I re-posted this on the “CEOs Coronavirus” thread
I can’t seem to find you post, can you send it to me - thanks Thomas
thanks for reposting. I suppose the SB loans through your bank is best to cover rent etc - we are going to check that out
I am VERY skeptical about getting any kind of loan. I would hate to get help with one problem only to create another BIGGER problem where I paying money back to the state for rest of my life and possibly loosing my business in the process. Whenever someone is given you a LOAN it has to be paid back double triple or more. Investors are banking on you failing to pay on time.
You’re absolutely right! Many will not want to take on more debt, but the only alternative may be declaring bankruptcy, which may be what it comes to anyway for many thousands who will be affected by the economic catastrophe we’re facing. Even the most optimistic predictions are grim. There’s no dout that we will be living in a completely different economy long after the health threat has subsided. I feel confident that there will have to be a state wide moratorium on rent and mortgage collection through and for an extended period after the ban is lifted and even that will not be enough to save hundreds of businesses that will simply not be able to reopen and the thousands of employees who will have permanently lost their jobs. This will lead to a new wave of homelessness and all that comes with it.That’s the best case scenario. Anything short of a complete freeze on rent and mortgage collections will result in tens of thousands filing for bankruptcy and a massive wave of homelessness, crime and civil unrest that is certain to follow, making many big cities nearly un-livable. My advice is 1. Start planning now for the shift that’s coming, which means start saving now and learn how stretch every dollar and 2. Have an escape plan, just in case
I suggest everybody file for unemployment now, whether you think you qualify or not. 3.2 million people applied in one week and millions more will be next week. Get on the list as soon as you can. They may deny you normal state UI, but you’ll at least still get the $600 per week from the stimulus package expanded coverage so the sooner you get on the list the better chance you have of getting the most I would think
Please be sure you are applying for unemployment through the “Gig” economy version. I believe the congressional ACT separates regular employment from Gig. If true AND you lost your regular employment as well, it could be that you can apply on both sides.
That’s wrong. There’s no such thing as the “gig economy version” it’s the same state unemployment application for everyone, it just now includes freelancers and sole proprietors.
There’s also a forgivable SBA disaster loan for sole proprietors and the first $10,000 doesn’t have to be paid back at all! First come first served so don’t wait!
Oh My! Thanks for fact checking this. I did hear it from a reliable source…congresswoman on the radio.
Do you have a link regarding the loan?
Link for SBA loan:
Does anyone have more information on Unemployment for Sole proprietors like in our case with making money through Peerspace bookings? I am not sure how/where to file and what we can get since we lost all of our rental income over night.
Go to https://covid19relief.sba.gov/, but don’t wait. I was number 3600017565 and I applied last week. There’s only $10billion available and it’s first come first serve! The real money is from EDD which pays 100% of your income plus $600 per week, just make sure your claim, tracks with your current year taxes or last year if you haven’t filed 2019 yet. Get that money! image|666x500
Re SBA PPP relief loans; Peerspace only provides 1099-K’s, and only to hosts with 200 or more bookings of which I do not qualify. That said, how do I verify my Peerspace income when applying for an SBA assistance loan as they’re requesting 1099’s from 2019? Does anyone know if submitting the downloadable payment CSV for the year would be acceptable at all?
Whatever you claimed as income on your 2019 taxes is all they want to know. You will be asked for your 2019 1040c (profit and loss) or if you have not yet filed for 2019 you can submit a draft copy. Don’t worry about 1099s. Good luck!
That’s awesome thank you so much!
I applied for the SBA $10k loan advance (forgivable) as soon as it was available and received an email that they are prioritizing payments to businesses with employees. You will receive $1,000 per employee in 2019, so basically sole proprietors and gig workers are out of luck. The PPP is also geared towards payroll and makes me ineligible as a private contractor.
I agree with others that a loan is not an option for me. I am not getting into debt just to support a barely profitable business. I would advise others to read all the fine print before trusting the government for help. If this experience teaches us anything, it’s that we can only rely on government to make things worse and prioritize big businesses over small ones.
That’s not entirely accurate. I do agree that if the government can screw things up they will, but as an independent contractor you are still eligible for both the EIDL and the PPP. They did change the EIDL from $10,000 to $1000 per employee, but you are your own employee so you will get that $1000, whether you decide to take the whole loan, which is a maximum of $15,000 or not. If you filled out the application online and received a number like 36000XXXX you can check the status at helloskip.com just click the drop down and then track SBA loan and enter your info. It’ll tell you how many people are ahead of you, how many people have received it and how long until you do. The PPP you apply for through the bank you do business with. Again, you are eligible because it doesn’t have to be used for payroll it can be used for rent, lease or even utilities and still be forgiven. Keep in mind, it’s only going to be 2.5 times your monthly outlay, as you claimed on your taxes. Also, be sure to file for UI. Good luck!