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SBA Loan Briefing – 2 PM ET - Shared screen with speaker view
Ilan Hurvitz
For question que. When do you expect application to be out in the marketplace?
Jared Kasner
Thank you for your information. Are there any restrictions regarding companies that have taken equity investments?
Lindy Passer
We are a small synagogue and not in federated community. Are we still eligible?
Joy Goldstein
I will try to answer some questions here.
Joy Goldstein
All 501(c)(3) organizations that have 500 or fewer employees can apply.
Adam Kolett
Does the quantity of SBA loans a bank has provided in the past have significance? Is it truly better for a small org (like a Hillel) to work with their own banker instead of trying to leverage a larger relationship?
Joy Goldstein
The Paycheck Protection Program has a forgiveness clause, but the EIDL program does not.
Aaron Pinhas
@Joy Goldstein I believe the EIDL loan can be refinanced and rolled into a forgiveable PPP loan
Beth Sirull
Are the loans 100% guaranteed by the federal govt? Is the bank taking any risk? (I had heard that 85% of the loan was guaranteed but 15% was bank risk.) Can you clarify as this will impact the banks' willingness to make these loans. Local emergency funds could be used to guarantee the other 15%...
Sarah Greenblatt
Are child care teachers that are not eligible for UI b/c we are a religious organization eligible for the Temporary Pandemic Unemployment Insurance Benefit?
Ari Hausman
Does the $100,000 threshold compensation include contributions to health insurance, retirement, taxes, etc?
Avi Goldstein
Are there underwriting/credit requirements, or are all eligible?
Avi Goldstein
Avi Goldstein
on the parsonage
Sarah Greenblatt
We have a child care center that is part of our synagogue. As a religious organization we have not paid into the UI fund. Are they eligible to collect Temporary Pandemic Unemployment Assistance and the additional $600/week?
David Polonsky
An issue that we’ve been looking into is how one determines the 500 or fewer employees situation. The Q&A from the Senate Committee on Small Business provides that a section 501(c)(3) includes religious organizations but is subject to “SBA’s affiliation standards.” If our synagogue is a affiliated with the USCJ, for example, do we need to aggregate the employees from all of its members? Some SBA affiliation regulations focus on financial affiliation while others addressing “issues of faith and morals.”
Michael Goldrich
what about pretax healthcare premiums paid by the employer?
Adam Abrams
repeat of a question from Sarah Greenb (Thank you Sarah)…."We have a child care center that is part of our synagogue. As a religious organization we have not paid into the UI fund. Are they eligible to collect Temporary Pandemic Unemployment Assistance and the additional $600/week? "
Ari Hausman
Number of employees or number of FTE's?
Eli Pinhas
Bill is written as number of FTE's Ari.
Sarah Follmer
So to clarify - loan eligibility is based on employees/number of individuals - but loan forgiveness is based on FTEs, not individuals?
Elena Sytcheva
20% or 25%?
Nancy Greer
Is the reduction of loan forgiveness in the event of salary reduction of equal of greater to 25% binary or is it proportionate to the reduction?
Cheryl Miller
If you maintain your full FTE, will the full amount of the loan be forgiven?
Eli Pinhas
Loan forgiveness is based on FTE's
Adam Abrams
what was the time period again for the Payroll reimbursement ?
Eli Pinhas
Full FTE full forgiveness for covered period of 8 weeks.
Avi Goldstein
The government is notoriously bad at forgiving loans (student loans etc.), How can we ensure that lots of red tape and/or policy change doesn't stop the loans from being forgiven?
Fred Weiner
Mark mentioned retirement benefits are included. However calculations on JFNA website example doesn't mention retirement. Please clarify.
Adam Abrams
what is the % of FTE employee retention after the 8 weeks again?
How do we count worker who are paid hourly and now are simply working less hours? Do we say that if they are working the same number of hours (cumulatively) by June 30, we can get the full forgiveness?
Michael Hyman
Please clarify the 500 FTE maximum staff requirement and the status of summer or seasonal staff in that count.
Avi Goldstein
So the forgiven amount will be stated in writing at the time of closing the loan?..as well as the terms?
Avi Goldstein
to get the forgiveness
Steven Klein
Steve Woolf just mentioned that the “covered period” for forgiveness purposes is the 8-weeks from “origination” - which is consistent with the definition of “covered period” under Sec. 1106. But the Senate Committee summary says the borrower gets to elect the 8-week period between Feb 8 and June 15 (the definition of “covered period” under Section 1102). Is the Senate Committee summary wrong?
Stewart Bromberg
If we are operating in a state that allows nonprofits to self insure unemployment and are therefore pay dollar for dollar, how is this impacted by the layoff/reduction of hours condition you just explained?
Eli Pinhas
You have to apply for forgiveness showing that what you paid out qualifies based on what you borrowed.
Michael Goldrich
Which website has the document preparation information
Joshua Donner
Do we think that "general difficulty fundraising due to office closures and in this climate" meets the threshold for suffering economic harm? If not, does having canceled a fundraising event make a difference?
Amy Clayman
Will they apply the SBA size standard prediacted on thr NAICS code and annual revenues?
Mark Smolarz
Please do not forget the questions sent in advance of the webinar
Avi Goldstein
Are the future webinars mainly the same content?
Beth Sirull
is there any exclusion for community foundations/DAF platforms?
Avi Goldstein
I didn't see Friday's webinar, is it worth watching, or do I have the information from this webinar?
Aviel Brodkin
For schools, we have a number of hourly workers that stop working with summer vacation in mid June, every year. What would you advise for reporting those employees that we planned from the start of the year only to hire until June 15th?(before June 30th)
Joy Goldstein
Avi Goldstein
I want to repeat Joshua Donner's question..very important question...Do we think that "general difficulty fundraising due to office closures and in this climate" meets the threshold for suffering economic harm? If not, does having canceled a fundraising event make a difference?
Adam Abrams
joy, can you please repeat the email address is as well?
Avi Matanky
Joy - what is the email?
Joy Goldstein
Community Helpline
Joy Goldstein
Sarah Follmer
Can you cover affiliation again? How does "affiliation" with JCCA, URJ, USCJ, JFNA, OU, matter?
Ari Hausman
Ditto to Aviel! Another question regarding the 100,000 individual compensation threshold: For those employees, is their entire compensation excluded or just the amounts over 100,000? For example, when we submit our payroll costs for the forgiveness section, do we subtract 25k for an employee with 125k compensation, or do we subtract the entire 125?
Avi Goldstein
Synnagogues, are not required to fill out a 990, will this make it more difficult to apply if we don't file?
Aaron Levinoff
How do seasonal employees (ie. camp counsellors, substitute teachers) count toward the 500 employee count?
Eli Pinhas
Ari Hausman - first $100,00 is included.
Fred Weiner
How do we really know whether it is truly first come first served basis? What transparency is from SBA and Federal Gov't of list?
Matthew Rich
other than payroll data what else should be prepared?
Ari Hausman
To qualify, do we have to already have suffered harm, or just expect to suffer harm? For example, as a Day School, we haven't canceled our summer camp yet... but it will likely occur. We don't have families withdrawing yet.. but it will likely occur- or we will need to give significantly more financial aid.
Cindy Rogoway
For employees with salary over $100k, I understand we only count $100K of salary, but can we include their full health benefits in our calculation?
Avi Matanky
Where can we find a list of preferred lenders in our area?
Eli Pinhas
Cindy, yes, up to $100,000
Michael Goldrich
Incoming revenue would not affect the “spend” of the loan in the first 8 weeks?
Gordon Cromwell
Does the $100,000 ceiling in compensation include retirement benefits, healthcare benefits etc or is it just salary + bonus
Eli Pinhas
Gordon, includes all up to $100,000
Ellen Dietrick
Can you add link to website?
Aaron Pinhas
@Cindy & Gordon. I would like clarification on this as well, but I believe the $100k is total compensation, so you can't add benefits on top of that. It's $100k limit per person, period
Heather Moran
Can we only use pre-approved lenders that are on a list or can we use any bank to secure these loans?
Rachel Levy
Susan Kasper
We added an early childhood center in July so do not have a full year payroll including the payroll for this staff. How do we accommodate for this? Can we extrapolate out to a full year
Ari Hausman
For forgiveness, does the 25% decrease count as diminution if it is for hourly workers, or just salary? What about hourly workers who are not working because our facilities are closed?
Nicole Gilger
Regarding salary/FTE reductions, if we have enough cash to keep everyone at 100% salary and have no FTE reductions then we should. What we pay out will be forgiven. Correct me if that's wrong.
Eli Pinhas
Nicole, sounds correct
Angie Lieber
Is there any information for relief for Jewish Communal consultants?
Sarah Follmer
@Nicole - EXCEPT the loan is based on prior 12 month average - so if your 100% salary during now through June just happens to be a percent or so higher than your payroll was over the past year, that difference wouldn't be fully forgiven (ie, last 12 months average was $200,000/month, now it's $204,000 - the loan would be $200K)
Ron Ries
much thanks
Aaron Pinhas
@Sarah, the max loan is 2.5 times that monthly average.
Sarah Follmer
Ah right
Sarah Follmer
Sarah Follmer
But you'll have 2.5 months of salary that you pay...
Adam Abrams
Thank you all for your help and time!
Aaron Pinhas
Well, you can use that on any qualified expenses over an 8 week period. Salary, rent, utilities. Over 8 weeks. So you basically have the equivalent of .5 months payroll to spend on other things (including the higher salaries that you might have now).
Joy Goldstein
We will be answering your questions and posting them on JewishTogether.org