18 Days and Counting
Posted by:
Linda Mac Dougall
Mac Dougall Consulting for Disabilities, LLC
121 Questions answered
Answered on June 13th, 2020
I know PPP has changed some. Does it still just cover 2 months or more now? Two months isn't much considering we may be coming into a second wave of the virus.
And PUA, will it still end the supplemental portion by the end of July? I have PUA now.
And EIDL, how much longer will they be serving just the agricultural community? I am in the queue, but still hanging in waiting. Too many small businesses and others will have to close without funding fairly soon.
1 Reply
Business from Hauppauge, NY
PPP is now extended to 24 weeks from the original 8 weeks. The split is now 60/40 for forgiveness. If you are in the cue for EIDL the SBA is still giving loans but slowly. Did you receive an advance? They will not open the cue.
Linda Mac Dougall
from Mac Dougall Consulting for Disabilities, LLC
No advance as of now. But I have been contacted by phone to tell me I am in the queue.
24 weeks is far better. If I get offered PPP, I may consider it, especially if it can be used after July when PUA reverts to almost nothing. I am only asking PPP for wages and nothing else. That is much easier to track for forgiveness.
Thanks, Lenny
Business from Rockville Centre, NY
Although the new rules allow for 24 weeks it doesn't increase the funds so I don't understand how that helps. My "loan" was already 98% payroll and only 2% allowed expenses. When I calculated 2.5 times my payroll and expenses the bank said no, your only allowed this much. I don't understand how extending from 8 weeks to 24 helps anyone if they would only give you 8 weeks of payroll to start with? As for the EIDL, 10K is forgiven and the rest is a 3.75% loan, given interest rate is 0% this is ridiculous even the PPP is 1%, if the government is funding it why wasn't it at 0%? At least there is a good chance the PPP will be 100% forgiven.
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