Re: [AFMUG] OT guvmnt loan

Mon, 20 Apr 2020 12:39:40 -0700

Ours was. We just wanted broadband at the time (we have a 73,000' line to the nearest CO and dialup got us 26 Kbps on a good day). When I first learned of the last mile problem, I realized that conventional wired broadband would probably not happen here in my lifetime. The original goal was to get enough neighbors signed up so that it would not cost an arm and a leg. I really just wanted enough subscribers to cover the cost. I figured 2 or 3 dozen neighbors would do it. Then it became something like selling heroin, and the rest is history.


bp
<part15sbs{at}gmail{dot}com>
On 4/20/2020 11:54 AM, ch...@wbmfg.com wrote:
Most WISPS started as a side hustle I think. 
 
Sent: Monday, April 20, 2020 12:20 PM
Subject: Re: [AFMUG] OT guvmnt loan
 

We did not pay ourselves for the first 2 or 3 years of our S-corp. However, our accountant advised us to pay ourselves a token salary to avoid troublesome revenuers.

bp
<part15sbs{at}gmail{dot}com>
On 4/20/2020 11:17 AM, ch...@wbmfg.com wrote:
Corporation
I am a minority shareholder. 
My wife is the majority shareholder.  But you still don’t have to pay shareholders anything. 
If they are on the board of directors they can earn a directors fee. 
 
Sent: Monday, April 20, 2020 12:04 PM
Subject: Re: [AFMUG] OT guvmnt loan
 
I thought it was bad to have a business and not pay the owners "a reasonable salary".
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Mon, Apr 20, 2020 at 12:46 PM <ch...@wbmfg.com> wrote:
dunno...  Why pay FICA for myself when I don’t need to?   I can take a repayment on notes payable if I want money without any tax implication.  Or I can take a directors fee without FICA if I want to take money.  But what in the hell am I going to do with a bunch of money in my checking account?  I can buy more TSLA I guess.  I would rather have a Mincon pneumatic hammer drill setup for my directional drills. 
 
Resisting the urge to buy a Tesla or an airplane.  I do miss the C-210 with known ice capability.  But an ultralight would be more fun. 
Could do a sailboat but I would probably never use it.   I used to sail on the Great Salt Lake. 
 
I am just fortunate to be semi-retired and not really wanting for anything. 
Other than visits from kids and grandkids. 
 
In other words “I have sufficient for my needs”.
Maybe a water jet or a CNC laser...
 
Sent: Monday, April 20, 2020 10:37 AM
Subject: Re: [AFMUG] OT guvmnt loan
 
Why were you not?
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Mon, Apr 20, 2020 at 11:19 AM <ch...@wbmfg.com> wrote:
We are still going to keep it sequestered.  I should have been paying myself...
 
Sent: Monday, April 20, 2020 9:02 AM
Subject: Re: [AFMUG] OT guvmnt loan
 
It's my understanding that in 8 weeks all you have to do is prove you did payroll for 75% of the amount loaned.  In your case, show 90k came out of the account to payroll.  The reports that the payroll company does, I'm told, should suffice.
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Sun, Apr 19, 2020 at 12:17 PM <ch...@wbmfg.com> wrote:
Lewis,
Are you taking any special measures to be able to prove you used the loan proceeds for approved uses?
Kinda hard when they get comingled with other funds in a general checking account. 
I think we put them in a separate savings account. 
 
Sent: Saturday, April 18, 2020 6:09 PM
Subject: Re: [AFMUG] OT guvmnt loan
 
$10k? How many people do you have? I think I got nearly $500k between all the companies.
 
On Sat, Apr 18, 2020, 7:01 PM <ch...@wbmfg.com> wrote:
Got our supposedly to be forgiven $10K loan today.  We shall see...
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