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CARES Act - SBA Loan Overview - Shared screen with speaker view
Jennifer Deroin
I will respond to you in just a moment.
Kelli Daily-Fleming
Thank you, Jennifer and panel.
Jennifer Deroin
Taryn, that is possible, but you can spend the money on other things, not just payroll: Payroll cost, interest, rent and utilities. I'm going to send you a document from the US chamber that helps outline the FTE calculation that will make it clearer.
Jennifer Deroin
Robert, your net profit on Schedule C represents your net profit. You'll limit that to $100k + wages paid to employees.
Jennifer Deroin
Hi Jerry - the calculation is average of total monthly payroll costs incurred during the year, prior to the loan date. So - if loan is May 1, the then it's May 1, 2019 to April 30, 2020...make sense?
Jennifer Deroin
You can apply on April 3 (I believe and will double check). The program goes through December 31. Page two of US Chamber of Commerce sheet we're sending.
Jennifer Deroin
Gross wage paid to employees, plus healthcare, NOT federal employer payroll taxes - average - X 2.5