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Joe Marconi

PLEASE READ! THE PPP IS NOT FREE MONEY

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First, let me clarify one thing: I AM NOT THE EXPERT.  But there are  things about the PPP that concern me. Such as this quote fron the SBA:  "Forgeven amounts will be considerded income for federal tax purposes." So, if you get a forgiven loan in the amount of 100,000- that will be added as income? 

And, the fact that we need to rehire to full staff by June 30, 2020.  So, in an area like mine where we don't expect business to return for 6 months or longer, I need to rehire to full staff, with 60% of sales down, use the SBA PPP to make payroll????   This is insane economics.

I do not want to rain on anyone's parade here. Being in NY, I got hit early and got hit hard.  We are going on more than 8 weeks with little to no business.  I too need financial help.

Look, the point is take it slow and get all the information from a pro.  This is what I need to do too.  Please get the advise from your banker, your attorney, financial advisor and your accoutant.

The only  true way out of this is for business to return to normal, through sales and revenue.

 

 

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