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PPP Loan Forgiveness Webinar - Shared screen with gallery view
Barbara Prusila
26:32
SBA PPP Information:https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Barbara Prusila
26:35
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Barbara Prusila
26:49
CIBC will have a PPP Forgiveness Summary available once the SBA has finalized the terms. If you’d like to receive a copy, please call or email your request to Bert Carstens at 847-615-6258/bert.carstens@cibc.com
Barbara Prusila
26:53
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Barbara Prusila
27:39
WIPFLI COVID-19 Resources:https://www.wipfli.com/covid-19-resource-center
Barbara Prusila
28:12
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Barbara Prusila
28:40
Terry's presentation and a recording of this video will be shared along with other business resources at: https://www.lakecountypartners.com/index.php/why-lake-county/resources-partners
Barbara Prusila
28:44
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Walter
32:41
Nothing inbetween 8 & 24 weeks?
Risa Weiss
37:51
does that mean that if 100% is used on payroll, it will all be eligible for forgiveness?
crisley
38:48
Can 100% of the loan be used for payroll?
Ann Derrig
42:30
If payroll threshold is 60% minimum, is non payroll threshold now at 40% minimum?
Laura Embers
44:59
Can the employer's share of FICA be included in forgiven payroll costs?
Chuck Bartels
50:19
forgiveness requires payroll docs used with govt for 8 week ppp. in our case, forgiveness calculation will run from mid april to earlr june. which govt docs will meet that period reqt since these weeks don't match any quarterly reports
Ann Derrig
51:49
Is there any guidance around 1099 employees?
Jadyn
53:21
A fairly specific question related to application data/evidence... for those of us that are self-employed, with no other employees, just ourselves, that don't have actual paychecks to show as evidence of payroll, but rather just make bank account transfers from business checking account to personal checking account (in smaller doses on a more frequent basis than biweekly)… is the evidence for our version of payroll just giving bank statements along with a list of the exact date/amount of the transactions that are pertinent to our payroll?
Sharon Grahame
53:30
will this PDF be available
Barbara Prusila
54:10
Kevin will moderate and address questions at the end of Terry's presentation. The presentation will be made available on LCP's site at:https://www.lakecountypartners.com/index.php/why-lake-county/resources-partners
Sue Harrison
55:43
If real to submit at end of 8 weeks can the old form be used or must all use the new one to come?
Jadyn
59:04
if PPP loan was deposited on May 1, starting the 8 week period... that means if payroll is paid that same day, May 1, that is ok too right? i.e. transactions can start same day loan was dispersed into our account, correct?
Arlene Levin
01:04:09
Can you fund 2019 retirement contribution and partially fund 2020 retirement contribution as allowable exoenses?
Dmitriy
01:04:38
Am I understanding correctly that a SEP contributions for the owners will not work if it exceeds $15,385 combined with compensation?
Jadyn
01:07:03
what/how is the "2019 8-week equivalent pay (8/52nds)" calculated for a self-employed individual that doesn't have any insurance or payroll other than simple bank account transactions that make up the self-employed income?
Walter
01:07:04
equipment rentals included?
dbazelon
01:10:37
Does the FTE Quotient apply to rent/utilities? or does it make the most sense to use as much rent/utilities as possible (up to the 40% limit) and then use the rest on payroll?
nmatz
01:11:59
Is there still limitation on wages for employee-owners based on 2019 wages if salary is under $100K?
silvia
01:12:21
What if our lease agreement stipulates that we pay the property taxes for the property we lease and the payment falls within our covered period. Would that property tax payment be an allowable expense?
Marc Needlman
01:12:26
Confirming: Past due rent payments (in arrears) finally paid during the covered period of the PPP loan are acceptable to include in the non-payroll costs bucket?
Dan
01:12:41
Can you apply for a second round of PPC if you are still hiring?
Amy Kitzmiller
01:18:01
safe harbor just discussed - does that apply to the wage reduction calc in addition to the FTE calc?
doreen
01:18:48
Is this program good for independent contractors and/or self-employed?
Alan Kalfen
01:22:48
Pension from 2019 paid in 2020...using funds from IRS...2019 we claimed deduction...now what
Alan Kalfen
01:23:05
PPP
Wallork
01:24:49
what about EIDL advances do you have to reduce forgiveness by the amount of any advance?
Arlene Levin
01:24:57
C Corporation with 6/30 FYE. How to treat forgiveness if not determined until later in 2020?
Shelly
01:25:10
seconding the question about property taxes—if it is part of our rental lease agreement
dbaseley
01:27:00
Can you review the FTE calculation in detail?
Shelly
01:30:52
Clarifying—if there is No reduction is staff, we don’t have to do the FTE calculation part of the loan forgiveness app? and will be fully forgiven?
Joan
01:31:22
as a follow up re: EIDL loans, should we calculate minimum percentage spends on the full PPP loan or on the reduced amount ($100k PPP loan, $10k EIDL advance) do I calculate minimum 60% payroll spend on the $90k or $100k?
WSTELTER
01:33:34
Can you deduct cost related to Covid-19 cleaning
Ken Arlen
01:34:22
What is penalty if you have 21 employees but only paid 20 during PPP because one employee was part time and made more from unemployment
marci
01:36:05
In regard to EIDL - can the $10,000 get added to the PPP loan and then you cover all costs with payroll and non-payroll costs?
Barbara Prusila
01:36:54
Just a reminder that the recording of this presentation and a pdf version of the slides will be made available later today along with other COVID-19 business resources on Lake County Partners' website at: https://www.lakecountypartners.com/index.php/why-lake-county/resources-partners
Barbara Prusila
01:37:01
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Paul Neumann
01:37:26
Filed for loan as S-Corp, so based on 2019 income. Now have employee part time helping at store. does new employee count under PPP?
Barbara Prusila
01:37:48
To continue to stay up to date with this business topic and others, follow Lake County Partners on Linked In at: https://www.linkedin.com/company/3137808/
Ken Arlen
01:37:52
Thank you Terry! Excellent content!
Walter
01:37:53
nice job everyone!!
Barbara Prusila
01:38:12
We will also continue to post resources on Facebook, Twitter and Instagram as well, and we encourage you to connect with us online to learn more.
doreen
01:38:18
Great presentation
Stacey Katsis
01:38:20
Good info
silvia
01:38:25
Thank you! Lots of great content, clearly explained!
Shelly
01:38:27
thank you!
Terry Hoover, CPA, Wipfli, LLP
01:38:27
Thanks all for listening!
Pamela Yocius
01:38:38
Thank you, very helpful!
Chuck Bartels
01:38:40
thank you
Stephanie Meis
01:38:41
Wonderfully helpful, thanks!
Shawn
01:38:48
Thank you!
Barbara Prusila
01:38:48
Thank you to Bert Carstens with CIBC and Terry Hoover at WIPFLI for their insights, as well as to you for joining us today.
marci
01:38:52
Thank you
Melissa
01:38:56
Thank you!