PPP Update Webinar for PASBDC Consultants with Marcia McGavisk - Shared screen with speaker view
Please send your specific questions in chat and we will take a break with Solomon about every 10-15 minutes to check questions.
Thanks Ernie. Will today's recording along with PP be sent out to us?
An employer with 50 employees was fully staffed in 2019. They have laid off over half their staff in 2020 for the majority of the year. If they use 2019 payroll figures to calculate their PPP loan (50 employees) will they need to bring all employees back onto payroll to utilize the PPP funding?
may we have the presentation and the recording emailed to us?
The EIDL site isn’t letting you past step 3
Conjecture has it that several CDFI's have yet to receive information Fact or fiction?
Do companies who received less than $10,000 EIDL Advance have the ability to obtain the remainder (gross up to $10,000)?
Is the EIDLE loan open to businesses who started in 2019 but not before February? I have one that started in March
Is the owner cap the same as before?
In the 40% part, after the PPP 60% can an employer use the 40% to pay for ongoing costs of a contactor, a 1099 who is NOT an employee but necessary for ongoing operation.
I talked to CDFI this morning. Not taking applications yet.
Is the owner cap $20,833? And if there are no employees and 2 owners drawing can they each take the $20,833? Or is it actual payroll of the owner.
Are these calendar quarters or can they choose their quarter. Hair salons were most impacted March, April, May?
What documentation is required to show the 25% or greater drop in sales - just internal P&L
If an individual owns two businesses and both have been impacted by COVID. If the owner received PPP funds for one business (daycare), can they also apply for relief (PPP and EIDL) for second business (photography).
Can you address my question about the 60/40 and under new guidance using the 40 for ongoing operational costs that are a 1099 like a bookkeeper or trade person
Can you answer my question about using 2019 payroll but now have employees laid off. It is toward the top of the chat
For Venues/Save our Stages - is there an estimated timeline for release of those guidelines?
For first time PPP, do they need to show quarterly loss or just overall loss?
So a bank has to verify the 25% reduction in sales before they can get second draw? What if 24% reduction-not at all eligible for second PPP? Or could they get it and maybe not be forgiven for all of it?
Can you resend the powerpoint?
Following passage of the bill, the IRS issued a retraction of their previous ruling
if a business took a lessor amount in the first draw of PPP can they go back and ask for the deference
(for the first round of PPP)
If a client opened in February (before the 15th, 2020) and then sales went down in March and she closed for all 2020. She will compare that first quarter 2020 sales with the rest and then apply for the PPP First Draw. is this correct? She never received PPP before.
IRS tax clarification :https://www.irs.gov/pub/irs-drop/rr-21-02.pdf