Me too.
From: Bruce Robertson
Sent: Monday, April 20, 2020 2:53 PM
To: af@af.afmug.com
Subject: Re: [AFMUG] OT guvmnt loan
That's almost exactly how my company started.
On 4/20/20 12:38 PM, Bill Prince wrote:
Ours was. We just wanted broadband at the time (we have a 73,000' line to the
nearest CO and dialup got us 26 Kbps on a good day). When I first learned of
the last mile problem, I realized that conventional wired broadband would
probably not happen here in my lifetime. The original goal was to get enough
neighbors signed up so that it would not cost an arm and a leg. I really just
wanted enough subscribers to cover the cost. I figured 2 or 3 dozen neighbors
would do it. Then it became something like selling heroin, and the rest is
history.
bp
<part15sbs{at}gmail{dot}com>
On 4/20/2020 11:54 AM, ch...@wbmfg.com wrote:
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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