BigRedBuster Posted June 8, 2020 Author Share Posted June 8, 2020 On 6/5/2020 at 5:20 PM, JJ Husker said: SMH. I just got an update from the lender on my Paycheck Protection Program (PPP) Loan. It was letting me know that today, June 5th, the PPP Flexibility Act of 2020 was signed into law. I mean that’s great and all but only our federal government would make billions/trillions dollars worth of loans under one set of rules (unclear as they were) and then modify the rules (still unclear and unspecified) of those loans about 2 months later. I guess I shouldn’t complain as I think they are making the forgiveness rules even easier, so that should be a slam dunk. But it is a little confusing. I thought the forgiveness threshold was already pretty easy and sort of held businesses feet to the fire to make sure the loans would be used primarily for keeping employees working and paid....you know, the purpose of this massive govt spending. Ah well, such is our government. Yeah...not sure why they made some of the rule changes they did. The extended the time frame from 8 weeks to 24 weeks. The frustrating thing is you have to designate now, if you want 8 weeks or 24. If you state you want 8 weeks, then you have to have spent the proceeds on forgivable expenses. Then, submit the paperwork and documentation. It will then take up to a few months for the paperwork to get through the process and actually be forgiven. So, if you choose 24, then your paperwork won't be even start the process till then. That puts it possibly into October or November before anything is done with it. Link to comment
JJ Husker Posted June 8, 2020 Share Posted June 8, 2020 5 hours ago, BigRedBuster said: Yeah...not sure why they made some of the rule changes they did. The extended the time frame from 8 weeks to 24 weeks. The frustrating thing is you have to designate now, if you want 8 weeks or 24. If you state you want 8 weeks, then you have to have spent the proceeds on forgivable expenses. Then, submit the paperwork and documentation. It will then take up to a few months for the paperwork to get through the process and actually be forgiven. So, if you choose 24, then your paperwork won't be even start the process till then. That puts it possibly into October or November before anything is done with it. I just wish I would've known these rules at the time. I would've borrowed (and had forgiven) more. I borrowed enough for 75% spent on wages over 8 weeks, which is already satisfied. 60% over 24 weeks....hell, I could've got 4x as much. Link to comment
BigRedBuster Posted June 9, 2020 Author Share Posted June 9, 2020 17 hours ago, JJ Husker said: I just wish I would've known these rules at the time. I would've borrowed (and had forgiven) more. I borrowed enough for 75% spent on wages over 8 weeks, which is already satisfied. 60% over 24 weeks....hell, I could've got 4x as much. Yeah...that would have been nice. But, at least now you can file the forms and get the process started instead of waiting till after 24 weeks. Link to comment
Moiraine Posted June 14, 2020 Share Posted June 14, 2020 1 hour ago, RedDenver said: We can’t allow lobbyists to keep running the country. This would be a perfect time to add more alternative energy due to the jobs it would create. 1 Link to comment
teachercd Posted June 14, 2020 Share Posted June 14, 2020 On 6/11/2020 at 9:11 AM, RedDenver said: Also known as "F Our Landlords" Link to comment
Moiraine Posted June 14, 2020 Share Posted June 14, 2020 7 minutes ago, teachercd said: Also known as "F Our Landlords" I've been wondering how many rental properties will go down. Link to comment
teachercd Posted June 14, 2020 Share Posted June 14, 2020 2 minutes ago, Moiraine said: I've been wondering how many rental properties will go down. My friend rents in a small complex in California. The other renters have been in a group chat saying they should band together and stop paying rent (I think 12 units), my friend said "why would we stop paying rent" and they said "because of the virus. As far as he knew, most of them were still fully employed when they came up with this idea. People that own rental properties in certain areas will never get a rent check again. Most people that do rent out homes or Apts are not millionaires. As you know, being in Omaha (I think), if you are paying 1400 a month for a 3BR 2 Bath rental home...the person that owns that house is probably paying 900-1000 a month on the mortgage. They are lucky to make 4,000 dollars on that rental home at the end of the year. Link to comment
Moiraine Posted June 14, 2020 Share Posted June 14, 2020 8 minutes ago, teachercd said: My friend rents in a small complex in California. The other renters have been in a group chat saying they should band together and stop paying rent (I think 12 units), my friend said "why would we stop paying rent" and they said "because of the virus. As far as he knew, most of them were still fully employed when they came up with this idea. People that own rental properties in certain areas will never get a rent check again. Most people that do rent out homes or Apts are not millionaires. As you know, being in Omaha (I think), if you are paying 1400 a month for a 3BR 2 Bath rental home...the person that owns that house is probably paying 900-1000 a month on the mortgage. They are lucky to make 4,000 dollars on that rental home at the end of the year. People am dumb... I think my landlord (I live in an apt) owns 100s of properties all over the U.S. but there will probably be lots of people not paying rent at all of those properties. Hoping to wait until next year to buy a house and it would suck having to move again before that. Maybe they'll decrease rent. I have considered trying to negotiate it down. I think I'm paying more on my rent and utilities then I will pay monthly when we get the house. Link to comment
teachercd Posted June 14, 2020 Share Posted June 14, 2020 1 minute ago, Moiraine said: People am dumb... I think my landlord (I live in an apt) owns 100s of properties all over the U.S. but there will probably be lots of people not paying rent at all of those properties. Oh yeah, and those type of property owners are few and far between (I would imagine) most are the type that have a few rental homes or a duplex or a 4 unit. My buddies Dad has a 24 plex, 16 plex and 10 townhomes. Now, he is luck, he has had them forever so they are probably paid off and he can take a hit without losing everything. But heck...if you owned a 4 plex and were getting 3,200 a month in rental income and then that stopped coming in...you might be able to make it 4-5 months. Link to comment
RedDenver Posted June 14, 2020 Share Posted June 14, 2020 2 hours ago, teachercd said: Oh yeah, and those type of property owners are few and far between (I would imagine) most are the type that have a few rental homes or a duplex or a 4 unit. My buddies Dad has a 24 plex, 16 plex and 10 townhomes. Now, he is luck, he has had them forever so they are probably paid off and he can take a hit without losing everything. But heck...if you owned a 4 plex and were getting 3,200 a month in rental income and then that stopped coming in...you might be able to make it 4-5 months. If people can't afford rent and the landlord evicts them, then what? Do landlords think there's suddenly going to be a whole bunch of new renters? And what happens now that a bunch of people are evicted and living on the streets? Link to comment
teachercd Posted June 14, 2020 Share Posted June 14, 2020 2 minutes ago, RedDenver said: If people can't afford rent and the landlord evicts them, then what? Do landlords think there's suddenly going to be a whole bunch of new renters? And what happens now that a bunch of people are evicted and living on the streets? Why wouldn't there be new renters? Link to comment
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