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ousuxndallas

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Posts posted by ousuxndallas

  1. Saw this in a Forbes article from a couple days ago:
    "There are other eligible uses for your PPP loan, including costs related to funding healthcare benefits and insurance premiums, and interest on debt that you’ve incurred before February 15, 2020. These costs are not forgivable, however."
    Someone restore my sanity as I'm 99% sure forgivable payroll costs are the same as that allowed under the overall CARES definition.   So wages, health insurance and 401K match are under the forgiveness umbrella. 
    They are not. They are included when calculating the eligible loan amount, but that's it.
  2. First day I hunted our ranch in Frio County south Texas I was a kid.  1991.  Saw a Japanese snow monkey my first hunt on the place.  It was in the morning around 9.  Couldn’t believe my eyes.  A bunch had escaped from a place in Dilley that housed them.  My best friend saw one the same day that early afternoon at the complete opposite end of the ranch — had to be ten miles away.  He got it on video.  Never saw them again. Had to be two different ones.  
     
    Anyway.  I’ve been at the ranch quarantining.  Doing a bunch of turkey hunting.  It is so easy here.  We have a lot of turkey because we have a creek running through the place.  They love the creek and tall live oaks on the creek.  No challenge.  Just go out with a locator call and use it.  Once they call back set up under a tree and put a decoy 30 yards away.  Use the regular call. Smoke them when they come in.  This is 100 percent success. No skill at all required. 
     
     
    Nolan, is that you? #TicketStock
    • Like 2
  3. Do you have verification from the SBA on that?  I know the $100K cap was in place for the front-end calculation, but my CPA said it's not a limiting factor for how the PPP gets spent / forgiven.  I have four employees making over $100K, and we're assuming (again based on my CPA's feedback) that it's 100% forgivable.  I also paid Q1 bonuses using those funds under the premise that it will be forgivable.  With some of my guys, that doesn't put them over $100K, but for three that are in the $80K-$90K range, that amount when tacked on to their normal wages in the 8 week timeframe would push them well over the $1,923/wk mark.  

    Yes. This is an SBA released FAQ.

     

    This is the guidance for forgiveness. You can spend the funds on anything you want, it just won't be forgiven. b8a7f42de6e5e24ec728d7e861d6d587.jpg

    430715913aaa5439bce44747b84e193a.jpg

    • Like 1
  4. Forgiveness calculation is easy. Do it by employee, not by your total payroll.

    Max forgiveness for any individual employee will be capped at $1,923 per week ($100,000 / 52 weeks). Times 8 weeks is $15,385.

    If the employee makes less than that, use actual.

    If total wages is less than 75% of your loan amount, then forgiveness will be curtailed. The guidance for that curtailment should be forthcoming.

    Proving up your payroll will be 941s and payroll stubs.

  5. 25% is for dine in. I'm sure the restaurants will continue with takeout and delivery for customers that demand it. So for those who want to wait for a seat in the restaurant, they now have that option.

    Seems like a reasonable approach.

  6. Blah blah blah and 1,000 catches in 3 years would set every NCAA record ever you buffoon. 
    I like, in order, Jeudy, Lamb then Ruggs. I think all are Top 10 talents. I think Jefferson is not too far behind. I watched Reagor play a lot and not really that impressed.
    More I think about this, more I wish we would’ve spun down and used our later first rounder to draft Jefferson / Bama safety / Murray, and focused on DE / OL / DB with our three picks in Rounds 2 and 3. Depending on what we did in first (assuming Jefferson wasn’t available), I would’ve entertained going all D or OL over first four picks and drafting Duvernay in the 4th.
    I just don’t think there’s much of a difference between Lamb and Jefferson. But if the Cowboys had them as their #1 receiver, that means McClay and McCarthy did, and they got their guy. 
    The Ticket says Dallas had Lamb as 6 overall on their board. That's a steal at 17.
  7. This has probably already been discussed but, our business has received the PPP funding through a small bank. I guess you have to use all of the money in 8 weeks and return what is not used. 
     
    So if we were allowed to use the money for as long as possible, we could have cut or employees salaries by 25% and covered our losses for maybe 4 or 5 months with the loan money. 
     
    Instead we are going to pay full salaries for 8 weeks. Otherwise we leave money on the table that we couldn’t use.
    The loan would have been much more beneficial and efficient if we could spread it out over time. Because this thing is going to last a lot longer than 8 weeks.
    So the PPP is working as designed. The goal was to keep small business employees working for 2 months, until (presumably) the COVID crisis ended.

    All of my clients that applied received funding. But I was pushing them hard to get their application in early. I helped them assemble the info needed and answered all bank questions in a timely manner.

    Next round should help those that dragged their feet, or were stepped over by their bank. Now is the time to get away from crappy, large banks and with with someone local.
  8. On 4/18/2020 at 12:29 PM, hacker said:

    I bought the Callaway Apex irons with the modus 120 shafts.  Crazy long with stronger lofts.  Their pre-owned site always has crazy deals.  

    Yeah, I bought some Callaway X-Forged 18s last year with modus 120 shafts on the pre-owned site.  They are amazing irons and shafts.  I bought them as "like new" and they were all brand new except for 3 of them that had a few hit marks on the face.  Other than that, they were fresh out of the wrapper.  

    Plus, you can send in old clubs and get pretty decent "credit" for them.  I got $120 of credit for some 15 year old Big Bertha irons I had laying around.  They wouldn't sell for $50 on craigslist.  

  9. The Federal Reserve is stepping in with some lending.  Highlights:

     

    The federal government continues to provide crucial support to help small businesses survive the challenges created by the COVID-19 crisis. Today, the Federal Reserve announced a comprehensive $600 billion Main Street Lending Program, which is specifically designed to support small and medium-sized businesses.  Importantly, participation in the Paycheck Protection Program does not limit your participation in the Main Street Lending Program.
     
    Eligible businesses:

    • Up to 10,000 employees OR
    • 2019 revenue less than $2.5 billion

    Loan features: 

    • Unsecured term loan
    • 4-year maturity
    • Amortization of principal and interest deferred for one year
    • Adjustable rate of SOFR + 250-400 basis points
    • Minimum loan size: $1 million
    • Maximum loan size: the lesser of (i) $25 million or (ii) an amount that, when added to the Eligible Borrower’s existing outstanding and committed but undrawn debt, does not exceed four times the Eligible Borrower’s 2019 earnings before interest, taxes, depreciation, and amortization (“EBITDA”)
    • Prepayment permitted without penalty

    This Federal Reserve link includes information about the program.
     
    Currently, we believe the most efficient way to access the Main Street Lending Program is to contact your local lender or existing banking relationships.


  10. We do almost all our banking with Chase. Our VP of Finance seems to like them. I have been pestering him all week based on updates I see in this thread. Feedback today from him was...yeah maybe chase could help us next week. Neither Chase nor he seem to be in any hurry and it’s pissing me off as I continue to read updates from Troph.
    Of all the banks I dealt with today, Chase was by far the least interested in doing this. Very much dragging their feet.
  11. So we planned to replace an SUV next year at this time but figured we should look around and see who was desperate. They aren’t nearly as desperate as I anticipated.

    Will check back in a month or two.
    All you hear about is how car dealerships are seeing a 50% or more drop in sales. Yet they aren't offering anything special. F them. They can ride the ship all the way down.
    • Like 3
  12. 38 minutes ago, ousuxndallas said:

    I've heard this will be done later through a second PPP application for 1099 people that will occur next week or beyond.  As far as proving your profit, they'll likely go off your Schedule C on the tax return.  The schedule that specifies your revenue, expenses and "profit".  

    My guess is they'll never get around to the 1099 folks.  Just go get your $10K and be thankful for that.  

     

    Confirmed:

    "Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders."

     

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