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LevitZacks, CPAs Webinar 5/5/20 @ 2PM: Maximizing Your PPP Loan Forgiveness - Shared screen with speaker view
LevitZacks, CPAs
41:10
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!
LevitZacks, CPAs
43:54
Slides and recording of webinar will be available after today's session. You will receive via email.
Roy Gayhart
44:51
Is it clear that telephone and Internet included in utilities? Is employer portion of FIT and FICA absolutely excluded under all scenarios?
Nicole Depelteau
45:33
do furloughed people count as reduced headcount? They still receive benefits but no pay.
Donna Lieras
45:48
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.
Lawrence Massaro
46:39
IRT Step #4. What is an "eligible" employee? One that was affected directly by COVID/etc, or is there a more specific definition?
Donna Lieras
47:14
What if an employee termed their own employment to take another job?
LEANNE Davis
47:58
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?
Shirley Park
48:40
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?
Nicole Depelteau
48:50
Expanding on Leanne's question....is this 8 week period on a cash analysis or accrual analysis?
Michelle Durbin
49:57
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?
Paul Gotfredson
50:52
Most of our employees earn >$100K. Are salaries capped at $100K then for these employees for purposes of the loan forgiveness calculation?
Anna Watts
50:53
Can you pay a payday in advance in the 8 week period
Peter Kuebler
50:57
Are employees earning greater than $ 100,000 excluded from forgiveness qualification or just capped at $ 100,000?
Nicole Depelteau
51:02
Can employees cashing out their PTO be forgivable during this period?
Paul Glasgo
51:12
can rent be prepaid during the 8 week period
Peter Kuebler
51:20
Have they (re)defined FTE's?
Mercedes Domingo
52:26
Do same rules apply to EIDL?
Erik Collins
54:29
Is overtime pay eligible for loan forgiveness?
VS
54:33
we have received Disaster Loan and were approved to receive PPP. How do we allocated and document?
Dustin Irwin
54:41
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?
Peter Kuebler
55:50
The certification states the loan must be used only for "foregivable" expenses, so what would be unforegiveable, turning into a loan?
Paul Gotfredson
56:05
Are CAM charges considered utilities?
Erik Collins
56:26
Does Hazard Pay qualify for loan forgiveness?
Erik Collins
56:46
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?
Alec Lopez
57:33
What is considered a full FTE? how many hours needed to work per week
Shirley Park
57:42
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?
Patrick Gough
58:33
how will the SBA determine “adequate liquidity?”
VS
58:40
Is Business Insurance Deductible under PPP?
Andrea MacAllister
58:53
Are employees who make over 100k completely excluded, or only the difference of their wages over 100k
Alec Lopez
58:57
Can you make bonus or commission payments within the 8 week period?
Peter Kuebler
01:01:35
Does the $ 100,000 cap include benefits?
Jack Crawley
01:01:52
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?
Mario Campos
01:02:17
Are rent payments to a related entity an issue?
Michael Faulhaber
01:02:47
Can you back pay a employee for lost wages before funding
Andrea MacAllister
01:03:49
Does workers compensation count as payroll cost?
Janet Kister
01:03:51
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?
VS
01:04:32
we have received Disaster and were approved for PPP. How do we allocate/spend and document expences
Lawrence Massaro
01:05:48
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?
Thomas flatley
01:06:05
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.
Brianna Scherer
01:06:11
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.
VS
01:07:22
when does the clock to spend received funds starts?
Susan Snow
01:08:03
What about a 401(k) match that is discretionaty
Dan Suhovecky
01:09:07
If you deferred rent payments from earlier months can you pay them during 8 week period and get forgiveness.
Roy Gayhart
01:11:35
Is it possible that full utilization of PPP loan (!00% forgiveness) will flag an audit?
Michael Faulhaber
01:11:53
can you change your payroll period during the 8 weeks, example instead of twice a month to every week.
Steve Porter
01:12:23
If we use related party rent as an eligible cost then we should not use mortgage interest paid during the same period.
Paul Gotfredson
01:12:35
Is the FTE haircut applied to payroll costs only or to all costs including rent, utilities, etc.
John Seaman
01:12:40
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?
Brianna Scherer
01:12:51
So, I need to know what my FTE was on 2-15-2020 and do all my calculations off of that?
Janet Kister
01:13:12
What is the time period we need to compare to meet the 75% of eligible wages for the 8 week period. Quarter 1?
Alec Lopez
01:16:33
Is the 100k per FTE amount calculated for the 8 week period or YTD.
VS
01:16:43
can we give pay rate increase during the 8 week period?
Brianna Scherer
01:17:28
I read in the interim ruling that the $100k max was going to be $15,385 for the eight week period. Is that right?
Nicole Depelteau
01:17:31
Can we increase our company matching for our 401K plans and have that included?
Donna Lieras
01:17:33
To clarify, we do not need to subtract individual pays whose gross annual wages are over $00?
Robert Baum
01:17:37
Thanks Victor!
Mario Campos
01:17:40
Thank you
Jack Crawley
01:17:42
THANKS!
Brianna Scherer
01:17:45
Thanks!
Michael Faulhaber
01:17:49
thanks
Ingram Losner
01:17:49
Thank you. Very informative.
Lawrence Massaro
01:17:50
Great info..Thanks!
Andrea MacAllister
01:17:51
Thank you!
Russ Packer
01:17:54
Thank you!
Trent Courtney
01:17:56
Thank you
Dan Suhovecky
01:17:58
Thanks
Thomas flatley
01:17:59
Thank you. Will this slide show be available?
Jim Ferguson
01:18:00
Very helpful. Thank you!
Donna Lieras
01:18:01
Thank you