Stimulus Update | 2nd Stimulus Patriot Pay +$12/hr Proposal & PPP News

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2nd Stimulus Check
PPP Update
EIDL
Stimulus News

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In PPP news as of today May 2 of small businesses have received funding through the PPP loan program. This is up from only just yesterday.

According to research performed by the Washington Post Publicly traded companies have received more than $1 billion in funds meant for small businesses from the federal government’s economic stimulus package.

The total number of public companies who have received funding has now passed 300 with over a billion dollars in funding.

Over $125 million dollars of the $1 billion has been returned by these public companies however it has mostly been returned by consumer facing businesses.

The Washington Post stated 43 of the companies had more than 500 employees

The Small Business Administration has refused to release the names of companies that have received the loans, despite having released such information on its loan programs for years.

This is the most frustrating part for me, just release the names and allow the public to decide who deserves it. However if they are public someone will be able to go through sec filings and find these companies.

In EIDL news as of today May 2 according to of small businesses have received their EIDL grant money. This is up from 13% yesterday.

Another very small increase for the day, I’ll be looking forward to seeing the numbers next week.

Moving on to 2nd stimulus news

Senator Mitt Romney proposed a second stimulus called Patriot Pay.

Patriot Pay would give essential workers an additional $12/hr through May, June, and July for a total payment of $1920 per month.

It would go to healthcare workers, grocery store workers, food processors and many others who are risking their health and safety for the well-being of the

One quarter of the pay would be paid by the employer and 3 quarters would be paid through a refundable tax credit.

This program came in the wake of so many employed people being upset about unemployment benefits being paid out.


I’m in the camp currently that I think the additional unemployment benefits is a good thing and extra pay would also be a great thing.

With unemployment levels at what they’re at I think it’s necessary to help out both the unemployed and employed.

The only issue I see is requiring employers to pay employees this additional amount is asking for trouble when cash flows are already so low for most businesses. How it works is the employer pays the additional $12/hr and $9/hr of that will later be refunded. I don’t know many businesses that could survive right now with wages 50%-80% higher even if it will be later refunded.

What are your guy’s thoughts? Do you think this is a good idea over the other potential stimulus packages?

On to one stimulus question from you guys:

Mike Olsen asks “Is the EIDL advance taxed?”

I haven’t seen any official guidance but I believe it is safe to assume that the EIDL will be in the same situation as a forgivable PPP loan looking at the tax code. Meaning the funds you receive are income tax exempt but anything you spend the EIDL on will not be tax-deductible so there is no double tax benefit.


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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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