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PPP Update Webinar for PASBDC Consultants with Marcia McGavisk - Shared screen with speaker view
Ernie Post
Please send your specific questions in chat and we will take a break with Solomon about every 10-15 minutes to check questions.
Isamac Torres-Figueroa
Thanks Ernie. Will today's recording along with PP be sent out to us?
Tracy Reinsel
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?
Angela Hensley
may we have the presentation and the recording emailed to us?
Keith Yurgosky
The EIDL site isn’t letting you past step 3
Richard Longo
Conjecture has it that several CDFI's have yet to receive information Fact or fiction?
Karl Kraus
Do companies who received less than $10,000 EIDL Advance have the ability to obtain the remainder (gross up to $10,000)?
Cynthia Oliver
Is the EIDLE loan open to businesses who started in 2019 but not before February? I have one that started in March
Cynthia Oliver
Is the owner cap the same as before?
Cynthia Oliver
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.
Cynthia Oliver
I talked to CDFI this morning. Not taking applications yet.
Cynthia Oliver
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.
Amy Keth
Are these calendar quarters or can they choose their quarter. Hair salons were most impacted March, April, May?
Terry Anderson
What documentation is required to show the 25% or greater drop in sales - just internal P&L
Jennifer Horning
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).
Cynthia Oliver
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
Tracy Reinsel
Can you answer my question about using 2019 payroll but now have employees laid off. It is toward the top of the chat
Brett Smith
For Venues/Save our Stages - is there an estimated timeline for release of those guidelines?
Cynthia Oliver
For first time PPP, do they need to show quarterly loss or just overall loss?
Amy Keth
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?
Aleshia Marshall
Can you resend the powerpoint?
Karl Kraus
Following passage of the bill, the IRS issued a retraction of their previous ruling
John Peterson
if a business took a lessor amount in the first draw of PPP can they go back and ask for the deference
John Peterson
(for the first round of PPP)
Brent Rondon
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.
Karl Kraus
IRS tax clarification :https://www.irs.gov/pub/irs-drop/rr-21-02.pdf
Cynthia Oliver
Thanks Krl