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PPP Briefing #15 - Shared screen with speaker view
Steve Gross
31:20
just video
Steve Gross
32:55
Accrual issue not yet determined. We need more guidance from Treasuary
Steve Gross
34:07
Yes, Please refer to our FAQs at JewishTogether.org re FTE
Daniel Lintz
34:18
Is it beneficial to switch your payroll to start on the day of funding and end on the 8 week anniversary?
Cheryl Phillip
34:40
You should consult your accountant
Court Ruark
35:01
Are folks still accepting the funds even if they have a small reserve after the new guidance?
Eugene Barlaz
35:13
Really odd question but could someone ask Mark Wilf what the series of books is on the top shelf of his bookcase is, always curious what people are reading. When you ask you can tell him I am on the one asking as I knew him from cabinet 20 years ago
Steve Gross
35:14
To answer any questions in detail please post it to SBALoans@JFNA.org
Susan Mittag
36:11
When we submitted payroll info for loan, we used monthly average of 2019 (January-December).This included our preschool and religious school teachers who are paid from September to May.When we calculate payroll for forgiveness, how do we account for their payroll which won’t pick up again until September?
Cheryl Phillip
36:28
If your answers are not answered here or for more detailed answers to your questions please post them to SBAloans@JFNA.org
Geanne Share
36:54
What is the contact of the man from crossriver from the last webinar.
Cheryl Phillip
37:52
We believe you can give bonuses but we are waiting for more guidance from the SBA and Treasury on this.
Cheryl Phillip
38:37
Yes
Mark Shpall
38:59
Be careful about the optics of anything you (i.e. bonuses) as the press is starting to look into who is getting and how they are receiving the PPP loans. https://www.latimes.com/california/story/2020-04-30/coronavirus-private-schools-ppp-loans
Eugene Barlaz
39:18
Thanks Mark, Thanks for all you are doing for the community , Shabbat sholom
Amy Rubin
39:31
We were planning to pay makeup payments to people who have been furloughed or working fewer hours. Will that be allowed?
Steve Gross
39:59
Yes, congrats
Joshua Caplan
40:17
Cross River person was Phil Goldfeder
Steve Gross
41:09
He has been a great resource
Steve Gross
41:50
Yes, to the vacation day question we believe
Geanne Share
42:15
Thank you do you have Phil Goldfeders contact information?
Steve Gross
43:48
To answer your question in detail please post it to SBALoans@JFNA.or
Steve Gross
44:42
Yes, as long as they are a 501c3 for Jewish day school
Cheryl Phillip
45:37
You have until June 30th
KATHY SEIGEL
45:49
Can employer's share of payroll taxes be included in the 75% payroll calculation?
Cheryl Phillip
46:07
But keep in mind that you have to spend 75% of the loan on payroll
Cheryl Phillip
46:36
Employer’s share of payroll is not included in payroll costs
Cheryl Phillip
46:51
payroll tax
Patti Seeman
47:02
Are they auditing companies with loans over $2M or companies who have assets over $2M or budgets over $2M?
Steve Gross
47:22
Loan is over $2M
Cheryl Phillip
47:37
No
Cheryl Phillip
47:55
payroll taxes withheld from employees are included in payroll costs
Steve Gross
48:40
Yes believe that would be the case
Arieh Lebowitz
49:03
We're clients of a bank that isn't participating in these PPP SBA Loan program - they sent us to NewTek, and I was in touch with them. They sent us an email April 15th - but I've nothing since - that stated:"This is to confirm that Newtek has received your submission regarding the CARES Act Paycheck Protection Program. Once your turn comes up in the queue, you will receive an email that looks like the example below, inviting you to begin the process through a secure online portal. Please make sure you are frequently CHECKING YOUR SPAM folder, as our email may inadvertently go there without notice."Once you receive the application, you will be asked to upload the following documents so please have them ready..."What if anything can we do to somehow make sure that our turn comes up in the queue?Thanks, and Shabbat Shalom / Gut Shabbes!Arieh Lebowitz <Arieh@jewishlabor.org>
Steve Gross
49:20
Yes at JewishTogehter.org
Cheryl Phillip
49:36
From the date your receive the funds
Steve Gross
49:53
Begins when you receive the loan known as the origination date
Court Ruark
50:00
Arieh - I tried with Newtek as well for the same reason but did get an email after that with a link to apply. It took so long, though that we went with a different loan
S Methner
50:01
Our bank sent the following"Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”Tapping endowments, if any, are not "ongoing operations".Not sure how there can be any question to address here. Granted, English is a difficult language at times.
Arieh Lebowitz
51:37
Court Ruark, thanks, and let's discuss later?
Steve Gross
52:12
Workman's comp not included expense under PPP loan
KATHY SEIGEL
52:25
Does Computer hosting costs qualify as a utility expense
Andrew Nierenberg
52:48
Our PPP lender sent a new pamphlet on forgiveness. it contains the following statement: "You have until June 30, 2020 to restore any reductions in full-time staff or compensation made between February 15, 2020 and April 26, 2020". When did April 26 become a target date.
Steve Gross
53:17
Not sure re computer expense...need more guidance
Court Ruark
53:42
Does that include overtime?
Steve Gross
54:02
It should re OT
Cheryl Phillip
54:27
Yes
Joshua Caplan
54:30
For utilities, can we pay off old unpaid bills (even if they cover a period before we received the loan)?
Steve Gross
54:53
Need to be during covered period
Michelle Labgold
54:59
so it 8 weeks or June 30, not both
Amanda Shechter
55:04
Josh, my understanding is expenses have to be incurred and paid during the 8 weeks
Amy Rubin
55:07
What about seasonal salaries? We have school teachers who finish in May. Our payroll is always low in the summer
Steve Gross
56:02
Accrual question needs more guidance from Treasuary
Cheryl Phillip
56:28
To answer your questions in detail please post it to SBAloans@JFNA.org
Bekki Kaplan
57:21
What does one do if part of your payroll is religious school teachers whose employment ends at the end of the school year but was part of the calculation?
Cheryl Phillip
58:13
100% of FTE
Steve Gross
01:00:24
Believe so re gov't grants to exclude
Cheryl Phillip
01:00:49
Yes to Ellen Botwin
Steve Gross
01:01:01
Yes, believe there would be a reduction re salary question
Steve Gross
01:01:46
Believe it would be re buy back vacation question.
Steve Gross
01:03:51
Yes
Cheryl Phillip
01:04:46
My pleasure
Cheryl Phillip
01:05:36
Recipe funds
Steve Gross
01:05:43
When you receive funds
Cheryl Phillip
01:05:44
Receive funds
Steve Gross
01:06:48
No, do not think that would modify any SBA review
Michelle Labgold
01:06:57
Is there any suggestion that you have to prove that the financial impact is equal to or greater than the loan?
Dianne Neiman
01:07:14
I echo Bekki Harris Kaplan's question. It's one that has come up for me too.
Cheryl Phillip
01:07:16
No
Steve Gross
01:07:32
yes
Steve Gross
01:08:56
To answer your question in detail please post it to SBALoans@JFNA.
Willie Sickel
01:09:18
What if you received the 10K (grant) advance for the EIDL loan program? What are the implications?
Alan Halpern
01:09:54
Bekki and Dianne, if the seasonal employees work very few hours (religious school teachers) they may have minimal impact on FTE count. I took number of hours in the base periods and divided by 40 (30 may be the right number, but it won't affect the outcome). Religious School faculty make little impact. We had a FT employee move on to a new job on April 1. That's a much bigger impact.
Steve Gross
01:10:17
30 hours is the correct number to use
yitzchok hayempour
01:10:37
can an employee apply for unemployment after the 8 Weeks of the loan?
Cheryl Phillip
01:11:14
If they are furloughed they should be able to apply for unemployment
yitzchok hayempour
01:11:52
is it going to effect the forgiveness?
Arieh Lebowitz
01:14:02
First, thank you all for your clear and very very helpful information, guidance and insights, especially as this is a somewhat fluid and evolving arena.Our organization, the Jewish Labor Committee, is of course concerned about workers, including workers at Jewish communal agencies. A JLC member reported to us that a Jewish Federation had reduced its staff, and that over a dozen employees were informed that their employment was being terminated effective immediately." We were asked "while It could be true that Federation was overstaffed, it also could be true that they had other options rather than permanently firing these workers. Federation should always be acting according to Jewish values - that doesn't seem to be the case here."Our concern is that there might have been alternatives to the Federation's "terminating" over a dozen workers during this pandemic - and, more generally, that the best Jewish values regarding the rights of workers, and the responsibilities of employers,
Cheryl Phillip
01:14:40
To answer your questions in detail please post them to SBAloans@JFNA.org
Steve Gross
01:19:13
Sound advice Robert...thank you
Cheryl Phillip
01:20:01
Excellent advice Robert.
Willie Sickel
01:20:07
We are closed per the governor. Most of our employees work on an appointment with a client. Many of our clients are not interested in teleconferencing. Are we to pay our employees to stay home and do nothing?
Robert Teplitz
01:20:47
Re-posting for all attendees:
Robert Teplitz
01:20:49
FWIW, I ran a government auditing agency for 8 years. In addition to the specific advice that we are fortunate to receive from JFNA and elsewhere, here's mine: make the best decisions you can in good faith, keep lots of contemporaneous documentation, don't do anything you wouldn't want to have to defend on the front page of the newspaper, and you will be fine.
Marty Abschutz
01:21:23
Indeed sound advice, Robert!
steve levy
01:21:55
If all these loans will eventually be made public, does JFNA recommend that we go public in advance so we can spin the need
Steve Gross
01:22:00
Willie, all we can say that the purpose of PPP is to keep employees
Cheryl Phillip
01:22:23
For FTE it is 30 hours per week
Amanda Shechter
01:22:43
Wait, so if they make more than $100K and you include parsonage, you can’t reduce to $100K the same as any other employee?
Steve Gross
01:23:41
To answer your question in detail please post it to SBALoans@JFNA.org
Alan Halpern
01:24:18
I don't think there are going to be lots of questions about need, unless it seems egregious that your organization received a loan, or it becomes apparent that so many who needed the loan more didn't get it.
Steve Gross
01:24:57
For more information on advocacy please go to JewishTogether.org
Cheryl Phillip
01:25:39
health insurance is included
Dianne Neiman
01:26:08
Thank you for this webinar
Willie Sickel
01:26:30
Thank you!!!! Shabbat shalom.
Marty Abschutz
01:26:50
Thanks to all panelists and attendees for their ideas! Shabbat Shalom!
Amanda Shechter
01:28:28
Thank you — Shabbat shalom!
Steve Gross
01:28:56
Shabbat Shalom