Discover and read the best of Twitter Threads about #PPP

Most recents (24)

Our commentary: Another Corporate Facility Launched, @federalreserve Chair’s Prepared Comments are Stale, & PPP Expires #muniland hilltopsecurities.com/media/3877/mun…
A scattered reopening rollback continued in the U.S., and an increase in confirmed #COVID19 cases is still expected. #muniland
The U.S. @federalreserve launched its Primary Market Corporate Credit Facility yesterday—still nothing similar for the #municipalbond market. Something comparable should be prepared. #muniland #unroll @threadreaderapp
Read 5 tweets
پہلے والے کون تھے؟
اور بعد والے کون ہیں؟
تمام معززین ارض پاک سے ایک معصومانہ سوال
#Pakistan #PPP "#PTIGovernment #PMIKAssemblySpeech #PMLN #NawazSharif #ZartajGulLogic #AAMAwam #Karachi #Lahore
ہوابازی کے وزیر،سرور خان ہیں۔1985 اور 1988 اور 1990 کے انتخابات میں یہ ایم پی اےمنتخب ہوئے۔97میں ppp کے ٹکٹ پر الیکشن لڑے،ہارگئے۔ 2004میں یہ شوکت عزیز کی کابینہ میں محنت اور افرادی قوت کے وزیر تھے۔ اب سرور خان لوگوں کو راز یہ بتاتے پائے جاتے ہیں کہ ملک پہلے والوں نے تباہ کیا تھا۔
خسرو بختیار صاحب اکنامک افیئرز کے وفاقی وزیر ہیں۔1997میں مسلم لیگ ن میں تھے۔2002میں ق لیگ کےٹکٹ پر ایم این بنےشوکت عزیز کی کابینہ میں امور خارجہ کےوزیر تھے۔2013میں پھر مسلم لیگ ن میں شامل ہوگئے۔ 2018میں جہانگر ترین کے بزنس پارٹنر بنتے ہی ان کا ضمیر جاگ اٹھا آپ کا بھی یہی موقف ہے
Read 13 tweets
.@potus President Trump holds a roundtable with governors on reopening America #REOPENAMERICA #fromthewhitehouse #StateDiningRoom @realDonaldTrump pscp.tv/w/cbpnSTFxTFFH…
President Trump is holding a roundtable with Gov. Kevin Stitt of Indiana and Gov. Pete Ricketts of Nebraska to discuss efforts to support America's small businesses with @SBA Administrator Jovita Carranza on reopening America.

The Paycheck Protection Program (#PPP) has been a tremendous success for small businesses and the American workforce.
Read 26 tweets
#TaxTwitter

Had a client just hit the end of his 8-week #PPP initial covered period. Would get full forgiveness based on usage of the funds. Wants to just use the 8-week period. I've advised him against it... (1/2)
#TaxTwitter

Reason being? Freaking QBI.

$700k #PPP
$100k non-PR costs
$600k PR costs ($575k gross PR)

If I take the 24-week period, I get the following:

$700k PPP
$300k non-PR costs
$400k PR costs ($325k gross PR)

(2/3 -- lied about just 2 posts)
#TaxTwitter

Deductibility is the problem here (for now). If we lose the deduction for that $575k in wages (we shouldn't), that's $115k in QBID that goes away. If we use the 24-wk period, that $325k in wages only costs $65k QBID.

Saving $50k QBID/$18k income taxes w/ this. (3/3)
Read 4 tweets
1/?

Alrighty then... Kids are asleep, and dinner is done. So time to breakdown Congress's latest 'gift' to small business owners, and the tax and financial planning community.

It's called the Paycheck Protection Program Flexibility Act (Full Text: congress.gov/bill/116th-con…)...
2/

Now unless you've been sleeping under a rock for the past 68 days (yes, that's the exact number of days it's been since the CARES Act was passed... though it feels more like 84 years to many of us), you've heard about the #PPP program and probably know the basics. But...
3/

...if in fact you have been hiding under that rock, you can get the basics here: sba.gov/sites/default/…
here: home.treasury.gov/system/files/1…
and, of course, here: kitces.com/paycheck-prote…

But a word of warning, thanks to the new PPP Flex Act, a lot of that info is now outdated!
Read 31 tweets
0/ THREAD: #PPP LOAN FORGIVENESS Q&A

I posted a variety of Q's that were asked on today's @NVCA webinar but which we did not get to.

I posted each Q as its own standalone tweet so that replies on each topic can be more easily managed.

W/this thread, trying something new...
0.5/ ...each tweet in this thread will simply feature an embedded link to the corresponding "standalone" Q&A tweet + replies. Think of this thread as a kind of index, rather than a source of content itself. To see or add to replies for each Q, click on the embdded tweet first.
1/ Here is a link to Q&A #1. To see or add to the replies, please click on the embedded tweet below; i.e., please do NOT comment on this "parent" tweet.

Read 26 tweets
At this hour @POTUS holding a roundtable discussion with restaurant executives and industry leaders in the State Dining Room " to discuss the path forward to safely reopen their businesses and facilities," according to the @WhiteHouse.
"I thought we'd bring in the fake news," begins @POTUS.
"We're looking at doing deductibility" to help boost the restaurant industry, says @POTUS.
Read 54 tweets
1) "Federal Reserve developed the #MainStreetLending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic."
2) after initial announcement of #MainStreetLending Program, Fed Reserve expanded it to: Create a 3rd loan option, w/increased risk sharing by lenders for borrowers with greater leverage &
Lowered the minimum loan size for certain loans to $500,000
federalreserve.gov/newsevents/pre…
3) this resulted in 3 loan (🍕) options: plain, pepperoni & mushroom: "termed new, priority, & expanded" 4 year loans:
New: $500K Minimum Loan Size
Priority: Ditto
Expanded: $10M Minimum Loan Size & up to a TON!
Read 38 tweets
Watch Live: Union Finance Minister @nsitharaman addressing a Press Conference.

#AtmaNirbharBharat twitter.com/i/broadcasts/1…
@nsitharaman After PM's address to the nation on building an #AatmaNirbharBharat, we have been announcing details of the stimulus Govt. feels it should provide to the economy and our people.
- FM @nsitharaman
#AatmaNirbharEconomy
@nsitharaman PM had said that we should prepare for tough competition. When we speak of #AatmaNirbharBharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges
- FM @nsitharaman
#AatmaNirbharEconomy
Read 53 tweets
The #HeroesAct, the #coronavirus bill we are voting on today, contains several important priorities I fought for. While the bill could go further, I’m pleased with much of what we secured. 1/12
The bill boosts funds for Supplemental Nutrition Assistance Program (#SNAP) by 15%. In my district, I’ve seen lines at local food banks. Families need this assistance. 2/12
It provides a second round of more substantial economic stimulus payments consisting of $1,200 per family member, and up to $6,000 per household to ease the financial burden that many are experiencing due to #COVID19. 3/12
Read 12 tweets
We're live with ASMP's Wednesday Webinar. Join us here or live on @Facebook facebook.com/asmpnational/v…
Mike Klipper is updating us on the additional relief legislation now being considered by the House. Dems and Reps are "very far apart." The President has dubbed the legislation "Dead on Arrival." #HeroesAct
As always, our disclaimer, courtesy @MaddreyPLLC
Read 57 tweets
1/

Some MAJOR #PPP news to pass along. Earlier today @USTreasury updated the FAQs on its site (AGAIN!), by creating new Q&A #46.

In short, Q&A #46 creates a safe harbor for PPP loans of $2 million or less when it comes to the good-faith certification...

home.treasury.gov/system/files/1…
2/

Just to be clear, we're talking about the certification that a borrower must make that says:

"current economic uncertainty makes this loan request necessary to support the ongoing operations"

In short, Q&A #46 the safe harbor says that if you received a loan of...
3/

...$2 million or less (including loans made to affiliated companies), the certification will be deemed valid. Period. End of story.

The logic behind this, per Q&A #46, is to "promote economic certainty" for borrowers and to...
Read 12 tweets
#AatmaNirbharBharatAbhiyan
Based on 👇

Land,Labour,Liquidity&Laws that are not isolationist but inclusive

Ease of Doing Business

DBT,JanDhan,Aadhar, Micro Insurance,Ujjwala Yojana, Ayushman Bharat, PM Awaas Yojana,PM FasalBima Yojana,Krishi Sinchai,Swachh Bharat--Key Landmarks
GST,IBC&PSU Bank Recapitalisation in last 6 yrs,have been big reforms

52606Cr given via #DBT to 41Cr #JanDhan holders

Free wheat&rice to 69Cr ration card holders

18000Cr tax refunds given

Free cylinders to 8Cr #Ujjwala holders

#20lakhcrores #COVIDー19
#atmanirbharbharat
Project DevelopmentCells,working for Promotion of Champion Sectors,in States

#MakeInIndia&Upgradation of Industrial Infra,a success&more will be done to #Decongest economy

3376 SEZs&IndustrialParks with 5 lakhhectares,to be ranked& mapped,in terms of readiness for competition
Read 20 tweets
New Guidance for #PPP: To get maximum forgiveness you'll need to sacrifice a goat during a blood moon, at the stroke of midnight, while wearing a crown of thorns and Luke Skywalker's robes, and only after reciting pi in it's entirety.

Subject to additional guidance.
#taxtwitter
Additional Guidance: after additional consideration, you do not need to sacrifice the goat. Businesses who have already sacrificed the goat will be severely punished. Instead, businesses much sacrifice a dodo bird. /2
Additional Guidance: Upon discovering that dodo birds no longer exist there is no animal sacrifice required. Businesses that have already sacrificed a goat are still to be severely penalized. Penalty TBD /3
Read 9 tweets
THREAD: When you look at the market reaction, there are a couple very concerning things.

It can fuel this OBVIOUS falsehood that the market = the economy.

But, it also takes the pressure off President Trump to do more to support the financial hemorrhaging happening.
You can already see it with Republicans and the White House (Kudlow said it today) wanting to pump the brakes on more financial support.
Consider: the ✈️ industry (which has access to raise $ in the cap markets) got a bespoke bailout deal & a defecto airline bailout czar in Mnuchin
- these companies got a tax cut in ‘17 & poured their free $ flow into buybacks over last few yrs
- charged more for bags & leg room
Read 8 tweets
Live tweeting ASMP's Friday Town Hall. @LindseyBest in CA asking @MaddreyPLLC about the problem of jobs shot in 2019 paying in 2020. Maddrey: "This is related to the #W2/#1099 problem. We've read & read & there's no clear guidance. Now we're calling them. We'll get an answer."
Now on to the featured attraction...
First things first...
Read 46 tweets
My notice to @NICMeity for compliance of legal provisions in #PrivacyPolicy of @SetuAarogya . #NIC as #bodycorporate must ensure #dataprotection & strict liability. #datasecurity as per IT Act & Rules must be updated in Policy before making #AarogyaSetu mandatory 1/10 @viraggupta
In #PrivacyPolicy of @SetuAarogya as per cl. 2(a) & 2(c usage of data restricted for Government of India. However, cl 2(b) & 2(d), having no mention of GOI. Due to this lapse, if #data goes to foreign #TechGiants, it may create big risk to #nationalsecurity #RighttoLife 2/10
As per clause 3(b) of the Privacy Policy, data will be retained on #mobile device. Hence, data can also be accessed by Mobile cos. As per cl. 1(b), the @SetuAarogya will use #Bluetooth and #location data. So, such data can also be accessed by #Telecom companies. 3/10 @TRAI
Read 10 tweets
Turns out that Brentwood School, which Steven Mnuchin & Michael Milken's kids attend has rec'd PPP $.
Who could have told them to apply
Who could possibly have made sure this happened..
#SaturdayMorning
latimes.com/california/sto…
Late yesterday, after this story broke, Mnuchin tweeted:
“It has come to our attention that some private schools with significant endowments have taken #PPP loans. They should return them. @SBAgov #CARESAct #PPPLoans
Can't make this stuff up!
And then Trump chimed in...
He's worried that his base will, for once rightly, take offense at the rich people associated w his admin getting preferential treatment while they struggle.
#SaturdayMorning politico.com/news/2020/05/0…
Read 3 tweets
As my law office waits to see if we'll clear this round of #PPP funding to receive the extremely modest loan we'll need to keep staff on payroll/benefits as our revenue continues to stall, I just can't stop thinking about this wanton pigfucker.
We couldn't even *apply* for relief last round bc @SantanderBankUS couldn't pull together a simple application process in 2 weeks before big GOP donors like Bennett started *paying himself & his dad dividends* from your tax $$ which could have saved 100 companies like ours
The three law partners in my office all agreed to stop receiving paychecks 2 months ago so that we could do our best to use our reserve funds & limited revenue to keep staff who does so much for us employed & insured. There was no discussion about this whatsoever. It was assumed.
Read 10 tweets
Several observations on the eve of Day 3 Round 2 of #PPP. The big theme here is that new guidelines from the SBA screwed over smaller regional and community banks, and net-net it’s going to hurt SMBs by extension. 1/n
2/ First and foremost, I deeply admire everyone who is burning the midnight oil to help save SMBs. Across the board, people at the @SBAgov and banks haven't slept in weeks on end. It's an exhausting and herculean effort, and frankly there's really no end in sight right now.
3/ Let's start with this email that was sent Sunday evening before PPP applications reopened. The first thing to note is that the SBA and Treasury are implementing new measures to pace the number of loans processed in the E-Tran system. What does this mean?
Read 25 tweets
I do not understand
marker Cap of $9,620,918
Dolphin Entertainment received @SBAgov
Apr 27, 2020$2,096,000.00
sec.gov
I do NOT understand how a Company & it’s various subsidiaries who’s revenue grew >$25M
finanznachrichten.de/nachrichten-20… ImageImage
I JUST want to be clear here @stevenmnuchin1 railed at the LA Laker’s #PPP subsequently they returned it

WHY is it the disproportionate #PPP approved by @SBAgov @SBAJovita went to Cos like:
Neuronetics Inc which received a $6,360,327.00
(junk stock)
cc @RepMaxineWaters @SBAOIG ImageImageImage
“Park City Group, Inc., a software-as-a-service provider, designs, develops, and markets proprietary software products in North America and internationally...”
@ReposiTrak parent company -$1.1M #PPP
It is bonkers to me that this is happening again
Do you need that SBA thread? ImageImageImage
Read 12 tweets
For those who are paying attention to the stimulus package just passed and are wondering, “what the heck is a Community Development Financial Institution (#CDFI)?” Short answer: they are the greatest thing that you’ve never heard of.

A thread.
CDFIs were created in the 1970s as a response to discriminatory financing practices from banks (redlining, racism, etc.) As CDFI leader Mark Pinsky puts it, they were “an experimental approach to community building and anti-poverty efforts” brookings.edu/articles/takin…
They were set up to create a grass roots financial system to serve the people, businesses and communities that the banks deemed “un-bankable” (i.e., non-white, poor communities). Today, they are 1,142 community-based loan funds, credit unions, & banks across the country.
Read 16 tweets
#PPP is not working for Mainers who need help the most right now. In this time of crisis, @SenatorCollins is delivering -- just not for the people she serves.

Recent headlines from across the US tell the story:

(THREAD)

#mepolitics #BailOutPeopleNotCorporations
“The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit… But at least 75 companies that received the aid were publicly traded… and some had market values well over $100M.”

apnews.com/6c5942eec36cc4…
“A federal loan program intended to rescue small businesses and workers from economic devastation during the coronavirus pandemic has shortfalls that some Maine companies say will prevent the program from saving jobs as intended.”

pressherald.com/2020/04/13/fed…
Read 6 tweets

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