PPP how has it worked out for you ?

[702sandman]

Just wanted to see how the PPP program has worked for everyone? have you been able to burn it up yet ? Any information on the new forgiveness guidelines ?

 

[JB in so cal]

My bank is launching a on line app for forgiveness in July. I paid property tax, one of my techs for a few jobs and a couple other things directly with checks from the account. Have a few bucks left but I didn't get a large amount to start with. If I have to repay some of it, I'm good for it

 

[lakemadness]

We just burned up the last of it this week. We kept everyone we could, we'll meet our FTE goal so the loan should be forgiven. Waiting on the application for forgiveness to come out.

We had some sharp accountants commit some serious time to following the developing info and tracking every penny and hour of labor to build out spreadsheets for verification to provide in our application process. They have their ducks in a row. I foresee lots of "mom & pops" businesses drowning on the process that is yet to come. Due to the lack of resources some of those mom & pop shops get burned on forgiveness .

 

[Done-it-again]

All gone..... But that's what it was meant for..

 

[wet hull]

Ours has been gone. 100% to employees

 

[Cobalt232]

Ours is gone. All to the employees. We sat in on a webinar our bank offered on forgiveness and it was helpful how the process will work out.

The program worked better than expected for us overall.

 

[ChumpChange]

Still waiting for final rules. They’ll change again.

 

[farmo83]

My wife works for a payroll company and its kept her working late enough nights her boss told her she got a bonus today.

 

[El Rojo]

The guys I know applied and used it when they could have paid their employees anyway, because this virus BS didn't slow them down enough to let peeps go...they'll make 50k or so off this free for all...

 

[jet496]

Worked out the way it was intended for us. We've continued to give the guys 40 hours even past the 8 week period but told them today we can't continue doing that. We have the work now so they should be able to get 40 hour weeks.

 

[troostr]

Since the burn period was extended, I didn’t have to do this payroll early. The last 58k of 480 will go out on the 2nd. 100% to employees. It was nice to have since we can’t stop milking cows.

 

[CoolCruzin]

Waiting to see what the rules are .
But used up the amount between payroll and and a bit on lease

 

[702sandman]

We have kept all our guys super busy so it hasn’t been a issue to burn up. They gave us 100k then sent us the additional 46k 2 weeks later so not sure how the timing thing will work if they stick to the 8 weeks. In the end if they don’t forgive everything it’s still there to give back. I won’t touch anything extra for a year plus just to make sure lol