How is Everyone's Luck with EIDL, PPP, Unemployment?

[TomCopeland]

Eidl

Mine, toohappyface

I'm assuming this is a grant and doesn't need repaid?

Anyone know the answer to that?

You do not have to repay the EIDL money. It's a forgivable loan.

[TomCopeland]

EIDL and PPP

It is forgivable, but I think you have to spend it on certain expenses for it to be forgiven. I know payroll and mortgage payments are allowed, and I'm sure there are more expenses that qualify too.

You can spend the EIDL money on any business expense you want. You can spend the PPP money on payroll for yourself as well as mortgage loan interest/rent, utilities and credit card/car loan interest.

[Annalee]

You do not have to repay the EIDL money. It's a forgivable loan.

Thanks!

[dolores]

Applied for PPP through my bank last month and (surprise!) funds were deposited into business account yesterdayhappyface. At least 75% must be spent on payroll and the rest on specified overhead expenses for it to be forgiven. I have 2 employees so this will help pay them until we reopen...hopefully by June. I'm in New York
I've been using ADP for umpteen years. They're not that inexpensive. I've stayed because they're established, provide great service and handle all of my payroll needs. One less thing to agita over.

[daycarediva]

Update- received 1,000 deposited into my account this morning from the EIDL.

Used it to immediately pay off my business credit card, as I have been carrying a monthly balance on it since this started. I do NOT carry debt, so a HUGE sigh of relief, and enough to cover my expenses for the next month until my June enrollments begin. happyface

[Snowmom]

I applied for the EIDL grant in March and then again in April (around the 7th) and still haven't seen or heard anything beyond the general "we have a high volume... yada yada".

I did apply for UI/PUA and was paid last week for 4/6-4/24.
Then this past Friday, I received PPP funding.
I don't have a clue on how to prove payroll for myself going forward.
I obviously won't claim UI for last week or going forward, but don't know how that works with PPP. I assume (from the PayPal wording of the loan) that it's 8 weeks of payroll going forward, not retroactive. Otherwise, I would have just kept doing UI instead. But of course, nothing is clear when it comes to the government.

Tom, do you have any idea how UI and PPP affect one another?

[AmyKidsCo]

Faxed my PUA paperwork in last night. happyface

Still waiting for PPP paperwork. If it's not here by Thursday I'm going to call and offer to pick it up from their drive-up window. Our CU is within walking distance of our house!

[Alwaysgreener]

I got the ppp loan, waiting on the paperwork.

[TomCopeland]

PPP and unemplloyment

I applied for the EIDL grant in March and then again in April (around the 7th) and still haven't seen or heard anything beyond the general "we have a high volume... yada yada".

I did apply for UI/PUA and was paid last week for 4/6-4/24.
Then this past Friday, I received PPP funding.
I don't have a clue on how to prove payroll for myself going forward.
I obviously won't claim UI for last week or going forward, but don't know how that works with PPP. I assume (from the PayPal wording of the loan) that it's 8 weeks of payroll going forward, not retroactive. Otherwise, I would have just kept doing UI instead. But of course, nothing is clear when it comes to the government.

Tom, do you have any idea how UI and PPP affect one another?

You provide payroll for yourself by writing a check to yourself each week or transfer money from one bank account to another. The PPP money should be reported as income to unemployment spread over 8 weeks in equal amounts going forward. See my article on this: http://tomcopelandblog.com/apply-for...day-april-27th

[AmyKidsCo]

You provide payroll for yourself by writing a check to yourself each week or transfer money from one bank account to another. The PPP money should be reported as income to unemployment spread over 8 weeks in equal amounts going forward. See my article on this: http://tomcopelandblog.com/apply-for...day-april-27th

If I'm getting the PPP I'm not eligible for PUA, correct? I've already applied for PUA, so if approved I assume there's a way to decline it?

[bklsmum]

I applied for EIDL and have gotten the 1000 grant so far and waiting to hear on the loan.

I am getting self employed unemployment.

I applied for PPP but since I am a sole proprietor with a low income I only got approved for $1350. Anything helps though so I took it.

[BoysMom]

I just got notification that I've been paid six weeks of unemployment, but no mention of how/where that payment is. Anyone familiar with CA unemployment payouts?

[TomCopeland]

PPP and PUA

If I'm getting the PPP I'm not eligible for PUA, correct? I've already applied for PUA, so if approved I assume there's a way to decline it?

If you get unemployment and PPP, you would report the PPP as income divided over 8 weeks. This may or may not disqualify you for unemployment for those 8 weeks. After that you can continue to get unemployment. See my article on this: http://tomcopelandblog.com/apply-for...day-april-27th

[AmyKidsCo]

If you get unemployment and PPP, you would report the PPP as income divided over 8 weeks. This may or may not disqualify you for unemployment for those 8 weeks. After that you can continue to get unemployment. See my article on this: http://tomcopelandblog.com/apply-for...day-april-27th

Thanks! I had read that article but missed the part about getting unemployment after the 8 weeks.

[Daycarefamily]

Update.

We received $2,000 EIDL Grant.
We received $24,600 EIDL loan.

We received the EIDL loan after the PPP loan. Not sure if we can roll it in to the PPP now. Anyone attempt this?

We will be using ALL funds towards payroll. It will pay payroll for the next year or so. We will use income from the business for all other expenses.

Kind of wish we didn't get the EIDL grant because it just subtracts from PPP forgiveness. Seems banks want to just get the whole PPP forgiven and off their books.