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Clear and Concise Guidelines on PPP Loan Forgiveness - Shared screen with speaker view
Abigail Scanlan
24:30
Hello - As a reminder, this will be recorded and a copy of the deck will be sent out. Thank you for joining.
Abigail Scanlan
31:38
1099 Employees cannot be included in the PPPL. And, yes, you can use more than 75% on payroll.
Kim Martin
32:34
Will you be covering the loan forgiveness application?
Abigail Scanlan
34:40
The EIDL is not forgivable. Only the EIDL Advance portion is a grant and forgivable.
Abigail Scanlan
38:43
The start date of the PPPL is when you receive the funds into the business account.
Kim Martin
39:37
Will the EIDL Advance loan forgiveness application be covered during this presentation?
Abigail Scanlan
41:42
Reminder: This webinar is being recorded and deck will be shared.
Sandra Eberhard
43:53
The deck and recording will be shared with each RPO for WBE information and use.
Kristen Batey
51:12
what if you let two employees go, but hired two NEW employees during the PPP loan period with a skill set more compatible with pivoting your business to services compatible with staying in business during social distancing? So you always had the same # of employees on payroll with basically same salaries?
Abigail Scanlan
01:05:24
To be counted as a valid utility, the contract or utility would have to have been in place prior to Feb.
Abigail Scanlan
01:09:51
Yes, you can bring your employees whole at this time.
Abigail Scanlan
01:14:20
If 100% of the loan is used for payroll expenses, the whole amount should be forgiven if you've provided correct documentation.
Abigail Scanlan
01:15:26
Sole Prop's forgiven amount will be based on 2019 Schedule C Net Profit.
Charlene Wallace
01:16:10
Are sole proprietors who have been receiving pandemic unemployment insurance eligible for PPP loan forgiveness?
Charlene Wallace
01:16:45
For example receiving PUA for April, May, June, and July, then back to employment August through December
Abigail Scanlan
01:17:53
NFP's can apply for forgiveness.
Carol Greenhouse
01:20:13
What is an NFP?
Charlene Wallace
01:20:15
NFP = Not for Profit?
Carol Greenhouse
01:20:21
Ah.
Abigail Scanlan
01:20:40
For those questions we do not get to, we will share a Q&A summary.
Charlene Wallace
01:21:40
Are sole proprietors who have been receiving pandemic unemployment insurance eligible for PPP loan forgiveness?For example receiving PUA for April, May, June, and July, then back to employment August through December. Are there any guidelines regarding receipt of PUA in relation to PPP forgiveness?
Carol Greenhouse
01:23:37
Great, thank you. Last question: Like Charlene, I’m also on a sole proprietor on the PUA and am hoping to begin disbursing the PPP after the PUA ends at the end of July. Is that appropriate?
Sabrina Bixman
01:27:11
By when do your FTE's have to be restored? By the end of the forgiveness period ( 8 weeks), untill you file for forgiveness, or untill Dec. 31st?
Lindha Narvaez
01:30:05
how did i get a recording of webinar? i haven’t had luck finding the videos in the past of previous webinars
Sabrina Bixman
01:30:06
From my understanding an Owner-employee of a C- Corp doesn't count in the FTE calculations. Is this correct?
Abigail Scanlan
01:30:59
The recording and materials will be sent out to all registrants.