Apparently some users are upset about businesses getting their tax money back from the government due to COVID.
The GLG received $137,000.00 in unsecured funds in April 2020 in the form of a low interest loan from the SBA.
We are also rolling our 2020 losses back to compensate for our 2019 profits, which will result in a significant amount of tax refunds for 2021. (ProTip, make your CPA a partner in your businesses)
We spent the loaned money on qualified expenses such as meetups, travel, swag, website updates (currently in the works), and the GLG HQ in Washington (many of you visited the HQ site which we lease from Powers Produce).
I should’ve spent it all on BTC, but hindsight is 20/20.
XD you don’t owe anyone for a freezer by chance?
You a bitcoin millionaire? Did your business rise in gains from the pandemic and the money wasn’t necessary? If you have a staff I hope they are taken care of and happy, but EIDL is also different from PPP. That’s my two cents on the subject. You gotta play the game too, so hating others for doing it is futile. I would easily assume the pandemic did hurt your business being meetups are a huge part of it.
@Future thank you for the disclosure however I don’t think there is anything wrong with any business taking advantage of low-interest loans from SBA. That is actually a smart business decision. One of my companies got this as well.
I do know there was a lot of activity in the thread started by @COVID-69 regarding PPP loans and people taking advantage of them. Unless someone knows the internals of a business it is very harsh to make comments.
It’s still not free money regardless of what people think. We never applied for it but that is a choice we made and I know a handful of people who got the PPP loans for their businesses that were doing well on one side and then, on the other hand, they had commercial real estate in which none of their tenants had paid the rent for a year or more now.
It is not free money that is all I am going to say. I pay millions of dollars in excise taxes because of stupid laws let alone business or personal taxes. EIDL is very different from PPP.
im gonna disclose because i just found out im eligible for the american rescue plan child tax credit.
I didnt even know about this till this morning. i saw it on the news and was like do i quality… definetly aint getting all of it but no one in my household made over 200k and our household combined was under 400k for sure.
Free money…damn! $2k is better than no K…im sure @future will qualify for this as well…especially hearing some of his stuff here