For EDIL purposes, it is for your employees.

Yes if you work from home and you have an accurate method to calculate a portion of your home office you use for business purposes.

Yes if it is used for business purposes prior to Feb 15.

No.

Under CARES Act, the 1099 contractor has to apply for the EIDL. So they have to apply for themselves.

At this time no, the grant is to help sustain your business. It doesn’t specifically say “subscriptions” in there, so advised not to utilize for that.

Yes if insurance payments are ordinary and necessary part of running your business.

Yes if you are already paying these expenses before Jan 31 2020.

This is a federal grant, as part of the verbiage it says, under no circumstances are we going to require you to pay this back. So it is free and they want to help you jump start your business. If under any circumstances that they do require you to pay this back, it will be at 3.75%

If you are in a profession or in a business where your malpractice insurance is an absolute requirement, the answer is yes.

Just your legal name

If you started your business before January 31st, 2020, you can apply for EIDL.

Yes you can, but you need to make sure they are active companies that they all incur rent, utilities, and payroll.

Please use your existing active physical/mailing address of your business. Do not use PO Box.

Patience, practice patience. The government got really excited about telling us we’ll get these funds in three days. They just found out that millions of applications and the money is not going to be getting to us anytime soon, so just keep that confirmation number that is your application number. It will be a good way for you to track it in the future, but it is going to take a couple of weeks at this point.

Unfortunately, this money is for future obligations and payments.

No.

Yes if these are obligations you already had before Jan 31 2020.

If you are LLC elected to be taxed as an S corp, then you can put yourself as S corp.

Yes, under the EIDL, there’s the $10,000 emergency grant and there is a loan option available for up to 2 million. So yes, I would apply for both. Though in this case you have to be careful here because the SBA says, do not use the EIDL and the PPP for the same reasons. PPP is for payroll.

So you take the EIDL and apply that towards utilities and rent then utilize the PPP to pay your employees.

There aren’t specific rules such as spending this money within 30 or 60 days. The money has to be spent within approved criteria i.e. payroll, utilities, and rent.

It is a good method to track your funds.

You could look at your 8829 which is how you have been claiming home office deductions with the IRS, which would be a good guideline for you to start with.

When you apply for the loan, it doesn’t really ask you how much you will need. It also doesn’t talk about how much it will be approved. So it’s all or nothing, there isn’t a tiered grant that they’re giving.

Yes. Cost of goods sold is the cost that you will need to incur when you sell something i.e. costs associated directly to sales of every unit of product that you sold. So if you have hired contract labor to do it and have subcontractors, those will be part of your cost of goods.

No, the SBA gives these individuals a fee for assisting you. So when you get your proceeds, the SBA lender will then give the commission to these agents. We’re not agents, we’re resources, and do not look to be compensated for any of this.

So the EIDL say that you can use it to cover payroll, rent, and utilities. The PPP also says you can use the PPP money to cover payroll, rent, and utilities. But if you receive both the EIDL and PPP at the same time, when you ask for forgiveness with your financial institution for the amount under the PPP. If you have utilized the funds for the EIDL to cover payroll, then your forgiveness under the PPP will have to be reduced. They don’t want you to double dip, so it’s better to utilize those funds separately.