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Preparing for PPP Forgivness - Shared screen with speaker view
Elke Stevens
40:28
Does it have to be one or the other? or can you do both cash and accrual?
Kimberly Walbeck
41:08
Bonuses?
Ellen Gamson
41:28
Can I use any of the PPP to pay a 1099 contractor in addition to my year-round employees?
Paul Newman
41:44
Do the agriculture EIDL also include food producers/manufacturers?
Madison Price
41:46
Hi Elke! SBA has provided you may use both expenses incurred and expenses paid.
Ken bothman
41:50
if the eight week period is extended is there a possibility of increasing the loan amount? does it change the calculations?
Kevin Hoult
41:50
When the presenter said 'hybrid' he was suggestiong it is both, either you accrued the amount or paid a previously dueamount in the 8 week period
Pamela Jull
42:04
Can you clarify what "allowance for separation" includes?
Jody Proctor
42:04
so it says gross, does that mean employee portion of fed taxes are included?
KHAKaren King
42:06
so- NO federal? Not even the employees part?
Elke Stevens
42:54
And we can prepay rent within the 25%
Madison Price
43:15
Hi Jody - yes, employee portion included. employer is not.
Pamela Jull
43:37
Six years of documentation? What was that about? Will you revisit that detail?
Carrie Stephens
43:54
Does Gas for delivery vehicles count as transportation?
michpad@comcast.net
44:12
What constitutes "transportation" utilities? fuel?
Ellen Gamson
44:34
Can we count the cell phone reimbursement that we pay our employees?
Heather Cullen
44:38
I have a business I run out of my house. Can I use the PPP funds for my whole home mortgage interest or only a portion of it?
Kevin Hoult
45:12
PPP can only pay mortgage interest,not principle
Gabriel Miles
45:36
If you stick to the 75/25% rule, can you get a partial forgiveness? Or is it all or nothing?
Madison Price
46:08
Hi Gabriel - Partial forgiveness is allowable
Heather Cullen
46:31
my question is can I use it for the full mortgage interest or only a portion since my business use in home is a portion of my home.
Gabriel Miles
46:49
Great! Thanks!
KHAKaren King
48:14
was the bonus question answered? is it included as part of salary?
Sheila Gassman
48:21
does the safe harbor include part time or just full time employees?
Patricia Lenssen
49:26
I am also interested in if payments to 1099 contractors can be included in the payroll amounts to be forgiven.
Madison Price
50:14
Hi Sheila - safe harbor applies to both part time and full time employees. All employees who make under $100k are included in the safe harbor
Sherri Daymon
50:17
1099 contractors can not be included
Madison Price
50:30
Hi Patricia - payments to 1099 contractors are not included in eligible payroll costs
Adrienne Renz
52:07
I have staff out on medically protected leave which impacts FTE count. Can written documentation make this not impact foregiveness?
Traci Soriano
53:13
Can I use the loan portion for anything? Like supplies?
CJ Seitz
53:19
This slide deck and meeting recording will be sent to ALL participants.
Marie Rothlisberger
53:40
Do you know if there will be a second round of PPP that we can apply for after June?
CJ Seitz
54:00
There are still PPP loan funds available now
Heather Cullen
54:02
Is there a limit on how much PPP funds you can use as a self-employed owner with one employee. Can you pay yourself more than your adjusted monthly income?
Madison Price
54:45
Here is the link to forgiveness application: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf
KHAKaren King
54:58
thank you!
Marie Rothlisberger
55:30
We have already applied and have received a loan. I was wondering if you know if there will be a second round of PPP in the future (after June)
Swan Bender
56:37
The application page 5 Line 9 Enter any amount paid to owners If the owner receives monthly dividend checks, can this amount be entered here? Not included in original loan payroll amount.
Angie Bartel
56:53
What if your semi monthly payer. Can you still get away with not doing a special payroll run
kristen hansen
57:54
our employees are paid prevailing wages which varies by jurisdiction. if they are working in a lower rate jurisdiction will we be penalized for that wage reduction?
Miranda Teel
01:01:22
(2) 14” x 20.5”(2) 14.5” x 20.5”(1) 22.75” x 28.375”(1) 3.75” x 28.375”(2) 16.25” x 20.375”(1) 17.75” x 28.375”(2) 19.5” x 28.375”(6) 11.5” x 28.375”(2) 17” x 16.25”(2) 12.375” x 32.75”(2) 16” x 32.75”(1) 16.25” x 32.75”Panels:(1) 17” x35”(1) 24” x 35”(2) 40” x 35”As Elke asked, can pre-paid rent qualify for forgiveness?
Miranda Teel
01:01:42
Apologies for that!
Jessica Conner
01:02:26
Even if you can't pay them in the 8week period due to quarterly timing?
Elke Stevens
01:03:29
Madison, doesn't that FAQ answer contradict your response about both cash and accrual expenses?
Debbie Gann
01:03:50
If, as an owner, I am also paid a salary (under $100k) can I pay myself a bonus as well that would be included?
Debbie Gann
01:05:04
What about reimbursement for fuel costs for employee owned vehicles?
Mark Pottle
01:07:36
The $15,385 compensation limit refers to wages, salary or bonus compensation only - correct? State taxes, health insurance & retirement are not included in that total?
Swan Bender
01:08:28
Owner receiving monthly dividend not paycheck?
michpad@comcast.net
01:08:39
Has there been any discussion about allowing general liability insurance to be included in foregivable?
Swan Bender
01:09:00
Prepayments Can those checks be drawn and held?
michpad@comcast.net
01:09:17
That's correct Mark.
Sheryl Russell
01:12:01
If you were behind on utilities, can those back payment qualify?
Kurt Litvin
01:14:10
One last time—if your normal payroll run is on the 20th, did I understand we could start our qualifying period for 8 weeks, with the pay period start date following our PPP disbursement?
Swan Bender
01:16:18
Clarify the prepayments What can be prepaid?
Swan Bender
01:17:32
Prepay - health insurance?
Sheryl Russell
01:17:55
Is health insurance and other benefits a salary expense or other expense. I believe you covered that but I'm not sure.
Leta Krume
01:18:23
I am self employed and am the only employee how do I provide proof of wages?
Sheryl Russell
01:18:32
Is recycling considered a utility expense?
Leta Krume
01:19:08
thank you
Swan Bender
01:19:10
Can we prepay the employees health insurance?
Daman Wandke
01:19:48
I pay monthly payroll and the last day of my 8 weeks is June 15. Can I do a special payroll on June 15 so it counts as forgiveness?
Melissa Longfellow
01:20:11
I have 8 independent contractors, is PPP used to pay them?
Leta Krume
01:20:20
thank you!!!
Gabriel Miles
01:20:28
Thank you!!
Elke Stevens
01:20:30
Thank you!
Swan Bender
01:20:32
thank you everyone
Miranda Teel
01:20:32
Thank you!!
Heather Cullen
01:20:36
I have less clients and I have extra COVID protection costs. there is no way that I will be back at my 2019 monthly income in 2 months
Marie Rothlisberger
01:20:37
Thank you!
Dave Brogan
01:20:38
Thanks!!
Jessica Nichol
01:20:39
thank you!
Jody Proctor
01:20:42
I'm confused - EIDL grant is subtracted from ppp forgiveness?
Kevin Hoult
01:20:43
On independent contracotr payments
Erica Gerston
01:20:45
thanks!
Ellen Gamson
01:20:55
thank you!
Kim Yuska
01:20:57
Thank you very much.. Very helpful! :)