Hello - As a reminder, this will be recorded and a copy of the deck will be sent out. Thank you for joining.
1099 Employees cannot be included in the PPPL. And, yes, you can use more than 75% on payroll.
Will you be covering the loan forgiveness application?
The EIDL is not forgivable. Only the EIDL Advance portion is a grant and forgivable.
The start date of the PPPL is when you receive the funds into the business account.
Will the EIDL Advance loan forgiveness application be covered during this presentation?
Reminder: This webinar is being recorded and deck will be shared.
The deck and recording will be shared with each RPO for WBE information and use.
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?
To be counted as a valid utility, the contract or utility would have to have been in place prior to Feb.
Yes, you can bring your employees whole at this time.
If 100% of the loan is used for payroll expenses, the whole amount should be forgiven if you've provided correct documentation.
Sole Prop's forgiven amount will be based on 2019 Schedule C Net Profit.
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
NFP's can apply for forgiveness.
What is an NFP?
NFP = Not for Profit?
For those questions we do not get to, we will share a Q&A summary.
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?
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?
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?
how did i get a recording of webinar? i haven’t had luck finding the videos in the past of previous webinars
From my understanding an Owner-employee of a C- Corp doesn't count in the FTE calculations. Is this correct?
The recording and materials will be sent out to all registrants.