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Originally Posted by Dallas Chief
Great article. I was wondering what to do about the professionals on our staff that made more than $100k and I think the article cleared it up. My banker doesn't really know anything that granular. (shocking!)
I was alarmed at the statement in the article about these not being funded for 3-4 weeks. That's really no different than a regular SBA loan, the only difference being is the shorter application and less vetting. That will be too little too late for a lot of businesses. We may be OK, but I know others that won't. Sucks.
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Yeah, the timing thing could be problematic. Hopefully at least some of the bankers and credit holders will exercise some flexibility. But there are a lot of businesses that have been down for a long time. Hopefully they can open back up soon.
If I were president, I'd tag the IRS and have them issue refunds on 8.3% (1/12) of non-depreciation expenses on C, F, E, 4835, 1120, 1120S, 1065 and 1041 on either the 19 (if available) or 18 return. Then during the summer sometime apply for forgiveness. If not they have to carry forward the liability on their next tax return.