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OKCNP Wednesday Consultant Help Line - Shared screen with speaker view
DJ Thompson
31:00
Jerry Wright – 405-286-6238 – jwright@okcnp.orgDJ Thompson – 405-254-5057 - djthompson@okcnp.orgJohnny Buschardt – 918-392-4459 – jbuschardt@okcnp.org
jwright@okcnp.org
31:09
www.okcnp.org/coronavirus
jwright@okcnp.org
35:53
Today's presentation...
jwright@okcnp.org
37:16
Forgiveness Application above...
jwright@okcnp.org
39:09
Reengagement PDF above...
jwright@okcnp.org
40:10
This call is being recorded and will posted on our COVID resource page later today or tomorrow.
sean
45:17
What about employees who resign and the company chooses to not fill that position?
jwright@okcnp.org
46:09
If you choose not to refill a position and it has an impact on your FTE count (lowers your count) a portion of your PPP loan forgiveness may be reduced.
sean
46:44
Even if the 60% is still met?
Jan
47:16
Can the full amount still be eligible for forgiveness if 60% spent on payroll
jwright@okcnp.org
47:29
Yes, our understanding is that a minimum of 60% must be spent on payroll and your FTE count must remain the same, unless you have allowed and documented exceptions.
michelle
47:34
can we use a staffing service to fill an empty position and use the payment to them for that person as part of payroll costs?
jwright@okcnp.org
48:22
@michelle Check with your lender. We believe that would count for payroll dollars, be we do not have clarity whether this person would count in your FTE
jwright@okcnp.org
50:37
Jerry Wright – 405-286-6238 – jwright@okcnp.orgDJ Thompson – 405-254-5057 - djthompson@okcnp.orgJohnny Buschardt – 918-392-4459 – jbuschardt@okcnp.org
sean
52:22
We had an employee resign after 15 Feb but before we applied for PPP. Does that employee count as an FTE?
jwright@okcnp.org
54:26
@sean It will depend on whether you included this person in your original FTE count. If you didn't count them, you should be fine.
sean
55:04
Yes they were included because we were told to include every employee on payroll in 2019
jwright@okcnp.org
56:25
@sean It would be considered in your forgiveness calculation. Check with your lender. I would assume that you would need to fill this position to keep your forgiveness at 100%. Your lending institution will be the final decision maker.
Wendy Thomas
58:54
Is the covered period either 8 weeks from the origination date . . . or until Dec 31 or are there circumstances where it would be something in between
sharon neuwald
01:00:16
is there a scenario where lender is ok and SBA not ok with forgiveness
jwright@okcnp.org
01:00:34
@Wendy The origination date is when the clock starts. You have up to 24 weeks or December 31st, 2020, whichever comes first, for applying forgiveness circumstances to your loan.
jwright@okcnp.org
01:00:59
@sharon There could be an objection from the SBA. You will have the right to appeal.
michelle
01:01:22
so we have 24 weeks to use the loan or apply for forgiveness?
jwright@okcnp.org
01:02:54
@michelle You have up to 24 weeks or December 31st, 2020 for forgiveness. We believe the last date to apply for forgiveness is October 31, 2020 since this is the expiration date on the forgiveness application
sean
01:02:54
What date is used to determine number of FTEs? The date the funds were deposited? Feb 15? Number of employees used on original app...The original application had all 2019 employees.
michelle
01:03:16
so only 8 weeks to spend the ppp loan
jwright@okcnp.org
01:03:54
@sean Whatever number you placed on your PPP loan application for FTE's is the number you must end with by the end of June 30, 2020. Exceptions may apply as discussed today.
sean
01:04:27
But I was told to use all employees tht were on payroll in 2019. That's more than double the amount of employees we actually have.
jwright@okcnp.org
01:04:31
@michelle You can spend the money beyond the 8 weeks, up to 24 weeks or Dec. 31, whichever comes first.
michelle
01:04:39
ok
jwright@okcnp.org
01:04:59
@sean Talk to your loan officer and see if they will allow you to change the beginning number.
jwright@okcnp.org
01:09:12
Jerry Wright – 405-286-6238 – jwright@okcnp.orgDJ Thompson – 405-254-5057 - djthompson@okcnp.orgJohnny Buschardt – 918-392-4459 – jbuschardt@okcnp.org
Keri Tonemah-Parks
01:09:19
Our lender asked us when we were approved for the loan whether we wanted to create a separate account to hold the money. Any advice if that would be preferable?
Zoe Cauley
01:09:31
Seeking clarity...If employees hours are covered under a federal grant can they also be submitted as a payroll expense?
sharon neuwald
01:15:19
probably need to read these provisions and digest first