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I've started an application for the Economic Disaster loan, but I got to a screen that ask for the owner's information. We are a 501 C3 with a board of directors, so there is no "owner" if you will. Is there a way to bypass that screen to complete the application? Is it true you do NOT have to pay back this loan? I'm afraid to use the Social Security number of my Board President or myself due to any risk involved, but we need the assistance.
For the PPL in calculating the Average Monthly Payroll does this include taxes the company contributes to the employee?
what if you filed for the EIDL but have not heard back from them. How would you add that amount it
I only have 1 part time employee. Do I include that as # of employees? It is just me and 1 part time employee
FYI, some lenders, like Citizens Bank, are not using this form. They developed their own. I'm still waiting to see Santander's, since I have 2 client loan apps to submit once available.
I recognize that the PPP is for a ten-week payroll period. Would this extend from Feb 15th onward or does it start effective some later date?
What risk lies with the designated agent for a non profit when applying to the EDL? Again, is it true it does not have to be repaid?
Citizens asked for average monthly state and local taxes on compensation for Feb 15 to Jun 30 (which hasn't even occurred yet). This amount (on their form) decreases the amount of the loan. This is confusing and I'm waiting for someone from Citizens to call me so I can ask about this. It is not consistent with this standard SBA app form.
What if I own 2 separate companies, 2 separate streams of income?
Are foreign affiliates included for employee count?
Is there help for self employed...business has been closed for 5 weeks but expenses like rent and such will grow with zero income.
How do you determine what percentage of the loan is forgiven?
You said you are supposed to give gross payroll but are we supposed to exclude fica?
How exactly does a company provide proof for forgiveness? What period of data is used? Some businesses will come back 100% at first (like restaurants), so how long will they be given to prove their payroll is back to pre-Feb 15?
How does an LLC with a draw instead of payroll do the calculation?
have Sheila mute
Is the Economic Injury Disaster loan based on the number of employees up to $10,000?
Health ins - "checks written" - are those payments forgiveable if NOT part of a GROUP employer policy?
During the 8-week period, the company may not even be back in business. So if a company receives a forgivable loan to cover this payroll, and then can't open their business after the 8 weeks, then what? Do they lay off their employees all over again?
Do 501 (c)(3) with fewer than 500 employees have any assistance? It appears the PPP is for larger organizations and the EDL is for fewer but only 501 c 19? We are a small theatre group that pays rent and two employees with zero revenue coming in - any suggestions?
What is the purpose of putting people back on payroll if the business does not know if can open again? Why not just keep people on Unemployment until then?
The SBA website fyi is not worded that way
Thanks all for your work and help.
Thanks very much guys!
Thank you all! I know there are more questions than answers, so at least some information is better than none.
Thank you everybody!
Thank you!! Excellent presentation.