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New Stimulus Package


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#1 Palmettokat

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Posted 04 April 2020 - 11:36 AM

I had good conversation with a Forensic Accountant yesterday on this bill. First she said it is very expensive and will be being paid for by our children and grandchildren. She also said there is waste in it. 

 

Now for the last part, she said this is bill is amazing in the way it is written for the small business. I spent some time on line this morning reading it and so far agree with all she told me. She also said there is a fixed amount of money here and when it is gone it is gone. So if you are going to file, do so soon.

 

It is designed for business less than 500 employees, it is available for a self employed, independent contractor, agri business the list looks good to me. If you work for a company as a W2 but have a self employed or such business you still can be eligible.  No idea on all the different options they offer but the two I have looked at are simple to submit. It is on line with no documents needed (got to believe they are pulling tax returns here) it is maybe four pages. Info they are is rather basic, if business you need it's info but name of operation, owners name and info, when business began, of course all tax numbers, only info you may not know off the top of your head is your bank info for if granted some of those monies are auto deposited.

 

Please don't waste time arguing how valid or sinful this is. Not saying there conversation should not take place but do another thread on it. Some here needs this for their business and want then to get it. I really suggest you look at the web site, it is design to help keep employees working and businesses open. 



#2 stack em up

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Posted 04 April 2020 - 08:40 PM

Is it a loan or a grant type monies? Getting ready for spring planting and finishing lamb work so haven’t had time to read about it.

#3 JD3430

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Posted 04 April 2020 - 08:44 PM

What if you’re a business with no full time employees? 



#4 Farmerbrown2

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Posted 04 April 2020 - 08:47 PM

What do I have to do to look it up ? All I see is news stories popping up.

#5 Palmettokat

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Posted 05 April 2020 - 06:54 PM

I am not an expert but willing to share what little I know.  Go to the web site "SBA.gov" There is a yellowish color banner on the top with something along the line about wanting to apply "click here" and click right there. It brings up the section on the options. 

 

I suggest you look at the info under each link there, at least read to see if it MIGHT apply to you. It is not long reads. Seriously an hour there probably will take care of it and the application processs for the vast majority.

 

You do not have to have employees. You can have a true organized business with it being a LLC or Partnership and some others but you also can be a self employeed individual during your business under your social security number or an independent contractor.

 

I have an insurance agency which is an LLC with one employe and my farming is as self employeed. Each one is eligible to apply,now what comes of that I have no idea. 

 

As to grant or loan, there is some grant and looks like about five different loan programs. The best I can tell you there is a $10,000 is a grant that does not have to be paid back but you can have loan on top of it.  Think there is a $50,000 cap on this plan.

 

There is also a program you can borrow for employee's wages. If I read it correctly if you keep your workforce (not sure now how much cut back you can have with percentage of employees or their wages) for four months if not mistaken the loan is forgiven. To have the loan forgiven you must use at least 75% of it for employees wages. That means you can use up to 25% for operating cost.

 

Those programs are not for buying new equipment or property so I understand but they have others that are.  

 

Again go to the web site  SBA.GOV and follow yellow banner at the top of the page. Click on the "click here button".

 

(sorry, got interuppted, son in law rolled his off road basically go cart. Not a major accident but ambulance ride and no family to follow due to corvid 19. Right now his left elbow is dislocated and think other than soreness all that is known. A great reminder life is fragile.)

 

Sorry for how long this reply took to get it here.    THIS IS URGENT, per the Accountant who explained it to me said it is really unusual in how well it is for the small guy but there is a fixed amount of money so get your request in asap.

 

It really is simple from all I know. Have your bank name, routing number and account number.



#6 Palmettokat

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Posted 05 April 2020 - 07:01 PM

Let me add I have the understand the business does not have to be full time.  I was told if you have a business with Federal Tax number and also a business you have under your social security number fill for each one. As she said the worst is you will not get approved which is no worst than not making an application.  As of Saturday early the computer show it would be processed within a week. On Think Wednesday it was showing three days. 

 

Seriously take few minutes and at least read the different plans.Interest rates are from 1% to 3.9% on those I read.   

    I know many here will not feel comfortable doing so but your deserve it and your family and the family farm deserves it.  Take care and be safe.  



#7 JD3430

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Posted 05 April 2020 - 07:01 PM

I guess where I have trouble understanding is, if I am not mistaken, the :"grant" is given to business owners who agree to not lay off employees in exchange for the grant. 

So if I or other small business owners, have no FULL time employees, how can they be entitled to anything?

I DO think theres ample ways for a "one man band" to lose money, too in this situation, but I was under impression it was a grant for not laying off employees? Thanks for your contribution .



#8 Palmettokat

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Posted 05 April 2020 - 07:20 PM

JD, may be wrong but read the info on each type of application you can apply for. One is for employees wages. If not mistaken that is the only ONE which has any tie to employees.  You can make simple application with no consideration of employees and at least one way you can apply has a $10,000 first dollar grant. That program think has a $50,000 cap to it including the grant. 

 

There are options for investors, there is a link that will run you through summary of each one.



#9 Ox76

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Posted 06 April 2020 - 08:10 AM

The $10,000 one works for only a few agricultural things like an aquaculture enterprise, agricultural cooperative, or nursery.  Not for any "farms".  Says so right in the beginning of filling out the form.  

 

I guess farms get too much as it is?  I wouldn't know.  I just started a new hay farm and haven't even got all my stuff moved out there.  Guess I'm screwed.



#10 Palmettokat

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Posted 06 April 2020 - 09:36 AM

Ox76 you are correct but have two suggestions:  there are attorneys here who are saying they can help but first call your accountant, this is something I think accountants should be helping their clients with whether or not a certain accountant is will vary but also call your US Reps office and ask for their help. Or US Senator's office.  They wrote the bill, ask them.  


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#11 Palmettokat

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Posted 03 May 2020 - 11:00 AM

I was called just a few minutes ago about my farming application. They needed to verify the dollar amount of my input cost last year and told me they were reviewing the farm applications. 






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