not being purposefully obtuse. but companies who are still operational are
taking the grant loans how? I thought this was intended for companies who
otherwise would have laid people off to continue paying them.
do they make you show any proof of negative impact? Im not saying anything,
cause i took my 3900 free money check and the wife is going to do the
paperwork for the baby who wasnt on last years taxes yet. take the money.
Im just curious if they built any kind of actual oversight into this. I
assume not since it went broke so fast.
on your own payroll note, if you pay yourself the equivalent of minimum
wage, or whatever, does that mean you get the free money check too? if you
do, did you buy guns, ammo or bacon?
On Mon, Apr 20, 2020 at 9:20 PM Bill Prince <part15...@gmail.com> wrote:
> IIRC, we paid each of us $15K/year. That was enough to deflect suspicion,
> but not so much that it hurt.
>
>
> bp
> <part15sbs{at}gmail{dot}com>
>
>
> On 4/20/2020 4:17 PM, Keefe John wrote:
>
> What's your idea of a token salary in respect to an S-Corp?
>
> Keefe
>
>
>
> On Mon, Apr 20, 2020, 1:21 PM Bill Prince <part15...@gmail.com> wrote:
>
>> 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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