Most WISPS started as a side hustle I think.
From: Bill Prince
Sent: Monday, April 20, 2020 12:20 PM
To: af@af.afmug.com
Subject: Re: [AFMUG] OT guvmnt loan
We did not pay ourselves for the first 2 or 3 years of our S-corp. However, our
accountant advised us to pay ourselves a token salary to avoid troublesome
revenuers.
bp
<part15sbs{at}gmail{dot}com>
On 4/20/2020 11:17 AM, ch...@wbmfg.com wrote:
Corporation
I am a minority shareholder.
My wife is the majority shareholder. But you still don’t have to pay
shareholders anything.
If they are on the board of directors they can earn a directors fee.
From: Josh Luthman
Sent: Monday, April 20, 2020 12:04 PM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
I thought it was bad to have a business and not pay the owners "a reasonable
salary".
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Mon, Apr 20, 2020 at 12:46 PM <ch...@wbmfg.com> wrote:
dunno... Why pay FICA for myself when I don’t need to? I can take a
repayment on notes payable if I want money without any tax implication. Or I
can take a directors fee without FICA if I want to take money. But what in the
hell am I going to do with a bunch of money in my checking account? I can buy
more TSLA I guess. I would rather have a Mincon pneumatic hammer drill setup
for my directional drills.
Resisting the urge to buy a Tesla or an airplane. I do miss the C-210 with
known ice capability. But an ultralight would be more fun.
Could do a sailboat but I would probably never use it. I used to sail on
the Great Salt Lake.
I am just fortunate to be semi-retired and not really wanting for anything.
Other than visits from kids and grandkids.
In other words “I have sufficient for my needs”.
Maybe a water jet or a CNC laser...
From: Josh Luthman
Sent: Monday, April 20, 2020 10:37 AM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
Why were you not?
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Mon, Apr 20, 2020 at 11:19 AM <ch...@wbmfg.com> wrote:
We are still going to keep it sequestered. I should have been paying
myself...
From: Josh Luthman
Sent: Monday, April 20, 2020 9:02 AM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
It's my understanding that in 8 weeks all you have to do is prove you did
payroll for 75% of the amount loaned. In your case, show 90k came out of the
account to payroll. The reports that the payroll company does, I'm told,
should suffice.
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Sun, Apr 19, 2020 at 12:17 PM <ch...@wbmfg.com> wrote:
Lewis,
Are you taking any special measures to be able to prove you used the
loan proceeds for approved uses?
Kinda hard when they get comingled with other funds in a general
checking account.
I think we put them in a separate savings account.
From: Lewis Bergman
Sent: Saturday, April 18, 2020 6:09 PM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
$10k? How many people do you have? I think I got nearly $500k between
all the companies.
On Sat, Apr 18, 2020, 7:01 PM <ch...@wbmfg.com> wrote:
Got our supposedly to be forgiven $10K loan today. We shall see...
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