Business
It was a joke: some small businesses got $ 1 relief loans
Unprofitable and luckily
Sole proprietorships are the most common business structure in America, representing approximately 26 million businesses, according to the latest IRS data. Many are fringe workers who occasionally choose an independent project or collect royalties from their taxes as business income, but millions of people rely on their business income as their primary source of support.
Yet, due to the SBA executive order that sole proprietorships had to be profitable to get a P3 loan, many of them were ineligible. Nicole Davis, a accounting Georgia, which specializes in small businesses, estimates that about 60 of its sole proprietorship clients have been excluded from the relief program because their businesses are not profitable.
The second stimulus
Answers to your questions on the stimulus bill
Updated Dec 30, 2020
The Economic Relief Program will issue payments of $ 600 and distribute a federal unemployment benefit of $ 300 for at least 10 weeks. Learn more about the measure and what it contains for you. To find out how to get help, check out our Hub for help.
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- Will I receive another stimulus payment?Individual adults withadjusted gross incomeon their 2019 tax returns of up to $ 75,000 per year will receive a payment of $ 600, and a couple (or someone whose spouse died in 2020) earning up to $ 150,000 per year will receive double the this amount. There is also a payment of $ 600 for each child for families who meet these income requirements. People who file their taxes using head of household status and earn up to $ 112,500 also receive $ 600, plus the additional amount for children. People with incomes just above these levels will receive a partial payment that will decrease by $ 5 for every $ 100 of income.
- When can my payment arrive? The Treasury Department said on Dec. 29 that it had started making direct deposit payments and would start mailing checks the next day, but it will be some time before all eligible people receive their money.
- Does the agreement affect unemployment insurance?Lawmakers have agreed to extend the period during which people can collect unemployment benefits and restart an additional federal benefit that is provided on top of the state’s regular allowance. But instead of $ 600 per week, it would be $ 300. This will last until March 14.
- I’m late on my rent or plan to be soon. Will I receive relief?The deal provides $ 25 billion to be distributed by state and local governments to help tenants who have fallen behind. To receive assistance, households will have to meet several conditions: Household income (for 2020) cannot exceed more than 80% of the median income of the area; at least one member of the household must be at risk of homelessness or housing instability; and individuals must be eligible for unemployment benefits or have suffered financial hardship directly or indirectly as a result of the pandemic. The agreement said aid would be a priority for families with low incomes and who have been unemployed for three months or more.
They were surprised; they thought they were eligible, and it was hard to explain why they weren’t, Davis said.
Some sole proprietorships who received little or no help from the Paycheque Protection Program were helped by other government relief programs. Many have qualified for expanded unemployment benefits under the $ 2 trillion CARES Act, which are generally not available to the self-employed. And millions of business owners have obtained loans under a second SBA program, the Economic Injury Disaster Loans System, which offers loans at low interest rates. But these, unlike PPP loans, must be repaid.
Lenders did not win
The rule prohibiting unprofitable sole proprietorships is a significant hurdle for lenders working in vulnerable communities.
Its barbers, stylists, drivers, very small concierge companies. If they had a negative number on their Schedule C, they simply weren’t eligible for anything, said Jos Martinez, the president of We lend CDFI, with reference to the tax form that sole proprietors use to declare their income.
Small loans were also not profitable for lenders. The smallest loan made by Prestamos, a division of the nonprofit Chicanos Por La Causa social services group, was $ 74. For this he was paid $ 3.70. (Last month’s stimulus bill raised fees for lenders on loans under $ 50,000; they will now receive half the value of the loans, up to a maximum of $ 2,500).
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