|
Another spinoff to unemployment
| Posted By |
Message |
| Pages: 1 [2] |
Christine2
LIF Adult
Member since 2/09 1217 total posts
Name:
|
Re: Another spinoff to unemployment
Thank you all for your responses. While it wasn't really an issue of laying off the moms and not the single ladies, I can see how it might be interpreted as such. It was more an issue that I couldn't contest the moms who filed who have school aged kids. At this time, I think I will follow the advice of just about everyone and let the employee file and not contest. I may not rehire, but who knows if I rehire anyone at this point. Fingers crossed this ends soon and we go back to normal.
|
Posted 4/7/20 1:14 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
Christine2
LIF Adult
Member since 2/09 1217 total posts
Name:
|
Re: Another spinoff to unemployment
Posted by PhyllisNJoe
Posted by blu6385
I will admit i have not looked in to the whole bill yet but I thought that they were offering small business loans to pay your employees their full salary that you dont have to pay back as long as you keep them on. something to that extent
With this, it’s not as easy as it sounds. We had to lay off our entire staff 2 weeks ago so they can start collecting something while we wait to get this loan. We were finally able to fully apply today and it was not that easy to get it all together. We are now waiting for approval.
You have 8 weeks to use the entire loan on payroll, rent and utilities. If at least 75% of it is NOT used within that 8 weeks for those reasons , you have 24 months at .98% to pay it back. If you do use at least 75% on that within 8 weeks, you may have that 75% or the entire loan forgiven. YOU MAY. it is not definite.
I see a shit show coming real soon because what if we get the loan in 2 weeks. But can’t reopen the business for another month ? There is nobody to answer whether this starts from date you open OR from date you receive the $ in your account. Nobody can answer a question straight forward.
Better off having employees collect UI for now. The SBA thing still remains a mystery
Actually, I think you have it wrong. You must use ALL of it in 8 weeks, 75% of it on payroll (meaning only 25% on rent, utilities, health insurance premiums, etc). Anything else will not be forgiven and turns into a loan (at 1% interest over 2 years, so not too bad). That being said, you need to hire the equivalent amount of full time employees as well. It may be an issue getting staff to return. Also, you are right in that it is a timing game. You almost want it to take a few weeks for the loan to go through and things return semi-normally. There is some talk that the banks may let you choose when to have the loan dispersed, but what I am hearing is inconsistent.
|
| Posted 4/7/20 1:19 PM |
| |
|
| Pages: 1 [2] |
Potentially Related Topics:
Currently 808053 users on the LIFamilies.com Chat
|
