Rachel Starner from Midlands Mediation Center

Is eligibility for the individual/family money (i.e. $1,200) based on Gross Income...AGI?

Can everyone please mute.. We can hear tv in the background

What does that mean that Non-Profits can be $300 above the line?

And also, it would be helpful to understand what the forgiveness process might be or how/when we will find out that detail.

Candice Herriott from Toadfish Conservation Coalition

In addition to the 2.5 times payroll for the 8 week period, can you also obtain additional funds within the loan for mortgage, rent, interest on debt? Or is it capped at the 2.5 times payroll figure?

Are contractors 1099 included as "employees" whose salaries can be forgiven?

Do public charities qualify under the CARES act, since not all non-profs are public charities?

Is the interest also forgiven?

Did you say 2.5% of payroll or 2.5times payroll expenses?

Is 2.5x payroll the total INCLUSIVE of rent/insurance/etc.?

Is it 2.5% of monthly payroll or 250%? The FAQ documetn says 250% but Chuck said 2.5%

She was asking this question: A key question...is the Paycheck Protection Program retroactive for anytime frame between February 15 to June 30. The final version of the CARES Act text seems to indicate that the forgivable loan funds are for an 8 week period forward from the origination of the loan. Please clarify. Thanks!

same question as above about the 2.5% of monthly payroll

And to clarify, am I understanding correctly that portion that is eligible for forgiveness is capped at 8 weeks total, correct?

please discuss how a small non profit can utilize the EIDL and PPP

Could you explain the forgiveness for rent and utilities for NPs?

Can Chuck the term "forgive" in the non-profit loans, please?

It's 250% of average payroll, Chuck said 2.5x average PR, same thing :)

Your lender or SBA lender which could be a CDFI like LDC and CommunityWorks as well., we hope to know soon

I read that the SBA has 30 days to write the fine print.

My conversation with my bank this morning is that until there is more guidance from the federal government they cannot take applications.

Will you please clarify that the total is 2.5x payroll cap is BEFORE other expenses (rent, etc.) or INCLUSIVE.

Snyovus and South STate Bank said the same

Talked to Upstate bank this morning. THey expect to have applicaions by Friday. All the info is coming from SBA

US Bank has an online pre-application form.

They are compiling all the info. needed. Banker said Nonprofits should go to their bank

I spoke the SBA director this weekend via email and stated the same they are working hard on the guidance to lenders. Its under the SBA 7a

Can non-profits that receive Medicaid reimbursements, apply for the SBA loan?

can you clarify if tht SBA loans apply to affiliated nonprofits as well as stand alone

Anyone spoke with First Citizens?

There are lenders making themselves available now to front money, but at high (predatory) interest rates. Any comment on that? Seems to intentionally confuse small business and nonprofit borrowers.

Also, is the interest forgiven??

I just got a call from a predatory lender promising to help our nonprofit. Be careful.

SBA just sent out an email saying they are awaiting for guidance from the federal government.

I spoke to TD and they didn't have any information. United Community Bank advised that they have a call today and tomorrow giving them further direction concerning the loan process.

Yes thanks for the comment. We are trying to recommend work with “trusted lenders and partners” We will need media about this ASAP

This is from the final text of the bill: 10 SEC. 1106. LOAN FORGIVENESS.11 (a) DEFINITIONS.—In this section—12 (1) the term ‘‘covered loan’’ means a loan guar13anteed under paragraph (36) of section 7(a) of the14 Small Business Act (15 U.S.C. 636(a)), as added by15 section 1102;16 (2) the term ‘‘covered mortgage obligation’’17 means any indebtedness or debt instrument incurred18 in the ordinary course of business that—19 (A) is a liability of the borrower;20 (B) is a mortgage on real or personal21 property; and22 (C) was incurred before February 15,23 2020;24 (3) the term ‘‘covered period’’ means the 8-25 week period beginning on the date of the origination26 of a covered loan;

In short, does payroll determine the cap or is the cap 2.5 x payroll + other qualified expenses?

thank you

makes sense

2.5 times not 2.5%

What qualifies us to have the loan forgiven? Is there specifics around that?

2.5x payroll is the cap.

other items like rent, utilities could be part of the forgiveness amount

Is it 2.5x payroll to include benefit cost?

Just hit my inbox: Cutting Through the Jargon: How the CARES Act Works for Nonprofitshttps://nonprofitquarterly.org/cutting-through-the-jargon-how-the-cares-act-works-for-nonprofits/?utm_source=NPQ+Newsletters&utm_campaign=01b3e8c956-EMAIL_CAMPAIGN_2018_01_11_COPY_01&utm_medium=email&utm_term=0_94063a1d17-01b3e8c956-12581485&mc_cid=01b3e8c956&mc_eid=1f016104cf

yes, includes benefit costs

Before this ends, thank you to Senator Scott and all our representatives for working in our best interests at all times. It's good to see that nonprofits are on his priority list with the other important legislation he's dealing with.

@Sara Fawcett, Charles said it could include health insurance premiums. Not sure about other benefits.

oops - and paid leave benefits

In addition to health insurance premiums, he mentioned paid medical leavve

Great answers from many of you!! Thank you! - We will pull into the FAQ

do you have to have a Social security number?

What about people who don’t file income taxes, or don’t have social security numbers?

ITIN eligibility

One major note, is that entities and non-profits cannot receive both the SBA economic disaster loan and the CARES Act, is that correct? Either can be utilized, but not both.

What about anyone who was not working last year but are working this year?

What if your dependent is over 17 but medically dependent-disabled?

does that include those on disability

can we address the unemployment payments ?

Please tell your clients to wait for check or work with United Ways VITA to help with application not Rapid Refund locations to predatory lenders

thank you all so much for this information!

thank you for this meeting

Thank you Sen Scott's team and TSC and UWASC for holdling this call!

Thanks so much this has been very helpful!! Many thanks to Sen. Scott and staff!

Thanks Together SC!!!

Thank you so very much for this.

Pass our thanks to Senator Scott, and your professionalism and attention to our needs is greatly appreciated.

Yes Thanks to the Senator!

Thank you, everyone!

Thank you!

Thank you!

Thank you!

Thank you for your leadership!!!!!!

Thank you. Up until now we were guided to contact SBA or SCORE. Neither has responded to my requests. To know that I need to contact a bank is very helpful.

Thank you so much for your leadership!

Thank you all!!

Thank you all so much!

Our NPO has 1099 staff , would we still qualify for SBA loan forgiveness since we do not have W2 employees?

Thank you!

is the $100k cap per individual excluding the entire salary or just the amount over $100k?

Great call. Thank you so much 🙏🏿

Thank you all for your leadership!

Thank you everyone!

Thank you!

Thank you!

Thanks Madeleine, Naomi and JoAnn!

Thank you for this call.

Thank you so much.

Thank you TogetherSC - Great JOB!!! Thank you Naomi

Thanks, y’all!

many thanks! very informative

Thank you, Naomi and Madleine!

Thank you again for organizing this call and providing input on resources and how to apply.

please discuss how a small non profit can utilize the EIDL and PPP

will this cover new hires?

Thank you Madeleine & Naomi! This is great.

Thank you! Great info.

Thank you! This was very helpful. Teresa Spires - KNOW(2) Cherokee.

does this cover for employees if our office is closed due to COVID concerns?

Thank you for putting this informative call together.

any specific info about the Small Business Stabilization Forgivable Loan Fund (SBSF) being promoted by City of Columbia?

We've been told by our bank, we can apply for both EIDL and PPP

Will individual stimulus checks be given to individuals who are over the age of 17 but are still a dependent (such as college students)?

So is the total MAX forgivable $100k? Rent, payroll, utilities, health premiums? OR payroll portion is max $100K

I understand you can apply, but only receive one or the other.

Thank you everyone!

Thanks Madeleine and all at Together SC. This is great.

So does the .5 x above and beyond the 2x for rent, etc.

What are the parameters for forgiveness?

Is the interest on the PPP loan forgivable as well???

sorry, is the .5x above the 2x for rent, insurance, etc.

Thank you for clarifying.

What about student loan interest help

Thank you Chuck

To be clear, I think we’ve learned we can apply for SBA 7(a) from our bank and also SBA Disaster Loan on-line from SBA or is this from bank, too?

THank you

THANKS!!!!

Thank you Chuck

Thank you!

Thank you!

someone reviewing SSI and doesn’t file income taxes are they eligible?

thank you Chuck !!!!

thanks, Chuck!

Thank you Chuck from BRUW

Thanks! This is helpful.

thank you Chuck

Thank you, Chuck!!

thank you!!! Great call!

Thank you!!

thank you chuck!!! 👏👏👏👏👏👏👏

thank you, Chuck, and Together SC

Thanks, Chuck!

Thank you all!

Thanks everyone

Thanks so much!!

Thanks Chuck!

Thank you!!!

Great job - thank you!!

Thank you!

Thank you Madeleine and Naomi!

thanks for the clarifications

Thank you Chuck and everyone! Stay well!!

Thanks, Chuck!

And thank you Together SC and Senator Scott’s team!

if there are any lisrservs for updates please add dallas@sustainingway.com