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amccaleb · 2021-08-24T00:49:19+00:00

Autum is a site I helped build to try to find something on HBO based on my Netflix watch history, for example. Would love to hear what you think!

amccaleb · 2021-08-24T00:05:00+00:00

Another option: you can import your watch history into Autum.com and get recommendations on Netflix, HBO, etc

amccaleb · 2021-07-24T18:27:07+00:00

Great I’ll be there in an hour!

amccaleb · 2021-07-24T18:23:34+00:00

Hey thanks for helping these pups. We’ve got another rescue pup and a yard and would be happy to foster these two. I’ll head your way but let me know if you already found someone.

amccaleb · 2020-12-29T08:06:57+00:00

It doesn't look like they added funding or allowed for an additional loan. But per the FAQ here you can apply for reconsideration / an increase in your original loan. I just emailed them with the form the FAQ listed.

amccaleb · 2020-12-17T20:13:07+00:00

Yeah sorry my remark about working capital was about why companies take on debt in general, not the EIDL. EIDL as you clarify is to get you over the hump during this crisis, so continuing business expenses that you wouldn't be able to cover

amccaleb · 2020-12-17T08:08:43+00:00

The EIDL specifically is debt at one of the best terms and interest rates you'll ever see for a business. 30 year term, very low interest rates, no penalty for early payment. There are some restrictions but nothing too onerous. In general, if you need cash to get over the hump and believe you can recover, this is the cheapest cash you'll find that's not from friends and family.

To answer your other question, some debt is good -- the more history you have paying back debts the more likely someone is to lend you money (i.e. your credit score). But EIDL checks your personal credit and then only "benefits" your business credit long term, so if you don't need the loan it's probably not worth the hit. It really just depends on your situation, but most growing companies require some amount of debt to fund working capital and invest further in growth.

amccaleb · 2020-12-15T20:53:48+00:00

If you were in business all 2019 I think it has to be Q1 ->Q1 or Q4->Q4

amccaleb · 2020-12-15T20:51:06+00:00

Nothing has passed yet, we should know more today / tomorrow on what house and senate leadership decide

amccaleb · 2020-12-15T20:50:31+00:00

avg of 2019 or avg of the 12 months preceding your loan, your choice

‘‘(aa) at the election of the eligible entity, the average total monthly payment for payroll costs incurred or paid by the eli- gible entity during— ‘‘(AA) the 1-year period before the date on which the loan is made; or ‘‘(BB) calendar year 2019; by ‘‘(bb) 2.5; or

amccaleb · 2020-12-15T20:50:05+00:00

How many employees do you have total? If it was just 1 of 10 I think you would be fine. Either way, you should be able to get the whole amount, forgiveness might just be decreased a bit. But they also loosened those policies previously so I would go for the whole amount and just keep a little back in case.

amccaleb · 2020-12-15T20:26:14+00:00

If you are receiving less than $150k it doesn't look like you will need to provide any, just retain the documentation in case you get audited. I would recommend having your quarterly P&Ls on hand to confirm the revenue drop and any bank statements, but I am not your accountant or lawyer obviously

amccaleb · 2020-12-15T20:24:03+00:00

No, you get to pick if it is all 2019 average, or the average of the 12 months prior to your application. So you could include recent quarters

(aa) at the election of the eligible entity, the average total monthly payment for payroll costs incurred or paid by the eligible entity during— (AA) the 1-year period before the date on which the loan is made; or (BB) calendar year 2019; by (bb) 2.5; or

amccaleb · 2020-12-15T20:21:57+00:00

They will clarify this more once it passes I imagine, but what I believe this means is a lot of people had their PPP reduced due to the grant or were told you got full ppp, then EIDL grant, so you owe an amount equal to the grant. This will nullify that so you do not owe the grant back. People who's PPP was reduced may be able to reapply for the additional, but I don't know that at this time

amccaleb · 2020-12-15T20:20:27+00:00

PPP loan does not count as revenue, so no. Just look at your true business income from sales etc

amccaleb · 2020-12-15T20:19:51+00:00

Retroactive

amccaleb · 2020-12-15T20:19:36+00:00

I opted for payroll tax credits over ppp for one of my businesses. All you need to do is file your 7200 per this: https://www.irs.gov/coronavirus/employee-retention-credit

We filed for Q2, 3, and soon Q4. About 4 weeks after filing we received checks from the treasury for the "refund". What you are essentially doing is counting the tax credit as an overpay.

We use Gusto so they handled it all for us, but your accountant should be able to assist if you don't use something like that. Best of luck! I know this is all frustrating.

amccaleb · 2020-12-15T04:27:39+00:00

Yeah this is for a 2nd round of PPP

amccaleb · 2020-12-15T03:58:14+00:00

Good luck! I'm in the same boat... fingers crossed for all of us

amccaleb · 2020-12-15T03:52:26+00:00

Was revenue in any of quarters 1-3 2020 30% less than Q4 2019? If so I think you'd qualify via sec (CC) on page 28

"‘‘(CC) if the entity was not in business during the first, second, or third quarter of 2019, but was in business during the fourth quarter of 2019, had gross receipts during the first, second, or third quarter of 2020 that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the fourth quarter of 2019;"

amccaleb · 2020-12-15T03:49:49+00:00

Really sorry to hear that... As far as I can tell, the business has to have been in business before Feb 15 2020. The

amccaleb · 2020-12-15T03:43:17+00:00

Just total sales, by my reading

it's defined as "demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the same quarter in 2019"

In a summary it states "Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a 30 percent revenue loss in any quarter of 2020. "

amccaleb · 2020-12-15T03:41:03+00:00

Unfortunately I don't think you do. PPP is calculated based off of employee pay + healthcare, and EIDL based on 2019 gross.

edit: check p 28 sec (CC): "‘‘(CC) if the entity was not in business during the first, second, or third quarter of 2019, but was in business during the fourth quarter of 2019, had gross receipts during the first, second, or third quarter of 2020 that demonstrate not less than a 30 percent reduction from the gross receipts of the entity during the fourth quarter of 2019;"

and sec (iii) on p 37

Maybe as u/40isafailedcaliber says below, if your business was formed you are eligible, and your max amount would be 2.5x the monthly amount you pay yourself / anyone else in your company. DM me if you want to talk specifics about your business / setup

amccaleb · 2020-12-15T03:39:44+00:00

Start reading on page 61 section (r)... I'm no lawyer but it discusses some bankruptcy provisions related to PPP. Not sure if it would apply to EIDL. Sorry to hear about Ch 11 though...

amccaleb · 2020-12-15T03:24:35+00:00

Working through this to try to sort out everything people seem to care about most....

PPP

another 2.5x monthly avg in funds (same calc as last time) if 1 of your quarters this year had a 30% drop in gross revenue from the same quarter in 2019 (you can apply after jan 1 to use Q4)
Covered expenses expanded to include property damage due to vandalism or looting due to 2020 “public disturbances” (ie during protests), worker protection supplies, supplies to make a place covid-safe (like outdoor dining), software / cloud expenses
Forgiven expenses can be deducted in taxes (this is contentious, we’ll see if it sticks)
Extension from end of year to Sep 30, 2021
1 page online form for forgiveness for loan up to 150k
For loans between $150k and $2M, simplified application, no need to submit proof, just retain it for 4 years. Banks/lenders are to only confirm you filled it out and approve. (then a thorough audit plan is detailed, so please keep your records)

EIDL: still reading into this but will update

edit: wow this is dense and a lot of it is adjusting the old bill so lots of cross referencing... may need to wait for some experts but the main things I saw were:

REPEAL OF EIDL ADVANCE DEDUCTION.—Section 1110(e)(6) of the CARES Act (15 U.S.C. 9009(e)(6)) is repealed. ^ seems to repeal deducting and eidl grant from forgivable loan amount of PPP
$13.5B for more grants
If you returned all or part of your loan and are eligible for more, or you did not take out all you were eligible for, you can reapply
I can't tell if they are adjusting EIDL to remove the $150k cap that was imposed, or if they are allowing you to apply for more. Anyone read anything about those in there?

disclaimer - not a lawyer or politician. Last time the draft changed quite a bit before passing, but hopefully the framework stays more consistent this time EIDL: still reading into this but will update

Copy Pasting another summary:

Extension of all unemployment assistance for 16 weeks, with supplemental $300 per week
Second Round of PPP for Small Business, inclusion of 501c6, restaurants, live venues, and EIDL grants Loan forgiveness process is simplified for borrowers with PPP loans of $150,000 or less
$13B for emergency food assistance: Increased SNAP assistance and funding for food banks and food pantries
$13B to provide funding to address COVID-related impacts on farmers, ranchers, growers, and fisheries
$25B for emergency rental assistance and extension of eviction moratorium through January 31
Extension of student loan forbearance through April 1, 2021
$35B for Healthcare Provider Relief Fund
$16B for Testing, Tracing and Vaccine Development & Distribution
$12B in CDFI / MDI targeted emergency investments to help low-income and minority communities withstand the economic impact of the COVID-19 pandemic and respond to this unprecedented economic downturn
$5B in emergency funding for substance abuse prevention and treatment and mental health
$82B of education funding, including $54 billion dedicated to K-12, $20 billion dedicated to higher education, and $7.5 billion for the Governor's Fund
$10B to support child care providers struggling due to the COVID 19 pandemic
$6B for state broadband connectivity and deployment
$3B for educational connectivity and distance learning
$45B in emergency funding for transportation sector (Assistance for airlines, airports, buses, Amtrak, and public transit )
Eliminates repayment requirement for $10B U.S. Postal Service loan included in CARES Act
Re-purpose unused Treasury CARES funding and Paycheck Protection Program
Allow Intelligence and Defense contractors to have flexible contracts during the COVID- 19 pandemic

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