Does PPP also cover the profit sharing distribution to employees freom the year of 2019?

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What is the recommended way to apply for the PPP

An SBA 7a lender. I would start with your current lender.

Are the applications already available? How do we apply with them?

For my bank, it is very simple, just filled out one page form to authorize them to apply for us then they start the process for us

Yes

starting 4/3 for applicatoin

Do payroll costs include workers compensation insurance premiums or workers compensation paid to the state? Does it include payments for temporary warehouse labor?

Do payroll costs include employer taxes and employer contribution to health insurance premiums?

Do delayed payroll taxes include amounts withheld or just company portion of fica and medicare

good question. PPP said include all federal and state payroll tax now some state like WA include the WA tax with the payroll tax when I filed.. so that ix mixed to it.. and I know PPP include seasonal employees..

are the earnings gross or adjusted taxable income

I know health insurance is included in this PPP

adjusted taxable income for this recovery rebate

I know that the health insurance is part of the forgivable portion, but is it included for the purpose of calculating maximum loan amount "average monthly payroll cost" x 2.5?

looked at last 2019 adjusted gross income or 2018 if you haven't filed your 2019 for this rebate

What would cause not getting approved for the ppp loan? And how quickly will these loans be funded or the soonest

Is 500 employees per company or per location? How does employee get employer to cooperate?

Laura Hanson & Mark Chiang- We are working on a template of what's included in Payroll Costs. It will be available on our website either later today or tomorrow

How does supplemental paid leave applies to Non-Profits?

Does PPP coordinate with unemployment? And does it cover 1099 contractors or only W-2?

PPP- The Eligible expenses for this program covered the period form 2/15/20 through 6/30/20.This is retroactive to 2/15/20 and one requirement is to make sure we retain employees at the end of the covered period. Before this program came out, we had already closed 4 stores and terminated some our our Cafe employees. Is the employee retention from the date of the application?

Aliza Goland- Gross Earnings

Leah Serrano - No 1099 contractors

Is the number of jobs required on the PPP application as of the date of the application?

PPP- Does it include independent contractors, including commission to outside sales reps?

Celia Fanning - You have to keep them employed for 8 weeks to get debt forgiveness. Does not seem like you will achieve a full forgiveness. Which might be fine because the balance will be owed over 10 years (I believe) at an interest rate less than 4%

For Guarav and Aliza, I am not sure is she asking the threshold limit for those recovery rebate for individual. I double check for the CARES Act bills, it did say it is based on the adjusted gross income on line 8b of the 2019 1040 federal tax return or 2018 if we haven't filed 2019 yet

so Guarav can you confirm?

Celia Fanning- Average monthly payroll over the last 12 months.

Because that is what I put the Q&A about this recovery rebate to my employee as the reference to them

My understanding of the small employer exemption is that the employer would have to show 1 of the 3 reasons you just described, not all 3. Is that correct?

In determining monthly payroll, are employees making more than $100,000 exempt from the calculation?

Will this recording and slide presentation be sent out to participants?

Julie-Yes...slides will be sent via email. Recording will be on lhmp.com

Arthur Rosen- Can you please clarify your question. Are you asking about PPP Loan or employee leave, etc?

PPP loan

If an employee is put on leave for an eligible reason under ffcra on 3/30, are they entitled to ffcra for days after 4/01?

Do companies become ineligible for the PPP loan if they have furloughed employees?

In California, are we restricted from requiring the employee to clarify whether they are were directly or indirectly impacted?

John Echeveste- You can have employees making more than $100k, but you only count $100k for them for the purposes of calculating PPP

Otherwise, how would be know what to pay them for the 80 sick leave

John Ohanian- I don't think so, but I have asked the SBA team to answer your question. You are required to certify what you will use the money for. Uses are - Payroll, rent, interest expense, etc

For the $100,000 limit per employee, is that only based on wages? Or does that limit include health insurance premium, ER taxes, ER 401K contribution?

Mark Chiang- $100k is all inclusive

Oh, that is going to make calculating 2019 payroll cost kind of difficult if the all inclusive amount is close to 100,000, isn't it?

Raman Venkat- It is average payroll incurred. If by application time you have laid off employees, it will bring down your average payroll by a bit

What happens in the case that several employees resigned in September of 2019? Are we not supposed to count them in the average monthly payroll?

Ka Man Chan- There are folks who have not filed returns in years because they did not earn enough. Currently it appears that the IRS is asking them to file 2019 simple form

Mark Chiang- It will certainly be a challenge, but not impossible

There is a sample application available. Is that what ABB will be using?

S 3548 indicates the covered period is 3-1-20 to 6-30-20 for qualified expenses, Documents from the bank indicate 8 weeks was S 3548 amended?.

The SBA EIDL states that all other sources of credit must be exhausted before applying. Does the same apply to the PPP?

Only 25% of the amount can be used for non payroll expenses? So only 25% can be used for rent?

what does the "payroll costs capped at $100k... on an annualized basis" mean? ...how does that effect the loan qualification process?

Is there any forgiveness for self employed that was forced to shut down and therefore could not pay employee?

David Small- Good question. Seems that it changed by the time the final bill came out and it states 8 weeks. However we have not been able to find exactly when that 8 week period starts. I am sure it will be clear soon

Paul Hauffen- If someone makes more than $100k you will assume that they make $100K for the purposes of calculating the loan.

I read it is the 8 weeks following the receipt of funds

Mark Chiang- That is certainly one of the ways we have looked at it. However we don't know when these loans will be disbursed.

thx Gaurav.

If a business applies for PPP loan, can the business also apply for Economic Injury Disaster Loan at the same time?

ADP I think will provide he info

Looks like $100,000 cap only applies to salary, wages, commissions or tips.

By reading the bill, it said we can make 8 weeks selection for loan forgiveness between the covered period 02-15-2020 to 06-30-2020. But he can confiirm

I read that the EIDL loan can be refinanced into a PPP loan. Is that correct?

so, not health ins, 401k contributions, and ER taxes?

With a medical office, can I include my provider's draw as part as my average monthly payroll?

can this doc be sent following the presentation?

It is on the SBA website

Is the avg monthly payroll of 2019 or 4/1/2019 - 3/31/2020 period?

...or the direct link for that doc?

what about new hires? are they covered?

Andrew Tomat - Here is the verbiage "Includes: compensation to employees, such as salary, wage, commissions, cash, etc.; paid leave; severance payments; payment for group health benefits, including insurance premiums; retirement benefits; state and local payroll taxes; and compensation to sole proprietors or independent contractors (including commission-based compensation) up to $100,000 in 1 year, prorated for the covered period;"

any idea what the percentage of staff must be maintained to ensure loan forgiveness

Workers comp costs?

what documentation are they accepting as proof of comploance re headcount and payroll

When will ABB begin accepting applications for the PPP loan?

Paul Hauffen- It will be posted on our website this evening

thx.

Are payments made to outside consultants considered "payroll expenses"

what about 501 (c) 3 organizations and personal liability?

what if you are using a temp agency for labor

We applied for a disaster loan online thinking that the forgiveness criteria would be included as part of that loan. Can we now apply for the PPP and either not go forward with the disaster loan or reduce the amount requested for the disaster loan (to cover other operating costs)?

Do you list number of employees from 2019 of currently?

For PPP loan, do you have to rehire the same employees or just employees in general as long as the headcount and salary amount requirement is met? Some employees may prefer unemployment if there's an extra $600 payment. Are pay raises allowed for employees?

Why isn’t there a box for a for-profit company?

Kevin Shih- Our reading is that the average payroll is 12 months preceding the application date

First check box

First check box is non-profit

What do you answer if you applied by did not receive the SBA EIDL?

But did not receive EIDL yet?

Your thoughts about creating a new separate bank account for the PPP Loan funds and then pay the eligible expenses out of this account. Helps avoid co-mingling loan with other non-eligible expenses. Thoughts?

On the application, what does number of jobs mean exactly?

Can temp workers from temp agency count in payroll?

Thank you how do you calculate the $100k for EE’s over for the PPP loan for verification for the loan docs

Who would be named as personal guarantee for nonprofits?

Can he adjust his audio its a bit garbled

What was the timeframe on the loans he just mentioned. I did not understand what he said.

Better!!

Craig Martin- The answer is maybe.

Are forgiven amounts taxable income?

What about ER taxes?

I think only state and local taxes are included.