The PPL(Paycheck Protection Loan) can be forgiven if you follow the rules and don't spend the money on things that don't fit in the guidelines. Most will probably have to pay it back because they didn't follow the rules. The EIDL is a 30 year losn at 3.75%. Only $1000 per employee is forgiven.
Economic Injury Disaster Loan-SBA
- Thread starter samuels14
- Start date
- 2,525
just with a quick google, it looks like it is much easier than the PPP? Why would anyone want the PPP when they could get this?
b/c PPP is almost entirely forgivable if you follow the rules. EIDL is not (as billyb said above)
- 2,525
ok, thanks for the explanation. I looked at the EIFL app, which is VERY SIMPLE. Even with the simplicity, I still lacked the "Legal Business Name" and the exact Cost of Goods Sold for 2019 since I haven't filed 2019 yet. 3.75% loan interest doesn't seem all that great when even online banks are paying only 1%. PPP (or PPL) is worth a shot.
For a business loan, the terms are ridiculously good.
- 2,133
Filthy mouth, but says more cash to come in the next two weeks.
JohnnyJump
New Member
- 1
I received approval and signed closing papers last Thursday the 23rd. Does anyone have an idea of what the average dispursement timeframe is? They say5-7 days, has that been the real case?
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- 122
The guidance has been out for a while. I would still rather get $20,000 in PPP and give $4,000 back in taxes than not receive it at all.
Not what Congress intended, but the IRS does have precedent to argue their position. It still could change.
- 5,503
Yeah, I'm with you on that. I've seen where people (and I've done it too) get hyper focused on the taxes, and loose sight of the big picture. Yeah, I like to keep costs as low as possible, be it bizz expenses, taxes, whatever, but yeah, if the government is giving out money, I don't care how it's taxed, as long as it's less than 100%, lol.
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