Originally Posted by Daycarefamily:
We applied for the EIDL grant/loan on 3/30 first thing in the morning, still haven't got anything. SBA reps told us there was issues with the forms submitted on 3/29 and 3/30. They suggest to be patient. Congress did send a letter to the SBA last week suggesting that they start complying with the law as it was written. Congress wrote that they will continue to fund the program as needed. Maybe we will all get it eventually.
DC owner applied for unemployment, currently makes too much to qualify for state unemployment therefore not eligible for PUA even though we lost 70% of our income. This doesn't seem right to me, is this true?
Ironically we did get approved for $5200 of PPP. This will be fully spent on payroll (we have 2 employees) and 8/52 of last years profit. We had to open a business account which is fine, costs $10 a month. Don't want to spend on professional payroll services but am concerned about what records are going to be needed for forgiveness. I have Tom's KidKare but it doesn't do payroll that I can tell.
Does anyone know of an inexpensive payroll service?
EIDL - Tom said something about having to reply if you applied in x date in March. So check with Tom to see if you have to reapply.
UIA - I think it is based on your schedule C amount, the after expenses, and deductions. So it is possible that you make too much for that. Of course, you could try and reapply using your income after deductions.
PUA- Is being given to people that have not worked in a year. (no income at all in 2019) So I say apply to PUA, the worst that can happen is you get denied.
PPP- If you have employees, how are you currently paying them?
Wave is free (for invoices at least) they have a payroll section but I have never used it. (Payroll looks free too)
https://next.waveapps.com/ddf2e4a7-c.../payroll/setup
(It is not Tom's Kidkare, he just partners with them to promote each other.)
FYI - I have 2 different Biz accounts now (one I just opened for the PPP loan) Both through my Credit Unions, neither have a fee.