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Business Recovery Webinar on PPP Changes and Tax Credits - Shared screen with speaker view
Dana Johnson
Good afternoon everyone. Please remember to send your questions to "All panelists and attendees" so we are sure to see them. We will answer all questions that we are able to during the Q&A portion of the program. Thank you!
Sharon Mason
Sharon Mason
Here is the link to our COVID resource page on financial assistance. We'll continue to add these resources here.
John Loud
Please let me know if I can help you in any way.
John Loud
John Loud john@loudsecurity.com cell 678-300-9785
Sharon Mason
As mentioned, we're here for you! Here is my contact info if I can help you in any way: 404-308-8181, smason@cobbchamber.org
Dana Johnson
Tim - we would suggest that you talk to talk to you accountant about this question. This is very detailed and your accountant will be able to answer how to do that for you.
Dana Johnson
Terri - for each round of PPP you can choose either an 8 week or a 24 week period for reporting use. You have the choice which one you would like to use for your documentation of funds use.
Cobb Chamber
Thank you for joining us today! Please direct all questions to the Panelists via the chat. Due to the number of attendees on the webinar, we will not be able to unmute participants.
Shari Capers
Hi how do we get in touch with Darren?
Sharon Mason
Several have asked if this will be recorded and will we share slides and yes we will do both with all attendees as well as post on our COVID website that we update. https://covidsupport.cobbchamber.org/financial-assistance
Drew Tonsmeire
In applying for PPP2 loan, you will document the changes in gross receipts through your lender application. A comparative tax return is not required but you may need to document monthly or quarterly sales according to your individual bank documentation
ademah muhammad
What is the difference between PPP 1 and PPP 2?
Drew Tonsmeire
PPP1 refers to a first draw PPP loans while the PPP2 refers to the second draw or second PPP loan.
ademah muhammad
Does draw mean a second PPP loan?
Drew Tonsmeire
Drew Tonsmeire UGA SBDC at KSU dtonsmeire@georgiasbdc.org 470/578-6450
Mitchell, Darin
wanted to share my contact info. please don't hesitate to reach out if I can help. Darin.Mitchell@chase.com
Oganihu Nekede
Is PPP reported as a loan or income?
Gabriel Vaca
I understand that there is a short window of time that the PPP/2 has additional money calculated differently than before... can you explain?
Mitchell, Darin
Thanks Trish, I will follow up afterwards.
Drew Tonsmeire
A PPP is counted as a loan until it is forgiven. Once the bank and the U.S. SBA have approved forgiveness of a PPP1 or PPP2 it is neither counted as income or as a loan.
Drew Tonsmeire
The SBA and banks are in process of revising PPP applications for sole proprietorships and independent contracts. To calculate the loan amount: Line 7 of 2020 Schedule C, divide by 12, then multiply by 2.5
Drew Tonsmeire
Sole props. with no employees and not eligible for ERC
Drew Tonsmeire
Sole Props with employees are eligible for ERC but since the owner is not taking a salary, only employee wages are eligible for ERC.
Cobb Chamber
FOR MORE INFORMATION & “FREE” 30-minute consultation:CONTACT:JOHN GARNERBenefits ConsultantOffice: 770-250-2981 | Cell: 470-878-7044John.Garner@OneDigital.com
ademah muhammad
Suppose 2020 taxes have not been filed yet?
What is the eligibility for the Targeted EIDL Advance?
Brett McClung
Can we clarify whether the Chamber-managed grants are taxable to sole proprietors?
Terri Whitmire
If I received my first PPP this year, can I apply for PPP2 now.
Sharon Mason
www.cobbchamber.org and click on business directory and you can find members by category
Cobb Chamber
Thank you for joining us today! We will have a recording of this webinar as well as many other resources for your business, available on our COVID-19 Resources Page here - https://covidsupport.cobbchamber.org
Atlanta Art Worx
thank you <3
Linda Nordahl
Thank you for all your hard work, and for all the information!
John Loud
john Loud 678-300-9785 johN@loudsecurity.com