when my last invoices were paid and the forgiveness amount will have carried me all the way to the end of this month. Like everyone else, the initial guidance had me over-borrowing beyond the forgiveness amount. The plan was to throw the unforgiven amount into the IRA, which would out-earn the 1% interest (at least in theory), but I might not be able to do that now. I was hoping to pick up the occasional small gig to supplement the income, but that appears very unlikely now. Either way, I have plenty of runway for a career change that was already in the works to come to completion and hopefully all of this will be a distant memory come this time next year. I can't imagine the stress of those of you with actual employees, though. God speed to you guys.

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13 hours ago, Eastwood said:

The PPP loan is greatly appreciated, though

It's keeping us from doing a massive layoff and keeping the business going. I know the implementation has sucked in many ways, but I know it's been a net positive for so many businesses (and therefore, employees). We'd be screwed without it.

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It's keeping us from doing a massive layoff and keeping the business going. I know the implementation has sucked in many ways, but I know it's been a net positive for so many businesses (and therefore, employees). We'd be screwed without it.

That’s the main thing for me - never seen a small business “bailout” in my life time. Complaints seem tone deaf given that fact.

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has anyone seen guidance specifically saying no to multiple eidl loans (via same ein)? one of our companies received the $150k and operators are claiming they can go back for more, but can't seem to get clarity either way.

 

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On 6/25/2020 at 7:09 AM, Cheeseweasel said:

It's keeping us from doing a massive layoff and keeping the business going. I know the implementation has sucked in many ways, but I know it's been a net positive for so many businesses (and therefore, employees). We'd be screwed without it.

Yup.

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