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CARES Act - SBA Loan Overview - Shared screen with speaker view
Jennifer Deroin
01:21:30
I will respond to you in just a moment.
Kelli Daily-Fleming
01:24:30
Thank you, Jennifer and panel.
Jennifer Deroin
01:26:54
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
01:28:01
Robert, your net profit on Schedule C represents your net profit. You'll limit that to $100k + wages paid to employees.
Jennifer Deroin
01:29:23
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
01:35:32
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
01:44:44
Gross wage paid to employees, plus healthcare, NOT federal employer payroll taxes - average - X 2.5