I'm currently working in a small private practice group and just wondering if people are applying for the EIDL 10,000$ advance (grant?) vs the PPP loan which can be forgiven up to about 100k/12months x 2.5 (about 20.8k), or applied for both?
CARES Act - SBA - Any 1099 Independent Contractors apply for the EIDL or PPP?
- Thread starter gasman11
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The way I read the law is that PPP is the most appropriate "loan" for most of us but you can certainly use EIDL for that advanced $10,000 as well. If you get the $10,000 that is supposed to be subtracted from the PPP loan. Be careful not to overdue it as the U.S. govt. is sloppy and may send you BOTH without subtracting the $10K.
I recommend using the PPP but if you are really cash strapped then you can use EIDL as that money will arrive sooner.
I recommend using the PPP but if you are really cash strapped then you can use EIDL as that money will arrive sooner.
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You can no longer apply for both. I recommend the PPP for most people on SDN.
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Bank of America that it’s seen fierce demand for rescue loans with applications already accounting for nearly 10% of the entire amount allocated by Congress.
The bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing.
The current numbers are applications and do not represent the sums the Small Business Administration has approved
Looks like Congress may need to increase the funding for this program from 350 billion to 500-600 billion. People are rushing to file their claims because the money will run out fairly soon, maybe even by the end of this week. Congress may or may not increase the funding for the PPP. Pelosi may demand too many liberal "add-ons" to the additional funds essentially killing any chances of passing a second PPP bill.
The bank confirmed that it has received applications from 177,000 small businesses for a total of $32.6 billion in financing.
The current numbers are applications and do not represent the sums the Small Business Administration has approved
Looks like Congress may need to increase the funding for this program from 350 billion to 500-600 billion. People are rushing to file their claims because the money will run out fairly soon, maybe even by the end of this week. Congress may or may not increase the funding for the PPP. Pelosi may demand too many liberal "add-ons" to the additional funds essentially killing any chances of passing a second PPP bill.
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My 1099 friends have had a hell of a time getting access to PPP. Most don’t have stellar pre-existing relationships with banks which is what really matters. Much easier for us privately owned practices. Like Blade i anticipate several independent contractors won’t get access to funds, but honestly this bill is intended for businesses with multiple employees to keep their payroll going not for solo folks.
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Independent contractors can't apply until April 10th and the money will probably have run out by then.
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I also saw April 10th for 1099s on the site. How are you guys able to apply before then?
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I'm 1099 and was able to apply yesterday. Even got a confirmation email from my bank.
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Ah this makes sense and at least one bank has confirmed something like this to my buds. Several of my residency friends are not thrilled with being 1099 right now.
We run super lean as a PP group and were able to institute immediate cost-savings. Everyone’s total compensation will go down this year (and if yours isn’t then you aren’t being honest), but we can weather the storm for now.
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Scorps and Sole Proprietors are eligible to apply today! Those without all the necessary documentation will have to wait until April 11th. That means if you only a have a 1099 form and not a formal business.
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Health-care businesses are the source of some of the biggest demand for the small business loan program in the coronavirus relief package from the federal government, a regional bank CEO told CNBC on Wednesday.
“The second-highest request for these PPP loans in our case is health-care businesses. So doctors, radiology labs, things like that. That may not make sense on the surface, but just think about we’ve had to empty our hospitals, put off elective procedures,” Chris Maher, chairman and CEO of New Jersey-based OceanFirst Financial, said on “Power Lunch.”
“There’s a whole supply chain in health care. The folks we need the most right now, they need cash flows so they can keep putting people out in the field,” Maher said.
As part of the response to the pandemic, many states and hospitals have suspended elective procedures to conserve personnel and equipment for patients with COVID-19. Those other surgeries and procedures are often a key source of revenue for hospitals and medical clinics.
Congress and the Trump administration agreed to a $2.2 trillion relief bill to help support the economy during the pandemic, including a payroll protection program for small businesses worth up to $350 billion.
Many banks and small businesses have complained that the program, which was launched last Friday, has been inefficient to use and may be drained before all businesses can tap into it. Treasury Secretary Steven Mnuchin has said he will ask for additional money from Congress if the $350 billion is used.
Maher said that his bank has been able to distribute $3.7 million as part of the program.
“The second-highest request for these PPP loans in our case is health-care businesses. So doctors, radiology labs, things like that. That may not make sense on the surface, but just think about we’ve had to empty our hospitals, put off elective procedures,” Chris Maher, chairman and CEO of New Jersey-based OceanFirst Financial, said on “Power Lunch.”
“There’s a whole supply chain in health care. The folks we need the most right now, they need cash flows so they can keep putting people out in the field,” Maher said.
As part of the response to the pandemic, many states and hospitals have suspended elective procedures to conserve personnel and equipment for patients with COVID-19. Those other surgeries and procedures are often a key source of revenue for hospitals and medical clinics.
Congress and the Trump administration agreed to a $2.2 trillion relief bill to help support the economy during the pandemic, including a payroll protection program for small businesses worth up to $350 billion.
Many banks and small businesses have complained that the program, which was launched last Friday, has been inefficient to use and may be drained before all businesses can tap into it. Treasury Secretary Steven Mnuchin has said he will ask for additional money from Congress if the $350 billion is used.
Maher said that his bank has been able to distribute $3.7 million as part of the program.
