Community Chat

[Spacrazy]

I just saw that on World news report this noon.

[sunshine45]

---

@CrazyDaisy wrote:

The PPP program is to cover payroll expenses when business resumes. If the employees are laid off they are covered under the State Unemployment dept.  You do need to prove that this money was used for payroll expenses once operations resume in order for it to become a Grant.  There are many other low interest loans being offered for small businesses.

---

actually @CrazyDaisy  it is to help KEEP employees on the payroll during this crisis (for at least eight weeks) and a part of it can also be used for rent, mortgage interest, and utilities.

[CrazyDaisy]

---

@sunshine45 wrote:

---

@CrazyDaisy wrote:

The PPP program is to cover payroll expenses when business resumes. If the employees are laid off they are covered under the State Unemployment dept.  You do need to prove that this money was used for payroll expenses once operations resume in order for it to become a Grant.  There are many other low interest loans being offered for small businesses.

---

actually @CrazyDaisy  it is to help KEEP employees on the payroll during this crisis (for at least eight weeks) and a part of it can also be used for rent, mortgage interest, and utilities.

---

Not really, the PPP program has no timeframe as to when those 8 weeks are to begin.  With many businesses shut down by State order they are allowed to start that count when operations resume.  Actually they also do not need to keep the exact same employees, just the postion, thus employee count.  The other operating expenses were part of a different program.

[sunshine45]

---

@CrazyDaisy wrote:

---

@sunshine45 wrote:

---

@CrazyDaisy wrote:

The PPP program is to cover payroll expenses when business resumes. If the employees are laid off they are covered under the State Unemployment dept.  You do need to prove that this money was used for payroll expenses once operations resume in order for it to become a Grant.  There are many other low interest loans being offered for small businesses.

---

actually @CrazyDaisy  it is to help KEEP employees on the payroll during this crisis (for at least eight weeks) and a part of it can also be used for rent, mortgage interest, and utilities.

---

Not really, the PPP program has no timeframe as to when those 8 weeks are to begin.  With many businesses shut down by State order they are allowed to start that count when operations resume.  Actually they also do not need to keep the exact same employees, just the postion, thus employee count.  The other operating expenses were part of a different program.

---

they DO have to "quickly rehire" employees if they have been shut down.....that is their term. some of the operating expenses can be covered by the PPP loan, but only a certain percentage. the bulk of it has to go for payroll.

[esmerelda]

@sunshine45 @CrazyDaisy   Up to 25% can be used for other business expenses. 

[Isobel Archer]

---

@Nakito wrote:

Juniors CEO, Alan Rosen, just received his $2 million small business loan from the government and does not plan on paying his furloughed employees until they return back to work. This loan does not need to be paid back.  His employees need the money now for rent, bills and food.  Will you continue to patronize this business?.   

---

Wow - sounds like the Kennedy Center that got $25 milliion and then laid off all musicians and performers. 

[CrazyDaisy]

---

@esmerelda wrote:

@sunshine45 @CrazyDaisy   Up to 25% can be used for other business expenses. 

---

Not according to the bank we are working with, the loan is for payroll items.  Other small business loans/grants are available for other operating expenses.

[sunshine45]

---

@esmerelda wrote:

@sunshine45 @CrazyDaisy   Up to 25% can be used for other business expenses. 

---

that is correct @esmerelda ......it can be found right on the PPP page of the sba.gov website.

[esmerelda]

@CrazyDaisy  If its an issue for you google can ppp money be used for small business expenses  or google what can ppp loan be used for and show it to your bank. 

[noodleann]

Juniors' CEO has explained his thinking.

Frankly, it's a lousy restaurant, or Brooklyn's was in the 90s, and there are much better cheesecakes out there. I'd never give them my business anyway and don't understand why the loans weren't handed out in a much more discriminating fashion. We don't need Juniors or the Shake Shop or most of the other companies that are trying to feed at the public trough. Help the former employees, but the firms should have had a disaster anticipation strategy of their own. Enough of corporate welfare!