LevitZacks, CPAs Webinar 5/5/20 @ 2PM: Maximizing Your PPP Loan Forgiveness - Shared screen with speaker view
We will have a Q & A at the end of Victor's speaking points. Enter your questions here. If you don't get an answer today, please reach out to your engagement shareholder. Thank you!
Slides and recording of webinar will be available after today's session. You will receive via email.
Is it clear that telephone and Internet included in utilities? Is employer portion of FIT and FICA absolutely excluded under all scenarios?
do furloughed people count as reduced headcount? They still receive benefits but no pay.
Are you able to use FFCRA tax credit on your quarterly payroll tax filing prior to when you received the PPP loan? In other words, may I claim the credit between March 20 and April 30 and stop utilizing FFCRA when I received funding of the PPP loan on May 1st.
IRT Step #4. What is an "eligible" employee? One that was affected directly by COVID/etc, or is there a more specific definition?
What if an employee termed their own employment to take another job?
If you have a payroll period that ended before you start your 8 week period but the payday will fall in the 8 week period, does that payroll expense count or is it only what is incurred and paid during the 8 week period?
For step 5, if you trigger both reduction provisions, how do you calculate the forgiveness amount? For example, if employees making less than 100k had their comp reduced by 30%, AND FTEs were lower by 5. How do you calculate the forgiveness reduction?
Expanding on Leanne's question....is this 8 week period on a cash analysis or accrual analysis?
we had an employee resign in April so we have one less FTE then we did in Feb 2020. Do we need to replace that person to avoid taking a hit in the forgivable portion of our PPP?
Most of our employees earn >$100K. Are salaries capped at $100K then for these employees for purposes of the loan forgiveness calculation?
Can you pay a payday in advance in the 8 week period
Are employees earning greater than $ 100,000 excluded from forgiveness qualification or just capped at $ 100,000?
Can employees cashing out their PTO be forgivable during this period?
can rent be prepaid during the 8 week period
Have they (re)defined FTE's?
Do same rules apply to EIDL?
Is overtime pay eligible for loan forgiveness?
we have received Disaster Loan and were approved to receive PPP. How do we allocated and document?
How do employees that had to be furloughed due to Gov's executive order (Food and Beverage) affect our FTE calculation? Meaning, can we lower our average FTE 8 wk period numbers because we cannot bring them back?
The certification states the loan must be used only for "foregivable" expenses, so what would be unforegiveable, turning into a loan?
Are CAM charges considered utilities?
Does Hazard Pay qualify for loan forgiveness?
For PPP purposes, what is the definition of “mortgage”? Is “mortgage” a payment on any promissory note, or does the promissory note need to be secured by real property?
What is considered a full FTE? how many hours needed to work per week
Is the FTE requirement based on the "point in time" as of 6/30? Or is it based on the average over the 8 week period?
how will the SBA determine “adequate liquidity?”
Is Business Insurance Deductible under PPP?
Are employees who make over 100k completely excluded, or only the difference of their wages over 100k
Can you make bonus or commission payments within the 8 week period?
Does the $ 100,000 cap include benefits?
It's hard to believe, but we had an employee abandoned their position during all of this. They had a guaranteed check! It may be 2-3 weeks before we replace the lost person. We are a S-corp, can we add a family member in as a temporary position until filled?
Are rent payments to a related entity an issue?
Can you back pay a employee for lost wages before funding
Does workers compensation count as payroll cost?
To be forgiven, you have to pay at least 75% of employee wages. is that detemined per each employee or as the total paid by the company for everyone?
we have received Disaster and were approved for PPP. How do we allocate/spend and document expences
After the 8 week period ends, and any remaining funds (non-forgiven) covert to a loan. In a DoD reimbursable contract, can you use the funds for payroll applied to staff working on a DoD contract that was not impacted by a COVID task reduction?
Does the 8 week period begin the day that you receive funding for the PPP? You mentioned that the 8 week period can be shifted... please elaborate.
So, the average FTE that we need to get back to by June 30th, is the 8 week period? Not 2019 that we used the #'s for to get the PPP loan? There was a spot on the loan application to put the average for 2019.
when does the clock to spend received funds starts?
What about a 401(k) match that is discretionaty
If you deferred rent payments from earlier months can you pay them during 8 week period and get forgiveness.
Is it possible that full utilization of PPP loan (!00% forgiveness) will flag an audit?
can you change your payroll period during the 8 weeks, example instead of twice a month to every week.
If we use related party rent as an eligible cost then we should not use mortgage interest paid during the same period.
Is the FTE haircut applied to payroll costs only or to all costs including rent, utilities, etc.
My loan fund date was 4/21/20, 6/21/20 is a Sunday, my June 15th payroll pays employees on 6/22/20, will it count as elegible forgiven expense?
So, I need to know what my FTE was on 2-15-2020 and do all my calculations off of that?
What is the time period we need to compare to meet the 75% of eligible wages for the 8 week period. Quarter 1?
Is the 100k per FTE amount calculated for the 8 week period or YTD.
can we give pay rate increase during the 8 week period?
I read in the interim ruling that the $100k max was going to be $15,385 for the eight week period. Is that right?
Can we increase our company matching for our 401K plans and have that included?
To clarify, we do not need to subtract individual pays whose gross annual wages are over $00?
Thank you. Very informative.
Thank you. Will this slide show be available?
Very helpful. Thank you!