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Re: SBA & Paycheck Protection Program [Re: gfretwell] #220641 04/04/20 08:50 AM
Joined: Oct 2000
Posts: 3,965
Bill Addiss Offline OP
Member
Originally Posted by gfretwell
The problem is she never paid herself or anyone else a salary.
Seems that if she filed a Schedule C it counts as Salary.



Bill
Business, Office, Estimating, Legal:
Re: SBA & Paycheck Protection Program [Re: Trumpy] #220642 04/04/20 08:52 AM
Joined: Oct 2000
Posts: 3,965
Bill Addiss Offline OP
Member
Originally Posted by Trumpy
Well I do have a staff member, he is more "rodent control" rather than actual on-site tech.
Yeah, I've got one of those too. It barks at everything including Bugs it seems.

dunno


Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220643 04/04/20 08:00 PM
Joined: Jul 2004
Posts: 9,558
G
gfretwell Online Content
Member
I think the IRS looks at W2s.


Greg Fretwell
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220654 04/07/20 12:33 PM
Joined: Apr 2002
Posts: 7,227
HotLine1 Offline
Member
Here in NJ the State Unemployment Dept is overwhelmed with claims, as we went from very low counts to WOW.

There is something that now indicates if you are a "Gig" worker, you can be eligible for a UI check. Seems like that includes the self employed (Uber/Lyft) and those that work like 1099 jobs.

So far, I'm not one of those that have to apply for UI yet. We are still working & I say that is luck.

With the 'extra' $600 a week, on top of the regular UI amounts, some folks are making out quite well.

Now the 'loan/grant' thing is another story. I have heard a lot of conflicting stories, for the guys with small businesses.

Hopefully, it gets better real quick.


John
Re: SBA & Paycheck Protection Program [Re: HotLine1] #220655 04/07/20 12:38 PM
Joined: Oct 2000
Posts: 3,965
Bill Addiss Offline OP
Member
Originally Posted by HotLine1
Now the 'loan/grant' thing is another story. I have heard a lot of conflicting stories, for the guys with small businesses.

Hopefully, it gets better real quick.
Ditto to that!!

If you can get one worst case is you have to pay back a loan at 1%


Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220657 04/07/20 07:02 PM
Joined: Jul 2004
Posts: 9,558
G
gfretwell Online Content
Member
The UI thging may backfire if they clear people to go back to work because they will try to milk the UI as long as they can. Here in Florida the $600 a week plus the regular $275 comes to an annualized wage of $45,500 a year and that is way above what a lot of people make here a year. You probably keep your journeymen but you have a hard time finding labor.


Greg Fretwell
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220658 04/07/20 07:15 PM
Joined: Oct 2000
Posts: 3,965
Bill Addiss Offline OP
Member
I agree the extra $600 on top of UI might've been a mistake.

It irks me that I've been paying Unemployment Insurance for 35 years or so but could never personally collect.



Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220667 04/08/20 10:18 PM
Joined: Jul 2002
Posts: 8,377
Trumpy Online Happy
Member
Originally Posted by Bill Addiss
I agree the extra $600 on top of UI might've been a mistake.

It irks me that I've been paying Unemployment Insurance for 35 years or so but could never personally collect.


Bill,
Is that insurance for your employees?
Insurance companies are really "funny" about paying out anything, they are solely there to make money not friends, although they will tell you otherwise in thier adverts.
Would you believe, that there are still people in Christchurch here, that are STILL waiting and arguing with insurance companies about their homes that were damaged in the 2012 earthquake?

Crazy.......


Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220675 04/09/20 11:59 AM
Joined: Oct 2000
Posts: 3,965
Bill Addiss Offline OP
Member
Mike,

Unemployment benefits are a form of insurance: Employers pay into the program, and employees who lose their jobs through no fault of their own can collect benefits temporarily, until they find new work.

That said, if an Employee quits, or is fired for cause (which is defined by the State) they are not eligible to collect.


Bill
Re: SBA & Paycheck Protection Program [Re: Bill Addiss] #220677 04/09/20 12:29 PM
Joined: Apr 2002
Posts: 7,227
HotLine1 Offline
Member
Yes, the UI issue with the 'Bonus' may be deter some from going back to a job with a paycheck. Max here I thing is $650 range a week, and add the $600 so $1250+/- would not be bad for not working.

Bill, I'm in the same boat. Only collected once way back in 1980, but have been kicking into the pot for a long time.



John
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