Business Recovery Webinar on PPP Changes and Tax Credits - Shared screen with speaker view
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!
Here is the link to our COVID resource page on financial assistance. We'll continue to add these resources here.
Please let me know if I can help you in any way.
John Loud email@example.com cell 678-300-9785
As mentioned, we're here for you! Here is my contact info if I can help you in any way: 404-308-8181, firstname.lastname@example.org
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.
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.
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.
Hi how do we get in touch with Darren?
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
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
What is the difference between PPP 1 and PPP 2?
PPP1 refers to a first draw PPP loans while the PPP2 refers to the second draw or second PPP loan.
Does draw mean a second PPP loan?
Drew Tonsmeire UGA SBDC at KSU email@example.com 470/578-6450
wanted to share my contact info. please don't hesitate to reach out if I can help. Darin.Mitchell@chase.com
Is PPP reported as a loan or income?
I understand that there is a short window of time that the PPP/2 has additional money calculated differently than before... can you explain?
Thanks Trish, I will follow up afterwards.
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.
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
Sole props. with no employees and not eligible for ERC
Sole Props with employees are eligible for ERC but since the owner is not taking a salary, only employee wages are eligible for ERC.
FOR MORE INFORMATION & “FREE” 30-minute consultation:CONTACT:JOHN GARNERBenefits ConsultantOffice: 770-250-2981 | Cell: 470-878-7044John.Garner@OneDigital.com
Suppose 2020 taxes have not been filed yet?
What is the eligibility for the Targeted EIDL Advance?
Can we clarify whether the Chamber-managed grants are taxable to sole proprietors?
If I received my first PPP this year, can I apply for PPP2 now.
www.cobbchamber.org and click on business directory and you can find members by category
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
Thank you for all your hard work, and for all the information!
john Loud 678-300-9785 johN@loudsecurity.com