Update on Complying with EIDL and PPP Loan Requirements Webinar - Shared screen with speaker view - Recording 2/2
Follow along on the actual PPP Forgiveness Application.Access Application: https://bit.ly/3de1n8U
If the employee's hourly wage stayed the same, but they worked fewer hours, then I don't have Wage Reduction penalty, do I?
The hours are based of 40 hours and not 30 hours?
for Full Time
Where did March 31st come from? I thought the time frame for 2020 was Jan 1st - Feb 29th?
When requesting them back, you said for the same amount of pay as before AND same amount of hours worked?
Dee, you are correct. If wages are the same, you don't need to worry about a wage reduction. Note that this is calculated on an individual employee basis.
Karla, yes, the SBA uses a 40 hour per week basis.
A special note on FTE's: If someone works 50 hours in a week, that is not 1.2 FTEs. The SBA caps this at 1 FTE.
Sorry if this question is obvious, I still haven’t heard back from my bank for a PPP loan I applied for, but it looks like its’ still in their queue. Does anyone know if loans are still being accepted?
Connie, yes PPP funds are still available.
Still being accepted as well but that will differ from bank to bank.
For EIDL, once we get there..
1. Since EIDL loans under 200K don’t require a personal guarantee, would it be correct to assume that accepting the terms will NOT negatively affect my personal credit line since the loan is for the business? I know initially there’s a hard pull to determine eligibility but just wondering if there will be an additional effect on credit score.2. How are EIDL funds disbursed, ie, lump sum or in distributions? 3. How long after getting disbursements for EIDL will you have to use the funds?
For the EIDL grant, do we need to submit anything for it be a grant vs a loan?
EIDL Loan. I called and the SBA said it was in process but not been completed. I have not got "the" email from SBA though is it still funding these?
As of Friday, 4.4 million loans have been processed, but there was still $140 billion available.
I know there is forgiveness by a written request for an employee to return. However, we have employees staying they don't "feel comfortable coming back". It seems that Steve Minch has stated if they don't come back without a reason under FMLA or FCCRA then they shouldn't receive unemployment. How is every one handling this? This is affecting us when it comes to getting ready for Friday's soft opening.
Mark, the EIDL loan piece seem to be taking 7-8 weeks.
It’s a nonprofit 501c3
Connie, a 501c3 gives you the protection of a corporation.
St Charles Chamber
Thank you everyone do you have any additional questions?
From an accounting standpoint, how is the PPP and EIDL categorized as income? Loan?
Thank you!! I hate being that person when they don't feel comfortable but I feel like we are being taken advantage of
St Charles Chamber
Karla please clarify your comment
email is way better than calling!
Really informative! Definitely need the slides!