PPP Loan Forgiveness Webinar - Shared screen with gallery view
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SBA PPP Information:https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
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 email@example.com
WIPFLI COVID-19 Resources:https://www.wipfli.com/covid-19-resource-center
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
Nothing inbetween 8 & 24 weeks?
does that mean that if 100% is used on payroll, it will all be eligible for forgiveness?
Can 100% of the loan be used for payroll?
If payroll threshold is 60% minimum, is non payroll threshold now at 40% minimum?
Can the employer's share of FICA be included in forgiven payroll costs?
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
Is there any guidance around 1099 employees?
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?
will this PDF be available
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
If real to submit at end of 8 weeks can the old form be used or must all use the new one to come?
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?
Can you fund 2019 retirement contribution and partially fund 2020 retirement contribution as allowable exoenses?
Am I understanding correctly that a SEP contributions for the owners will not work if it exceeds $15,385 combined with compensation?
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?
equipment rentals included?
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?
Is there still limitation on wages for employee-owners based on 2019 wages if salary is under $100K?
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?
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?
Can you apply for a second round of PPC if you are still hiring?
safe harbor just discussed - does that apply to the wage reduction calc in addition to the FTE calc?
Is this program good for independent contractors and/or self-employed?
Pension from 2019 paid in 2020...using funds from IRS...2019 we claimed deduction...now what
what about EIDL advances do you have to reduce forgiveness by the amount of any advance?
C Corporation with 6/30 FYE. How to treat forgiveness if not determined until later in 2020?
seconding the question about property taxes—if it is part of our rental lease agreement
Can you review the FTE calculation in detail?
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?
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?
Can you deduct cost related to Covid-19 cleaning
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
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?
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
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?
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Thank you Terry! Excellent content!
nice job everyone!!
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.
Thank you! Lots of great content, clearly explained!
Terry Hoover, CPA, Wipfli, LLP
Thanks all for listening!
Thank you, very helpful!
Wonderfully helpful, thanks!
Thank you to Bert Carstens with CIBC and Terry Hoover at WIPFLI for their insights, as well as to you for joining us today.