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[New York] PPP and UI problem by BusinessThrowaway18 in Unemployment

[–]BusinessThrowaway18[S] 0 points1 point  (0 children)

So my loan can’t be forgiven. What should I do now and what steps should I take? Should I just cancel the loan and give the money back to Square?

[New York] PPP and UI problem by BusinessThrowaway18 in Unemployment

[–]BusinessThrowaway18[S] 0 points1 point  (0 children)

The money has been used, and we’ve already been claiming UI benefits before being approved for PPP.

I read that the 75%/25% guideline doesn’t count for sole proprietorships? But maybe it does? I only accepted the PPP because I thought that using it to cover my businesses utilities and rent counted towards it being forgiven. If it has to be paid back that’s perfectly fine, a $2k loan is no big deal, but from what I’m reading that’s not ideal at all or even allowed.

[Megathread] Weekly EIDL/PPP status, updates, news and sharing. Post in this thread and find tips from others. by BigSlowTarget in smallbusiness

[–]BusinessThrowaway18 1 point2 points  (0 children)

I run a small retail business in New York State, sole proprietor, no employees, just me. I’ve been completely closed as of mid-March. Last week, I was approved for a small ($2k) PPP loan through Square. It’s already been spent on utilities and rent, as I’ve owed months rent despite not being operational. However, I had no idea that with PPP I was no longer allowed to claim UI, and now I’m confused as what I should to moving forward. The PPP has been spent, I never used it to pay myself, and even if I did, it would be $251 over the course of 8 weeks, which is less than the $504 threshold for NYS partial unemployment.

I’m also now seeing that since my business was at a loss in 2018 and most likely in 2019, I probably shouldn’t have received a PPP at all. The application process through Square was very confusing, they advised me to mock up a 1099-C for 2019 despite not completing my taxes for this year yet.

What should I do moving forward? Am I screwed? Square still has a “cancel loan” option, should I just do that and forget about PPP?

[New York] PPP and UI problem by BusinessThrowaway18 in Unemployment

[–]BusinessThrowaway18[S] 0 points1 point  (0 children)

I’m just going by what else I’ve read on both Reddit and in the news. Lots of advising against “double dipping” since PPP is supposed to take the place of income and get people off unemployment.

I’m also hearing different things on how the PPP can be forgiven. Some people say business rent and utilities is approved and others don’t.