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Friday night it’s late no one’s reading this shit. Anyways, I can’t reconcile the fact that so many small business owners got the PPP, had a great year, get another PPP, and the people got $1,800 so far. I’m only talking about the share of the PPP that went to the owner
was capped at like 20k for those making 100k or more, but still. You had so many owners getting the 20k and their business net income is $200k-1M+. It wasn’t taxable to them. Then, them and the AICPA begged the IRS to let them deduct the expenses (salary, insurance) saving 25-37%
SBA wrote the rules so vague the first time everyone deserved them. The “economic uncertainty” part. I mean, fair. But the discrepancy between the funds they got to pay themselves (calc was to cover 2.5 months) & what individuals get it wild.Then these businesses had great years
I had a client, who qualifies under the rules, sending me urgent emails to fill shit out so he could apply by 7 last night. Called him at like 640 and he was sitting by the computer waiting. I’m like dude relax lol
He’s very well off compared to many. I’ve been to his house. His wife literally, easily, has $100,000 worth of these very niche mouse figurines. It’s way more than that. It’s so outrageous every room in the house has a giant wood cabinet with a glass front that holds the mice
There are a LOT of mice.There’s Christmas, Hanukkah, Halloween,4th of July, Star Wars, sports, various movies, gardens. And these are fucking big setups. Like there is a full nativity scene.W/ 100+ pieces. Thousands per case. I mean there was a big fucking chest in their bedroom
I do forgive the government for poorly writing the law because the pandemic was new to all of us and it’s hard to say, in a 2 week period, the magic number of what people should get per employee. And at the time it seemed like nothing. But I think it was too much for many
The solutions to me are:
1. Tier this, but give people a substantial true up. Close the gap between businesses getting 2.5 months worth of payroll per employee and the 1,800 ppl have gotten. I’m thinking $2,500, more if you lost job, none if you got PPP (reduce forgiveness)
1. Tier this, but give people a substantial true up. Close the gap between businesses getting 2.5 months worth of payroll per employee and the 1,800 ppl have gotten. I’m thinking $2,500, more if you lost job, none if you got PPP (reduce forgiveness)
