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SBA Loan Briefing – 2 PM ET - Shared screen with speaker view
Ilan Hurvitz
26:07
For question que. When do you expect application to be out in the marketplace?
Jared Kasner
27:21
Thank you for your information. Are there any restrictions regarding companies that have taken equity investments?
Lindy Passer
27:44
We are a small synagogue and not in federated community. Are we still eligible?
Joy Goldstein
29:03
I will try to answer some questions here.
Joy Goldstein
29:08
All 501(c)(3) organizations that have 500 or fewer employees can apply.
Adam Kolett
30:23
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
30:30
The Paycheck Protection Program has a forgiveness clause, but the EIDL program does not.
Aaron Pinhas
31:22
@Joy Goldstein I believe the EIDL loan can be refinanced and rolled into a forgiveable PPP loan
Beth Sirull
31:34
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
35:15
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
38:10
Does the $100,000 threshold compensation include contributions to health insurance, retirement, taxes, etc?
Avi Goldstein
38:17
Are there underwriting/credit requirements, or are all eligible?
Avi Goldstein
39:31
Bummer
Avi Goldstein
39:40
on the parsonage
Sarah Greenblatt
40:28
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
40:51
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
41:18
what about pretax healthcare premiums paid by the employer?
Adam Abrams
41:47
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
42:22
Number of employees or number of FTE's?
Eli Pinhas
43:05
Bill is written as number of FTE's Ari.
Sarah Follmer
44:01
So to clarify - loan eligibility is based on employees/number of individuals - but loan forgiveness is based on FTEs, not individuals?
Elena Sytcheva
44:12
20% or 25%?
Nancy Greer
44:44
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
44:49
If you maintain your full FTE, will the full amount of the loan be forgiven?
Eli Pinhas
44:56
Loan forgiveness is based on FTE's
Adam Abrams
45:51
what was the time period again for the Payroll reimbursement ?
Eli Pinhas
46:14
Full FTE full forgiveness for covered period of 8 weeks.
Avi Goldstein
46:22
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
46:39
Mark mentioned retirement benefits are included. However calculations on JFNA website example doesn't mention retirement. Please clarify.
Adam Abrams
47:15
what is the % of FTE employee retention after the 8 weeks again?
Levi
47:32
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
48:26
Please clarify the 500 FTE maximum staff requirement and the status of summer or seasonal staff in that count.
Avi Goldstein
49:33
So the forgiven amount will be stated in writing at the time of closing the loan?..as well as the terms?
Avi Goldstein
49:49
to get the forgiveness
Steven Klein
49:57
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
50:12
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
50:15
You have to apply for forgiveness showing that what you paid out qualifies based on what you borrowed.
Michael Goldrich
50:21
Which website has the document preparation information
Joshua Donner
50:40
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
50:43
Will they apply the SBA size standard prediacted on thr NAICS code and annual revenues?
Mark Smolarz
51:17
Please do not forget the questions sent in advance of the webinar
Avi Goldstein
51:35
Are the future webinars mainly the same content?
Beth Sirull
51:47
is there any exclusion for community foundations/DAF platforms?
Avi Goldstein
52:45
I didn't see Friday's webinar, is it worth watching, or do I have the information from this webinar?
Aviel Brodkin
52:46
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
53:25
2122846625
Avi Goldstein
53:28
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
53:43
joy, can you please repeat the email address is as well?
Avi Matanky
53:45
Joy - what is the email?
Joy Goldstein
54:04
Community Helpline
Joy Goldstein
54:15
SBALoans@jewishfederations.org
Sarah Follmer
54:44
Can you cover affiliation again? How does "affiliation" with JCCA, URJ, USCJ, JFNA, OU, matter?
Ari Hausman
55:25
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
55:36
Synnagogues, are not required to fill out a 990, will this make it more difficult to apply if we don't file?
Aaron Levinoff
55:43
How do seasonal employees (ie. camp counsellors, substitute teachers) count toward the 500 employee count?
Eli Pinhas
56:17
Ari Hausman - first $100,00 is included.
Fred Weiner
58:38
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
01:00:16
other than payroll data what else should be prepared?
Ari Hausman
01:00:17
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
01:00:40
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
01:00:55
Where can we find a list of preferred lenders in our area?
Eli Pinhas
01:01:08
Cindy, yes, up to $100,000
Michael Goldrich
01:01:16
Incoming revenue would not affect the “spend” of the loan in the first 8 weeks?
Gordon Cromwell
01:01:47
Does the $100,000 ceiling in compensation include retirement benefits, healthcare benefits etc or is it just salary + bonus
Eli Pinhas
01:02:20
Gordon, includes all up to $100,000
Ellen Dietrick
01:02:22
Can you add link to website?
Aaron Pinhas
01:02:47
@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
01:04:31
Can we only use pre-approved lenders that are on a list or can we use any bank to secure these loans?
Rachel Levy
01:06:46
https://www.jewishtogether.org/sba-loan-information\
Susan Kasper
01:07:31
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
01:08:06
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
01:10:11
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
01:11:13
Nicole, sounds correct
Angie Lieber
01:13:07
Is there any information for relief for Jewish Communal consultants?
Sarah Follmer
01:13:13
@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
01:13:47
much thanks
Aaron Pinhas
01:14:10
@Sarah, the max loan is 2.5 times that monthly average.
Sarah Follmer
01:15:24
Ah right
Sarah Follmer
01:15:25
Yes
Sarah Follmer
01:15:45
But you'll have 2.5 months of salary that you pay...
Adam Abrams
01:15:59
Thank you all for your help and time!
Aaron Pinhas
01:16:52
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
01:17:27
We will be answering your questions and posting them on JewishTogether.org