SBA, PPP, EIDL...or Federal withholding?

[Michael King]

I downloaded the forms for the SBA and looked at them and read some info on the loans, and monitored the progress of applicants here on BP. I don't have any employees so I don't think I'll qualify for even $1000 of the EIDL, nor the PPP. At this (early) stage, I'm seeing disappointment for those like me that have no employees. 

Seeing the writing on the wall, I decided to log on to my employer's website and change the number of dependents for federal withholding. I'm fortunate in that I can do this as many times I like. I cranked the dependents up to 100 and that means I had no federal withholding taken out of my pay - which, based on previous paychecks, was $1000 that I get to 'keep'. 

I've decided that rather than apply for a 3.5% loan with the govt that I probably won't get, I'm just going to continue this withholding for a couple of paychecks (I don't really need to - yet - but was just experimenting with it really). I know this money is going to be repayable come April 2021, but hey so long as I pay it back in one go, it's interest free. Also kind of dependent on how much magic my CPA can weave. 

Anyway, I'm just posting this for information. If you have a W2 and you can adjust your fed withholding, maybe it's another possibility to help you make your ends meet in the short term.

Good luck.