Financial Relief Options For The Full-Time DJ Operators

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djtaso

DJ Extraordinaire
Apr 4, 2017
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NJ
www.djtaso.com
A couple of updates for those curious:

- For those self employed doing the PPP, many lenders are now taking it upon themselves to make the PPP loan forgiveness process much simpler. According to the SBA, those that are self employed are automatically forgiven 75% of the loan that's supposed to go to payroll (pay to themselves essentially). Some lenders though are now ONLY giving the 75% and making it fully forgiven. This way you don't have to produce any documents or proof at the end of the 8 week period, other than just simply do the forgiveness application. Downside is if you have any rent or utilities that you were hoping to get covered, it has to be used from your 75%, upside is, you can actually use the money for whatever you want now (even buying new dj equipment).

- For the EIDL, the site has been updated to remove the language that said $1000 per employee. Rumor has it that because of Congress complaining on 2 occasions, the SBA is providing the $10,000 grant as intended, or if anything, based on revenue (not net profit).

- For those that haven't done the PPP and are interested (I'd definitely do it if you make over 65k in profit), there still are funds available. It seems that Square and Paypal are the most efficient, or other small lenders with less than $1billion in assets. The EIDL is a great option too... but their on a 4 week backlog.
 

IceBurghDJ

DJ Extraordinaire
Apr 17, 2015
3,004
1,788
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Western Pennsylvania
iceburghdj.com
I got the EIDL, can't find details on it now...the website says AGRICULTURE ONLY now...Hmm. Do I repay it? some of it?none of it? Can't find the small print. Got an email saying I got it, it was direct deposited ($1000)...no info on anything else.

Didn't do the PPP, likely won't bother.

Still waiting on the PUA.

As of now...June is vanishing fast..have one wedding left..they already said they may have to move as it's in a casino and they are waiting to hear what's up. I've heard nothing about WV (lots about PA and Ohio)...so no clue.

All have moved to dates I have open, even if they have to change their second choice (makes me feel special!). Have possibly lost a ceremony - they still want to get married on june 6...their challenge is finding a courthouse open to issue a marriage license!
 

IceBurghDJ

DJ Extraordinaire
Apr 17, 2015
3,004
1,788
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Western Pennsylvania
iceburghdj.com
so you got the $1,000, NOT THE $10,000?
April 23 it showed up in the back, the 25th I got the email.
I'm a sole prop, no employees...so $1000 sounds about right. I applied for the whole 10k.

The PUA goes back to March 30 I think.
The PA site told me 'no' as i Had wages showing, so go file regular unemployment - which since I quit the bus job I do not qualilfy for (in pa you get unemployment only if it'snot your fault you're outta work). I got that money this past week, 2 weeks worth. I'm told PA loosened up the rules...

I'm just hoping I, and all of us, don'thave to pay all this shit back...I've heard the stimulus is an advance against taxes this year...so if you owe, you owe 1200 MORE...
 

TES3S

DJ Extraordinaire
Sep 18, 2016
483
278
Los Angeles, CA
Taso, since you are doing the PPP, did you just show last year taxes to calculate the number. How much of a loan are you getting? Is it just the 75% you are taking, so you just pay your self?
 

TES3S

DJ Extraordinaire
Sep 18, 2016
483
278
Los Angeles, CA
April 23 it showed up in the back, the 25th I got the email.
I'm a sole prop, no employees...so $1000 sounds about right. I applied for the whole 10k.

The PUA goes back to March 30 I think.
The PA site told me 'no' as i Had wages showing, so go file regular unemployment - which since I quit the bus job I do not qualilfy for (in pa you get unemployment only if it'snot your fault you're outta work). I got that money this past week, 2 weeks worth. I'm told PA loosened up the rules...

I'm just hoping I, and all of us, don'thave to pay all this shit back...I've heard the stimulus is an advance against taxes this year...so if you owe, you owe 1200 MORE...
Darn, hoping Taso was onto something.
 

DJ Ricky B

DJ Extraordinaire
Mar 9, 2015
6,308
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I am working full time dealing with being short staffed at work, and starting to feel over worked as it is getting quite busy. We were down by over 1 million dollars in April, but since May started business is starting to kick into high gear at work. Problem is they are not authorizing over time, and working us like dogs to get what needs to be done by 5 pm every day. Today I ended up working until 5:30. I was told I will likely have to come in 30 minutes late one day later this week to stay at 40 hours, but that depends on if every day is so busy I can't get things done in time to clock out at 5:00. Also was told that a raise is not going to happen this year at work. Not getting $hit so far! 2020 is a crappy year!

I applied for that EIDL grant. It's been crickets on that front. The stimulus payment went to paying our bed off that we had 0% financing on anyway. Just one less bill. The rest of it is kept in savings until we figure out what happens with these shut downs. Will I be deejaying events in July or August? or even this year? That is the big question.

My job can get the bills paid, but if this keeps up I won't have money for anything other than bills. No expendable income ain't fun. Wish I was on unemployment, and earning more money than working hard for it, and earning less right now!
 
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djtaso

DJ Extraordinaire
Apr 4, 2017
3,219
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NJ
www.djtaso.com
Lots to digest here and respond to...

I got the EIDL, can't find details on it now...the website says AGRICULTURE ONLY now...Hmm. Do I repay it? some of it?none of it? Can't find the small print. Got an email saying I got it, it was direct deposited ($1000)...no info on anything else.

Didn't do the PPP, likely won't bother.

Still waiting on the PUA.

As of now...June is vanishing fast..have one wedding left..they already said they may have to move as it's in a casino and they are waiting to hear what's up. I've heard nothing about WV (lots about PA and Ohio)...so no clue.

All have moved to dates I have open, even if they have to change their second choice (makes me feel special!). Have possibly lost a ceremony - they still want to get married on june 6...their challenge is finding a courthouse open to issue a marriage license!
The EIDL was closed for a few weeks, likely due to the high number of applicants in the first round that they're still backlogged on. Word is they're a few weeks behind on EIDL apps, probably because the SBA prioritized their resources on approving PPP loans.

NO YOU DO NOT REPAY!!!! They opened up today finally the EIDL again, but ONLY for Agriculture, as they were left out in the first round and they wanted to give them priority. Supposedly it will reopen for everyone else soon, should funds still be available.

If $1000 is good enough for you, plus PUA, then go for that. Keep in mind, you can extend your benefits by doing PPP and PUA, especially if this virus cuts of events until a vaccine is made.

There is also rumor... well a little more than rumor... that the $1000 will be $10k as intended originally. The congress complained twice and told the SBA that it was never intended to be $1k per employee. The language that says 1k per employee is no longer on the site. They may retroactively give you 10k, so be on the lookout... not a guarantee, but it was the intention of congress.

so you got the $1,000, NOT THE $10,000?
In the first round it was 1k per employee... since then congress complained saying it was supposed to be 10k per application. If this is honored, then his 1k will be 10k. There are small indications this may be the case, or at least based on revenue not employees.

Taso, since you are doing the PPP, did you just show last year taxes to calculate the number. How much of a loan are you getting? Is it just the 75% you are taking, so you just pay your self?
For self employed you take line 31 on schedule c, divided by 12 and multiplied by 2.5. I'm pretty much at the max I can apply for 1 person. Square however is doing things different for self employed, as are a number of other lenders. Instead of giving you the full amount based on the formula, their giving you 75% of the loan amount and making it entirely forgivable. So, if for example you made 100k, the loan amount would be $20,850... but they're only giving you 75% for payroll, as it is automatically forgiven based on new SBA guidelines. So essentially you'd get 15,625 deposited into your account on 100k. The downside is, you lost 4,500 that you can use for rent/utilities. If you didn't have those expenses, then it doesn't matter to begin with as you had nothing to use that extra 4500 for. The upside is, you can use this money now for anything, as it is all forgiven essentially. You just have to apply for forgiveness at the end of the 8 week period. Some lenders will still give you the full amount you applied for, but then it is upon you to make sure it is distributed accordingly.
April 23 it showed up in the back, the 25th I got the email.
I'm a sole prop, no employees...so $1000 sounds about right. I applied for the whole 10k.

The PUA goes back to March 30 I think.
The PA site told me 'no' as i Had wages showing, so go file regular unemployment - which since I quit the bus job I do not qualilfy for (in pa you get unemployment only if it'snot your fault you're outta work). I got that money this past week, 2 weeks worth. I'm told PA loosened up the rules...

I'm just hoping I, and all of us, don'thave to pay all this shit back...I've heard the stimulus is an advance against taxes this year...so if you owe, you owe 1200 MORE...
You DO NOT owe the $1200 back. It is an advance on a tax credit which you're entitled to for 2020. You will only owe SOME if you made more than the 75k if you're single or $150k if you're married. And again, you'll only give back the difference, not the full $1200... unless you made more than $100k/$300k.

The PUA is retroactive to when you were FIRST unemployed. I don't know how you can say you got denied for it as in PA you can't certify yet. According to the PA PUA unemployment site all you can do so far is apply for it... and wait until you can certify. Here's the PA site info:

Weekly Filings:
At this time, you WILL NOT proceed with weekly filings. This first stage is for initial application collection, only. Please continue to check our website for updates on when the continued claims filing option becomes available after full system rollout occurs.

NJ was the same, but starting this week some have received emails to start applying for retroactive PUA, so I'm sure PA isn't too far behind.... just be on the lookout. Since you got the EIDL, you'll be able to retroactively apply for every week, except the week that the EIDL was deposited into your account. And then you can go back on. Since I have the PPP, I'll retroactively get PUA up until May 1st, when my PPP was deposited. From May 1st until 8 weeks later, I will not get PUA, as I'll be getting paid via the PPP. If after the 8 weeks I am not back to work, I'll go back to what's left of the PUA.

I applied for that EIDL grant. It's been crickets on that front.
There's a big back up on that end of things... PPP took precedence. They're starting to look at applications again, so just be on the lookout. First come first serve, so if yours is already in, it'll hopefully make it through.
 

TES3S

DJ Extraordinaire
Sep 18, 2016
483
278
Los Angeles, CA
I hope the system catches back up as my PUA is showing 4.26---

It should be back to March mid-March as that is what I entered into the application.
 

IceBurghDJ

DJ Extraordinaire
Apr 17, 2015
3,004
1,788
58
Western Pennsylvania
iceburghdj.com
My understanding is it's supposed to start Mar 30, assuming you were unemployed then. It's when it passed or became effective.

PA gave me 2 weeks of regular unemployment a few days ago, and then this came this morning. PA does NOT communicate on much of anything...and it's even worse now, and if they DO communicate it's often wrong info anyway.

When does it start? Meaning did it retroactively go back to the date you entered you were out of work?
 

TES3S

DJ Extraordinaire
Sep 18, 2016
483
278
Los Angeles, CA
ya, well each state is different. As stated above, mine is showing the end of April but it should be reflecting to what I put in for the March date, or at least close it. Hope it changes. I am getting all this by logging on to my online account.

That's great to hear you also got 2 weeks of regular unemployment My understanding is no self-employed business owner got that, hints the point of the PUA. I for, one was not eligible when I applied a few weeks ago (basically showed I was eligible for $0.00)
 

djtaso

DJ Extraordinaire
Apr 4, 2017
3,219
6,373
33
NJ
www.djtaso.com
ya, well each state is different. As stated above, mine is showing the end of April but it should be reflecting to what I put in for the March date, or at least close it. Hope it changes. I am getting all this by logging on to my online account.

That's great to hear you also got 2 weeks of regular unemployment My understanding is no self-employed business owner got that, hints the point of the PUA. I for, one was not eligible when I applied a few weeks ago (basically showed I was eligible for $0.00)
I am not seeing anything official about getting the full $10,000, even if is delayed. Taso, where are your secret sources?
Many states are extending their regular unemployment benefits to self employed as part of the PUA. NJ is supposedly doing 60% of your pay, minimum being $200ish, maxed at $713 for 39 weeks. PLUS the $600 for 13 weeks

As far as the 10k... there were two congressional complaints made to the SBA. Here's the official document signed by members of congress... https://financialservices.house.gov...a-treasury_re_impl._of_intm_covid-19_bill.pdf second half of page 2.
 
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