Can you provide a link that shows ppp amount will be calculated using line 7 instead of 31?? And what about businesses that received ppp using line 31? Are they now eligible for more? How would they go about getting it?
@longclimbback wrote:
The 4506 request is supposedly a requirement for all ppp loans but it was not listed on the crossriver river requirements at the time. I've read since then that some people say they didn't have to fill it out so it may be lender specific. IDK for sure.
I've watched 3 different you tube videos this morning that show when these new guidelines come out the ppp loan amount will be based on the line 7 amount on schedule c. Before it was line 31. So $100,000 in gross sales will net a max $20833 ppp loan for owner compensation. It sounds far fetched to me that they could give away that much more money as there are probably millions of small guys like me that were way over 100,000 in sales but insurance, vehicle, interest, equipment purchases etc. drop line 31 down. I won't spend the money yet, but I certainly look forward to my $13000 loan possibly becoming $23000. And it also inspired me to start on my 2020 taxes way earlier than normal and I now know I qualify for ppp round 2 as I had a 25% drop in deposit receipts in 2 different quarters last year. You only need 1 quarter to be eligible for round 2. So maybe I can figure out round 2 paperwork and get some more forgivable funding.
@longclimbback wrote:
The 4506 request is supposedly a requirement for all ppp loans but it was not listed on the crossriver river requirements at the time. I've read since then that some people say they didn't have to fill it out so it may be lender specific. IDK for sure.
I've watched 3 different you tube videos this morning that show when these new guidelines come out the ppp loan amount will be based on the line 7 amount on schedule c. Before it was line 31. So $100,000 in gross sales will net a max $20833 ppp loan for owner compensation. It sounds far fetched to me that they could give away that much more money as there are probably millions of small guys like me that were way over 100,000 in sales but insurance, vehicle, interest, equipment purchases etc. drop line 31 down. I won't spend the money yet, but I certainly look forward to my $13000 loan possibly becoming $23000. And it also inspired me to start on my 2020 taxes way earlier than normal and I now know I qualify for ppp round 2 as I had a 25% drop in deposit receipts in 2 different quarters last year. You only need 1 quarter to be eligible for round 2. So maybe I can figure out round 2 paperwork and get some more forgivable funding.
2019 Spend Summary
$944,008 Amex BRG
$91,953 Amex SC
$58,351 Discover It
$50,046 BofA CR
$36,146 Amex PRG
$6,774 Cap1 QS
$963 Amex CM
$1,188,241 Yearly Spend
