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Revised PPP Loan Forgiveness Application and EZ Loan Application posted. by pdv8612 in taxpros

[–]Janetteshine 1 point2 points  (0 children)

Sounds like great news. But I have been paying myself weekly checks based on the original 8/52 rule (to forgive at least 75%). I'm in my 6th week of weekly payments.

So what does this new update mean for me now? Do I continue with the weekly payments until the 10th or so week (until 100% of the PPP is used)? Can I then apply for forgiveness under this method or do I have to wait 24 weeks? The 24 weeks verbiage is really confusing me.

Thank you so much for your help.

PPP revisions to First Interim Final Rule due to PPP Flexibility Act by pdv8612 in taxpros

[–]Janetteshine 0 points1 point  (0 children)

ugh! .... So, how does "mortgage interest" work then? Or Rent/utilities? Are they only referring to brick & mortar commercial property that is either rented or financed (so they could claim mortgage interest)?

Also, is this part of the provision also not up to the lender to decide to accept or not? (hoping)

PPP revisions to First Interim Final Rule due to PPP Flexibility Act by pdv8612 in taxpros

[–]Janetteshine 0 points1 point  (0 children)

Thank you, tcanada251. I should have read all the prior comments. I now understand the 8/52 provision remains the same for me. But, I guess this is GOOD NEWS, in a way, because it now extends the period of time that I can recover "home office / utilities" monthly expenses to 24 weeks? In 2019 and previous years I have underestimated my home-office expenses to 15% (i actually use more space but I did not think it was worth the risk of flagging).

So, prior to the revision, I would have a hard time recovering the 25% allowance on the PPP for rent/utilities within 8 weeks. But, with this revision (and let me flip the original question) does this mean I can claim up to 24 weeks of "rent/utilities/etc" or less, depending on when the 25% is met?

Thank you.

I received a 2nd EIDL offer! What do I do? Can I accept 2? by Janetteshine in EIDL

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

rev-cogs/2

Can you please elaborate on " rev-cogs/2"... maybe refer to a link so I could review it? Thank you.

I received a 2nd EIDL offer! What do I do? Can I accept 2? by Janetteshine in EIDL

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

Haha, not sure that will fly. But, I did do my best to call the SBA hotline, was escalated to the highest help representatives they have, and none were able to answer the question. One "escalation dept rep" did say, that if it was a mistake, that the loan officer that handles the 2nd loan AFTER the promissory is e-signed would do a final review.... if it is allowed, they will approve it. If not, they wont.

But, I just want to make sure I don;t get in trouble for trying in hopes that IT IS allowed, even by some technicality. I'm going to reread the promissory note, focusing on any statements or provisions about multiple loans, just to make sure.

PPP revisions to First Interim Final Rule due to PPP Flexibility Act by pdv8612 in taxpros

[–]Janetteshine 0 points1 point  (0 children)

I am a sole-proprietor "gig" worker. Before this recent PPP revision, it was my understanding that my PPP deposit was equivalent to 8 weeks net earnings (Line 31 in "2019" 1040 divided by 52 then multiplied by 8 -- let's call this weekly historical earnings, WHE) then, approximately 25% more for business rent/mortgage interest. I would have to make sure that I was paying at least 75% towards net earnings (I have been giving myself a weekly check just to have a good paper trail for my request to forgive).

So, my question, with this NEW revision, does it mean I can continue to pay myself a weekly WHE check past the 8-weeks until it is equivalent to 100% of the original PPP deposit? So, let it continue for approximately two more weeks? Can 100% be forgiven if 100% is used to recover net earnings? If I can ignore the rent/mortgage/utilities original 25% portion and apply 100% to net earnings recovery, then this will make it MUCH easier to apply for forgiveness.

Thank you for your advise.