anyone applying for PPP from SBA ?

[Puzzleguy]

Their is still money available , seriously considering appling for it

just curious about opinions .

I can think of things i need like new windows in my shop , some new machinery

and a new dust collector etc. 

[kmmcrafts]

Thinking most here are hobbyist and wouldn't qualify for it.. I had my best year ever last year and this year so far seems to be better than ever too.. So much better that in order to take a break I've shut down all my shops and put them in Vacation mode. Normally don't bother doing that even when I'm actually on vacation, LOL.. I don't necessarily want the money even though I probably would qualify and could use it for things. I personally am not a big fanatic of borrowing money and I know that there is in certain situations where you don't have to pay it back... kinda like free money. 

I'd say if you want / need the money and maybe you possibly wouldn't have to pay it back.. go for it.. I'm just one of those that truly believes nothing comes free.. what trick do they have for your taxes next couple years if you do this? Guess I'm just skeptical lot's of shady people in the world including many we should be able to trust.. like our own Government. 

   

[BadBob]

I would not get a loan.

If you owe someone money, they own you.

Free money isn't free. It's coming out of your neighbors pocket.

The only money I owe is a 0% interest car loan.

[Puzzleguy]

have though about it -kinda think like Kevin

being an artist who does shows and just started doing etsy this year

doing etsy ,being new at it wasnt that profitable - takes a few years .

which makes sense -took us many years to make a livng at shows -

not even sure how many will open up -hoping about 8-10 decent ones ( we typically do twice that ).

were hoping - but if things work out like last year -it will be a tough year .

 

Edited February 28, 2021 by Puzzleguy

[JimErn]

On 2/15/2021 at 9:35 AM, Puzzleguy said:

Their is still money available , seriously considering applying for it

just curious about opinions .

I can think of things i need like new windows in my shop , some new machinery

and a new dust collector etc. 

The PPP loan is for paycheck protection, not your personal paycheck, your employee's.  As a sole proprietor you are not an employee so you can not pay yourself with it, nor is facility upgrades or tools a qualifying use.  Unless of course you have no intention of requesting the loan forgiveness, trying to get a lower interest rate.

And if you do qualify, the expenses paid with the loan are not a business deduction, unless the request for forgiveness is declined.  In that case the expenses qualify but the loan amount  is taxable income.