Coronavirus Economics/Finance

Just so you know, PUA is not the only program a contractor/self employed is eligible for; there's also FPEC(and think?)

In any case, PUA is an unemployment system that works for contractors like regular unemployment works for employees, and FPEC is a separate fixed $600/week program.
 
ahalpert said:
So you think we don't need to pay that back?
Click to expand...

Well, I don't know acutally. Maybe it's just an advance on a loan (that we may or may not get approved for)? Here is what a confirmation email sent to me by the SBA said:

"Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000."
 
mothmachine said:
Well, I don't know acutally. Maybe it's just an advance on a loan (that we may or may not get approved for)? Here is what a confirmation email sent to me by the SBA said:

"Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000."
Click to expand...

That sounds like a loan. It sounds like the SBA is handing out some money before the loan is actually approved so that a business owner can potentially pay to keep their staff on payroll before the business runs out of money.
 
Barry_Green said:
Just so you know, PUA is not the only program a contractor/self employed is eligible for; there's also FPEC(and think?)

In any case, PUA is an unemployment system that works for contractors like regular unemployment works for employees, and FPEC is a separate fixed $600/week program.
Click to expand...

Isn't FPUC just an extra $600/week for UI temporarily? But PUA lets the self-employed get UI?
 
cpreston said:
That sounds like a loan. It sounds like the SBA is handing out some money before the loan is actually approved so that a business owner can potentially pay to keep their staff on payroll before the business runs out of money.
Click to expand...

So then the question is how to get EIDL forgiven. Though maybe they'll tell you once you're actually approved for whatever the full amount is?
 
mothmachine said:
Well, I don't know acutally. Maybe it's just an advance on a loan (that we may or may not get approved for)? Here is what a confirmation email sent to me by the SBA said:

"Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000."
Click to expand...

They state clearly that it does not need to be repaid;

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
 
ahalpert said:
Isn't FPUC just an extra $600/week for UI temporarily? But PUA lets the self-employed get UI?
Click to expand...


Yes, the $600 FPUC is automatic and unconditional as long as you qualify for $1 or more of ANY type of unemployment, whether traditional w2 based UI, or PUA. It is not an alternative program that you can, nor need to, sign up for.
 
ozmorphasis said:
They state clearly that it does not need to be repaid;

https://www.sba.gov/funding-program...onomic-injury-disaster-loan-emergency-advance
Click to expand...

Thank you for making me aware of the EIDL. Somehow, I had never heard of this despite thinking that I was keeping up on this type of information. I guess the EIDL program preceded the Coronavirus response so the media wasn't reporting on it. Also, here is an article talking about how it isn't keeping up. https://www.forbes.com/sites/kylewe...-think-the-eidl-is-a-black-hole/#5e68ff557e71
 
ahalpert said:
Looks like the EIDL funding has dried up even after it was replenished in late April and you can no longer apply.

I know someone who didn't apply and could use it - anyone have any idea if applications will ever resume?
Click to expand...

No word yet, but remember that our country is not setup for disaster relief on this scale, so there is a lot of patchwork step-by-step solutions. In other words, more may be coming but we don't know yet.
 
cpreston said:
Thank you for making me aware of the EIDL. Somehow, I had never heard of this despite thinking that I was keeping up on this type of information. I guess the EIDL program preceded the Coronavirus response so the media wasn't reporting on it. Also, here is an article talking about how it isn't keeping up. https://www.forbes.com/sites/kylewe...-think-the-eidl-is-a-black-hole/#5e68ff557e71
Click to expand...

Yeah, as annoying as it is to have to do so, you really have to keep re-reading the relevant websites for all of this stuff. They keep getting updated in small incremental ways, but it's not like there is notification in your inbox letting you know that it's updated, with key elements highlighted to track the changes. You're very much on your own to figure it out unless an article does the trick for you.

The one place where I've seen things handled with some care in this regard is the Covered California website. CC administers the ACA (Obamacare) in California. Just like everything else, they were bogged down with calls, you couldn't reach anyone, website was crashing, etc. However, eventually they released a video that was sent out to people in their email and walked you through the process of reporting changes to income and all of that so that you could get a different premium payment. It was actually very useful and reassuring during a time of stress/panic.

There is no such handholding with PPP, EIDL, nor UI. Lots of unneeded stress. I mean, we all make short explainer videos ALL THE TIME for clients with WAY smaller budgets than what the federal govt can handle. A few step by step guides and such would go a long way.
 
I've been checking the EIDL status each day for several weeks. Late last night it opened back up for applications but only for agricultural businesses. I delayed applying for the first round due to conflicting information and it quickly closed. Don't know if we will have another opportunity or not as the # of applications are apparently massive
 
A bunch of new car models have been announced. The manufacturers have been very quiet for a few months but now are bringing out new pieces one right after another.

Acura TLX with a promised 3L turbo model seems to be the most exciting of the bunch. Ford Mustang Mach 1 will replace Bullitt while Lexus IS will replace the car that very few want - Lexus IS - without giving anyone any reason to want it more. IS 350 will be priced around the level of the aforementioned Mach 1 and will offer 305 HP. Mach1 will offer 480.
 
Looks like the US is headed for another shutdown. I highly doubt production and exhibition will restart on anything but the smallest scale this summer. Release dates keep getting pushed.
 
There are some interesting stories from India as to how they are controlling the virus. Tightly packed poor neighborhoods in some cities have kept it in check. It's remarkable what can be accomplished if the body politic is willing.

So much for warmer weather putting the virus in check. If this follows the script from the 1918 pandemic, there will be much wailing this fall.
 
Sadly I think even India is surging. 18,000 new cases today. Delhi is being especially hard hit.
 
You must log in or register to reply here.
Back
Top