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CJ Seitz's Zoom Meeting - Shared screen with speaker view
Amy Robinson
43:01
I received a PPP loan in the 1st round and haven’t applied for forgiveness yet. Can I apply for a 2nd PPP loan?
Liz Purdy
44:52
We were unable to keep our staffing at the level we had when we applied, received, and spent our first PPP loan. Does that impact eligibility for a second PPP loan if we have not been able to retain the same amount of employees?
luke baugh
45:12
Any news on wether or not a seasonal employer can utilize a 12 week period during 2020 to calculate their PPP loan amount? The rules seem to indicate that seasonal employers must use a 12 week period from Feb 15, 2019-Feb 20, 2020. Thanks everyone. -Luke
Karen Pickering -The Northwest Horse Source
46:16
Is there help for a small woman owned business? We have just shifted from a print publication to online. Revenue has dropped over 50%. We’ve incurred quite a bit of debt. I don’t want to get any more loans. I applied and received a $5000 Disaster loan but decided to not ask for more to pay back. I was hoping there was a grant for small business that need help but may not qualify for a PPP loan? I have no employees, only contractors.
Liz Purdy
46:41
thank you, Kathy!
Marco
46:57
For ERTC, are the credits for L&I and other unemployment cost, or how are this credits provided and debited?
Charles Fehlman
47:29
I created my business at the end of 2019 and hired employees at the beginning of 2020. I own a new business so it is difficult to show a loss in gross . What is available to help? Would the ERTC be a good fit for me?
Douglas Engerman
47:53
Can you define what constitutes a "quarter"? Is it any 3 month (consecutive) period, or is the traditional Q1, Q2, Q3, Q4 designation?
Susan Penner
48:05
RE: ERTC, I heard 2 different opinions - file all of 2020 on the 4Q 941 and amend prior 941s by quarter.
Jody Proctor
48:07
Can you go into more detail about ERTC. I am unfamiliar with what that is. Who is eligible? WHat does it cover?
Ron
49:01
For the venue grants - Are donations and other COVID grants considered when calculating the revenue reduction?
Elke Stevens
49:08
The PPP application for the 2nd loan says "number of employees" should we use an FTE or current total number of Employees. Is there guidance on what period to report FTE or Number of Employee's from?
Karen Pickering -The Northwest Horse Source
49:30
Thank you
luke baugh
49:37
Regarding the ERC; we have payroll from 2020 that was not covered by PPP1, and which we paid payroll taxes on. Is this amount retroactively recoverable? If I file amended 941 forms, how do I get that money back?
Susan Penner
52:33
Are the same rules of SCorp owners in place for maximum salary not more than 2/12s of prior year?
Kathy Bastow
56:48
https://www.withum.com/resources/legislation-extends-and-expands-the-employee-retention-tax-credit/
Posh Upscale Resale
01:01:54
Did I understand that grants and EIDL Loans will NOT be considered income? Additionally, is there any work being done locally to help reduce the 2021 L&I tax rating (ours went up by 300%)
Jody Proctor
01:02:59
Mine went up 300% as well
Charles Fehlman
01:03:06
Is there aid available without showing a reduction in gross revenue as my business was just created so there is not financial history to compare to.
luke baugh
01:03:21
My L&I rating went up at a similar rate. We were at 1.7% now at 3.5% (est.)
Posh Upscale Resale
01:03:34
The mandate to layoff people
Posh Upscale Resale
01:03:36
retail
Charles Fehlman
01:04:10
Im in construction and my rates went up
luke baugh
01:04:11
Outdoor Recreation & Guiding (the letter says that it is simply because a lot of employees claimed unemployment; being a seasonal employer a lot of my employees were on UI and PUA)
matthewwick
01:04:16
My L&I stayed the same but ESD went up substantially. Do they mean ESD?
Posh Upscale Resale
01:04:17
Sorry I meant unemployment rating
CJ Seitz
01:05:28
No Increase for Average Workers' Comp Rates in 2021The average workers' compensation premium rate will not increase in 2021. It's the fourth year in a row of no increases in the rates. Last year, there was a 0.8% decrease in the average amount employers paid for the coverage. L&I cut rates by 5% in 2019 and 2.5% in 2018.With no increase in the overall rate change, the average premium per employee is not expected to change overall. However, there will be rate changes depending on the type of industry and the employer.Workers will pay on average about a quarter of the premium, a similar percentage to that paid in 2020.L&I determines every fall the proposed rate for the following year by looking closely at several factors, including expected workers' compensation payouts, the size of the contingency reserve, wage inflation, and other financial indicators.Employers and workers pay into the workers' compensation system to help cover the cost of providing wage and disability benefits for injured workers, a
CJ Seitz
01:06:23
https://www.esd.wa.gov/employer-taxes/tax-rate-faq
Karen Pickering -The Northwest Horse Source
01:07:47
Can I qualify for PPP if I only take draws, not payroll? I’m an S Corp.
Sherry Riesner
01:09:47
For a small apt bldg owner with no employees (have outsourced prop mgrs & contractors) could you explain more about how they could file for PPP or would they be eligible for EIDL? This property is in King County just south of City of Seattle, so I assume not considered a "low income" area?
Sherry Riesner
01:11:28
No, the entity needing the funds is the LLC owning the building, need working capital/OpEx.
Parminder Kumar
01:12:09
I applied for 3 grants but received only 1. what’s the eligibility for the grants.
Sherry Riesner
01:12:14
The LLC owner would be interested in long term loan.
Sherri Daymon
01:13:24
Sherry, the EIDL is up to a 30 year loan with a very low interest rate
CJ Seitz
01:13:29
Working Washington Grants were administered by WA State Commerce and some we assisted locally by the Port of Bellingham
Elke Stevens
01:14:58
Sorry, looping back to the FTE on the PPP application. Any thoughts on what period to pull that FTE from? ie Most recent PR, or average of Q4 ?
Karen Pickering -The Northwest Horse Source
01:15:59
Okay. So where do we start. I was originally told by WECU I did not qualify for PPP which is where my business account is held. The more I investigate it appears I do qualify. Where should I start for help. I’m a creative type, not a numbers/accounting type? Is there another resource for PPP?
Elke Stevens
01:17:03
Thank you!
Karen Pickering -The Northwest Horse Source
01:19:01
Okay. I’m at a business loss so that would explain.
Susan Penner
01:19:25
RE: PPP period - Is it either 8 OR 24 weeks or anytime between 8 AND 24 weeks
Susan Penner
01:19:54
Thanks.
bshea
01:20:08
I had a full time job with benefits until June 1,2020 and had a s corp business at the same time. Since I had a full time position, I wasn't taking a salary from my business. When I was laid off, now I need to take a salary from my biz. But for a PPP. I wasn't showing payroll prior to June 1, 2020. Is it worth trying to explain that for a PPP loan?
David Musgrove
01:20:17
Is there ever a reason to ask for less than 24 weeks?
bshea
01:21:53
thanks!
bshea
01:22:08
average monthly earnings or wages?
luke baugh
01:23:00
Seasonal wages are 2.5 times average monthly of a 12 week period during the active season (PPP will be higher if your wages are higher during the busy season)
Sherry Riesner
01:24:06
I'm an independent contractor who applied last summer for the EIDL $1K "advance"/grant & right after I applied I was told the funds were no longer available. Should I reapply or did that opportunity expire?
Marco
01:24:17
Thank you for sending your weekly emails full of tremendously valuable information. You are all amazing!
Sherry Riesner
01:25:37
Thank you!
Elke Stevens
01:25:55
Thank you all so much!!
luke baugh
01:25:58
Thanks everyone at the SBDC. Thanks Eric.
Susan Penner
01:25:59
Well done, everyone!
bshea
01:26:16
thanks!
Heather Theny
01:26:16
360-778-1762 SBDC main line
Heather Theny
01:26:23
SBDC@wwu.edu
Kathy Bastow
01:26:26
https://sbdc.wwu.edu/
Jody Proctor
01:26:36
Thank you!