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Forum
-> Coronavirus Health Questions
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amother
Plum
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 Fri, May 22 2020, 12:51 am
| amother [ Gray ] wrote: | | Derailing this thread a bit because I have been hearing that everyone and their mother who owns a business or are self employed applied for PPP loans, even if they were theoretically okay without it. Our very conservative accountant said we shouldn’t apply because we were bh able to make payroll etc without it (essential business) and we have to be prepared to honestly answer all the questions. We did lose business but gained in other areas and our expenses are lower so it sort of evened out. Would you apply in my case? DH thinks it’s not completely yoshar, I feel like we are entitled to govt benefits just like the rest of them... |
"current economic uncertainty makes this loan request necessary to
support the ongoing operations of the Applicant.”
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amother
Cobalt
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Fri, May 22 2020, 2:15 am
| amother [ Mauve ] wrote: | | I don't understand. I paid my workers April payroll knowing that I would be probably getting the PPP loan in May. You're saying since I got it in May I need to leave the monney in my account untouched until I pay my workers? |
to the best of my knowledge, it needs to be used to fund payroll for 8 weeks, starting with the date you get the PPP funds.
please do your own research or speak to an accountant
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amother
OP
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Fri, May 22 2020, 11:33 am
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To my understanding, if you would need to take on additional debt to continue, then the loan is considered necessary. That is why we took it.
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amother
Copper
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Fri, May 22 2020, 12:29 pm
| amother [ Cobalt ] wrote: | to the best of my knowledge, it needs to be used to fund payroll for 8 weeks, starting with the date you get the PPP funds.
please do your own research or speak to an accountant |
If you pay your employees weekly or bi-weekly you can wait until the next usual payroll date to pay them from the time you get funded.
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amother
Mauve
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Fri, May 22 2020, 1:28 pm
| amother [ Cobalt ] wrote: | to the best of my knowledge, it needs to be used to fund payroll for 8 weeks, starting with the date you get the PPP funds.
please do your own research or speak to an accountant |
Not exactly. As long as you continue to pay your workers, it is fine. The issue is when you are not paying your employees. For example, AFAIU if I paid my workers in April, got PPP funds in May and then used those funds to pay for rent, utilities, etc. but then got another deposit from income and used that to "pay back my PPP loan to myself" and then paid my employees it should be fine.
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