I know the stimulus package includes PPP (paycheck protection program) for small businesses. Will our producers here be apply to apply for that? Just curious, and I hope that's the case.
MM, I'm sorry if this is off-topic, but I wanted to post here to kick off the discussion. Thanks.
As far as I'm aware the only restrictions of the program are religious/charitable organizations, primarily gambling revenue and anything else prohibited under federal law (i.e., legal cannabis shops).
Your best bet is to work with a bank you have an existing relationship with and apply through them.
Also, keep in mind that the CARES Act is not free money, it's a loan, loans bear interest. Whatever you get you're going to have to pay back, and then some. Yes it's only 1% (for now), but it hasn't also been made 100% clear how this affects your taxes next year.
Also keep in mind that private banks are involved in the dispensing of funds...and let's just say that the banks with the most don't have the best track record with abiding the law (yes, I'm looking at you Bank of America).
messyhot said: There is specific verbiage in the stimulus bill prohibiting people in the adult industry from benefiting
I'm a CPA, and I've read a little bit of the bill. this is 100% correct , there is specific language prohibiting the porn industry. However... maybe this could be considered an "art" form.
messyhot said: There is specific verbiage in the stimulus bill prohibiting people in the adult industry from benefiting
I'm a CPA, and I've read a little bit of the bill. this is 100% correct , there is specific language prohibiting the porn industry. However... maybe this could be considered an "art" form.
It all comes down to whether it could be considered "prurient" I suppose according to the verbiage. But it does also mention full nudity. So who knows.
Many banks were taken by surprise when it was announced that applications would be taken and the money would be disbursed at the bank level, instead of directly through the Fed and/or SBA. The smaller regional banks seem to have their act together better in this regard, rather than the larger banks, which we found interesting in our process. The big banks took longer to hammer out their requirements and/or had more red tape to cut through.
And THIS is some of the shit I'm talking about. A lot of the larger banks are making it way harder than a bunch of the smaller ones and even credit unions. Plus there is not standardization. Each bank can have their own requirements. Bank of America for instance is notorious for fucking over their customer, and ya know embezzling money etc.
Also, what I was thinking of. If you're your own boss, and have 1 employee, it's definitely going to be less beneficial than if you're the employee at someone else's otherwise fairly stable company.
I Bees too! They make most of my food possible!
Jkphlyers said: I'm a CPA, and I've read a little bit of the bill. this is 100% correct , there is specific language prohibiting the porn industry. However... maybe this could be considered an "art" form.
Man that fucking pisses me off. There are people who don't do shit that are getting this, and legitimate, legally employed workers don't because they get naked or fuck for work...
Love you, too
Bee 
