You Down With PPP?

[Timmah!]

Yeah, you know me!  Get 'em while they're h0t!  

 

[Timmah!]

https://youtu.be/idx3GSL2KWs?t=85

 

Edited May 4, 2021 by Timmah!

[MikeB]

Dont forget to apply for forgiveness.

[MikeB]

And dont forget the $7,599.99 you borrowed last week !!!!

[major-mark63]

you have some strange bank names in us very different from Canada where we have only chartered banks

[Timmah!]

1 hour ago, major-mark63 said:

you have some strange bank names in us very different from Canada where we have only chartered banks

This particular bank is named after the city in which it was founded.  But I don't care what they call the bank when they're helping me get free m0ney!!  =D   Seriously though, it's named after its founding location in Cecilia, Ky.  Great institution with a still small-town familiar feel when you enter through its doors.  https://www.thececilianbank.com/about/

[MikeB]

2 hours ago, Timmah! said:

This particular bank is named after the city in which it was founded.  But I don't care what they call the bank when they're helping me get free m0ney!!  =D   Seriously though, it's named after its founding location in Cecilia, Ky.  Great institution with a still small-town familiar feel when you enter through its doors.  https://www.thececilianbank.com/about/

Its not free till its forgiven.

[Timmah!]

4 hours ago, major-mark63 said:

you have some strange bank names in us very different from Canada where we have only chartered banks

Also, I capitalize the 'C' in Canada, please reciprocate. 

[Timmah!]

50 minutes ago, MikeB said:

Its not free till its forgiven.

The loan was designed to be forgiven.  For a Sole Proprietorship, the calculation for the loan is Gross Yearly Revenue divided by 12, multiplied by 2.5.  Guess what's the formula in the Forgiveness Application?  GR/12 X 2.5.     

https://www.sba.gov/sites/default/files/2021-02/PPP -- Forgiveness Application and Instructions -- 3508S (1.19.2021)-508.pdf     

 "Owner Compensation: Any amounts the Borrower paid to owners (owner-employees (with an ownership stake of 5% or more), a self-employed individual, or general partners). For each individual owner in total across all businesses, this amount is capped at (a) $20,833 (the 2.5-month equivalent of $100,000 per year), or (b) the 2.5-month equivalent of the individual’s applicable compensation in the year that was used to calculate the loan amount (2019 or 2020), whichever is lower.

 

Edited May 5, 2021 by Timmah!

[KaptCrunch]

40 minutes ago, Timmah! said:

Also, I capitalize the 'C' in Canada, please reciprocate. 

tim you forgot to flash your badge 

[Timmah!]

5 minutes ago, KaptCrunch said:

tim you forgot to flash your badge 

That shit's hilarious!  Glad someone's starting to play along.

[ShadyBrady]

So...Mr. Rosenberry. 

[MikeB]

2 hours ago, Timmah! said:

The loan was designed to be forgiven.  For a Sole Proprietorship, the calculation for the loan is Gross Yearly Revenue divided by 12, multiplied by 2.5.  Guess what's the formula in the Forgiveness Application?  GR/12 X 2.5.     

https://www.sba.gov/sites/default/files/2021-02/PPP -- Forgiveness Application and Instructions -- 3508S (1.19.2021)-508.pdf     

 "Owner Compensation: Any amounts the Borrower paid to owners (owner-employees (with an ownership stake of 5% or more), a self-employed individual, or general partners). For each individual owner in total across all businesses, this amount is capped at (a) $20,833 (the 2.5-month equivalent of $100,000 per year), or (b) the 2.5-month equivalent of the individual’s applicable compensation in the year that was used to calculate the loan amount (2019 or 2020), whichever is lower.

 

Yes I understand how it works.    40+ years in the tax business.   But do understand that the IRS said it will be "scrutinizing the hell" out of these payments.  Meaning random CP2000 letters or field audits.  They actually have started sending letters and auditing recipients of these PPP loans.  And many recipients are having to repay them.   We disclosed all this info to our clients who applied for said "loans".  To make them aware they better have their "ducks in a row"    Banks just "willy nilly" pass these "loans" out to get their "fees".   Best to not spend it till you get it forgiven.  Just saying.  And even that does not mean you will not get audited.  

[Timmah!]

52 minutes ago, MikeB said:

Yes I understand how it works.    40+ years in the tax business.   But do understand that the IRS said it will be "scrutinizing the hell" out of these payments.  Meaning random CP2000 letters or field audits.  They actually have started sending letters and auditing recipients of these PPP loans.  And many recipients are having to repay them.   We disclosed all this info to our clients who applied for said "loans".  To make them aware they better have their "ducks in a row"    Banks just "willy nilly" pass these "loans" out to get their "fees".   Best to not spend it till you get it forgiven.  Just saying.  And even that does not mean you will not get audited.  

'The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion.  SBA has made payment on nearly 85% of the applications, forgiving over $100 billion.  For the smallest borrowers with loans up to $50,000, 88% have been approved for forgiveness.'  This was at the time of the article's writing, Jan 12.   Relatively speaking, I would tend to disagree with your interpretation of 12% being 'many having to repay.'  I'd be willing to take a wager on that I have it forgiven.     Could always use more free $$.   And more particularly, being that the whole amount is forgivable as Paycheck Protection according to the gov's own directed formula, the only documentation I need is it having been deposited into my bank account.  Of course, I could be totally wrong about the whole thing.  Either way, @1%, 5 years to pay it off & many multiples of that sum at my disposal, the worst it's gonna be is a very cheap loan.

*https://www.sba.gov/article/2021/jan/12/11-million-paycheck-protection-program-loans-forgiven-so-far-totaling-over-100-billion

Edited May 5, 2021 by Timmah!
citation

[Timmah!]

Also, it wasn't the bank just willy nilly "pass these "loans" out to get their "fees".  Having been 2 weeks since application, this means that it was firstly approved by the SBA before disbursement to yours truly.    Also:  willy-nilly.

Edited May 5, 2021 by Timmah!

[Timmah!]

And the part of scrutinizing the hell out of these loans; which ones do you think they're scrutinizing the hell out of?  The $50,000 & under loans that have literally 5 boxes to calculate forgiveness & an already ~90% forgiveness rate... or the multi-page $150,000+ forgiveness applications that are running payroll as a multiple-employee corporation?

Edited May 5, 2021 by Timmah!

[MikeB]

Chances are in your favor you would not get audited.  And I doubt you ever will.   But there are many, many sole proprietors and or Corps that applied, and are being audited.  Loans over $2,000,000 are automatically audited.  And they announced they will "randomly" check  them, no matter what monetary value.   Yes, the loan app and forgiveness app are simple to fill out.  But you have to remember, the IRS has not a damn thing to do with the SBA loan apps. and the questions.   But they sure the hell can verify you were eligible.  And the SBA and IRS are working together in these audits to verify these loans are legit.  All over the news.  You apply for PPP2 also ?   

[Axe]

All this talk about fake money makes me want to recount my silver holdings ... ha.

Edited May 5, 2021 by Yoshi
spelling ... don't want the grammer Nazi on me.

[Timmah!]

6 hours ago, MikeB said:

   But they sure the hell can verify you were eligible.  And the SBA and IRS are working together in these audits to verify these loans are legit.  All over the news.  You apply for PPP2 also ?   

So my 1099, a couple bank statements from my business accounts showing I was operational in late 2019 & again still in Feb. of 2020.  And proof of deposit.  This is a PPP2 loan;  gig workers weren't eligible for first round PPP loans.  

Edited May 6, 2021 by Timmah!

[Timmah!]

4 hours ago, ShadyBrady said:

So...Mr. Rosenberry. 

Ok, Mr. Wopat.  =D

[Timmah!]

2 hours ago, MikeB said:

 But you have to remember, the IRS has not a damn thing to do with the SBA loan apps. and the questions.   But they sure the hell can verify you were eligible. 

Also:

And the SBA and IRS are working together in these audits to verify these loans are legit.    

Cue semantics.

[major-mark63]

19 hours ago, Timmah! said:

Also, I capitalize the 'C' in Canada, please reciprocate. 

Here the name are dull like bank of Canada royal bank of canada(RBC) , canadian imperial l of commerce (CIBC)

TD bank and in Quebec we have the Caisse populaire Desjardins (its a kind of coop bank).

[Timmah!]

3 hours ago, major-mark63 said:

Here the name are dull like bank of Canada royal bank of canada(RBC) , canadian imperial l of commerce (CIBC)

TD bank and in Quebec we have the Caisse populaire Desjardins (its a kind of coop bank).

All goo, just bullshittin' around.  H0ser bank of commerce.

[Timmah!]

17 hours ago, Yoshi said:

spelling ... don't want the grammer Nazi on me

That's funny stuff!  Hey, when you're bindin' them b00ks, do you sometimes pull the ligature extra tight & say something like 'Yeah, talk to daddy?"  Kinky nerd, you.

Edited May 6, 2021 by Timmah!

[Axe]

2 hours ago, Timmah! said:

That's funny stuff!  Hey, when you're bindin' them b00ks, do you sometimes pull the ligature extra tight & say something like 'Yeah, talk to daddy?"  Kinky nerd, you.

There's something wrong with you ...