Zoom Logo

Update on Complying with EIDL and PPP Loan Requirements Webinar - Shared screen with speaker view - Recording 2/2
Dee` Johnson
21:08
Follow along on the actual PPP Forgiveness Application.Access Application: https://bit.ly/3de1n8U
Dee` Johnson
39:05
If the employee's hourly wage stayed the same, but they worked fewer hours, then I don't have Wage Reduction penalty, do I?
karla
40:03
The hours are based of 40 hours and not 30 hours?
karla
40:06
for Full Time
karla
41:46
Where did March 31st come from? I thought the time frame for 2020 was Jan 1st - Feb 29th?
karla
44:33
When requesting them back, you said for the same amount of pay as before AND same amount of hours worked?
Bil
46:32
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.
Bil
47:06
Karla, yes, the SBA uses a 40 hour per week basis.
Bil
49:25
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.
Connie Flores
56:19
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?
chris
57:20
Connie, yes PPP funds are still available.
chris
57:36
Still being accepted as well but that will differ from bank to bank.
Connie Flores
57:41
thanks!
Connie Flores
58:04
For EIDL, once we get there..
Connie Flores
58:05
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?
Amy Kumler
58:31
For the EIDL grant, do we need to submit anything for it be a grant vs a loan?
Mark Taylor
58:38
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?
Bil
58:50
As of Friday, 4.4 million loans have been processed, but there was still $140 billion available.
karla
01:02:15
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.
Bil
01:02:46
Mark, the EIDL loan piece seem to be taking 7-8 weeks.
Connie Flores
01:03:42
It’s a nonprofit 501c3
Bil
01:06:30
Connie, a 501c3 gives you the protection of a corporation.
St Charles Chamber
01:08:45
Thank you everyone do you have any additional questions?
Mark Taylor
01:09:08
From an accounting standpoint, how is the PPP and EIDL categorized as income? Loan?
chris
01:09:17
loan
karla
01:09:30
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
01:10:11
Karla please clarify your comment
Sara Troyer
01:11:41
stroyer@elgin.edu
Sara Troyer
01:11:46
elgin.edu/sbdc
Sara Troyer
01:11:55
email is way better than calling!
Susan Soldati
01:13:13
Thank you!
Pat Kolodziej
01:13:42
Really informative! Definitely need the slides!
Connie Flores
01:13:43
Thank you!