might be too early?

is the sound muted right now?

yes

no sound

Seems to be

same here

Haven't started yet

How long and how much can 25% more capital last?

Are there any recommended steps you would advise us to take to properly document the fund allocation so we have the best chance for forgiveness?

I know of another bank has already approved a PPP loan and the company is going to be funded in 10 days !!

Hans - I will speak about this shortly

Robert, what's the name of that technology bank you just mentioned?

Thank you Gaurav

Will ABB give the client an update when they receive the response from SBA that their guarantee is good?

Raman- That's great. congratulations

That funding was not for us Gaurav ...un fortunately !

Should businesses apply to more than one lender for the PPP loan?

David Small- Please contact your RM. They should be able to help you. ABB is working hard on getting all the applications through. The crew has worked everyday for the last 10 days

Patty Le- I would not recommend that. Please work with the bank you have the best relationship with

I don't see a list

It is my undetstanding that I can not have the tax credits if I have a PPP loan - correct?

I believe we can take the credit, but that amount will not be forgiven under the PPP

Please confirm

Raman- As Rob mentioned the Fed issued the White Paper yesterday. This should remove reluctance from most banks. At this moment it does not seem like that the money for the program in running out, yet

I'ts my understanding you can't take the refundable tax credits under CARES if you have a PPP loan but that's different than the credits related to sick and FMLA under FFCRA.

Paul Leone- The answer is yes. You can not have both

can Wanda move her slides so that we can see what she is referring to? Still seeing her cover page

Tracy Taylor- My understanding is that you can not have both. The forgiveness does not talk about this

you can have both, but the forgiveness will not include those FFCRA payments. So, perhaps during your 8 week period of forgiveness microscope, refrain from using FFCRA, or just be prepared that those funds won't be part of your forgiveness calc.

Are employers required to cover the employee's portion of the premium, or is it options?

optional

How do you get a waiver for the 12 week leave to care for a child if you have under 50 employees?

Am I able to furlough an employee once they start the EFLSA or EFMLA?

Thank you all for this info

Great job. Looking forward to the materials.

Thank you.

Do you think there will be a problem for clients that process payroll once a year in Q4, therefore their Q1 941 will be zero?

I have read both that the forgiveness includes the interest and that it does not. Please clarify if possible.

I read that an employer can have their payroll expenses forgiven on salaries as long as they have not decreased salaries by more than 25%. Is this 25% strictly based on the base salary? **(ie not 25% below the 100k threshold?)

For those PPP funds that are NOT to be forgiven, are there restrictions on the usage of those funds.

Maintain the number of employees as of when?

Full time equivalent employees as of when?

Do Payroll costs include payroll, H&W & Pension costs?

I read that too. My entire consulting team is well over 100,000. Is there any additional guidance on forgiveness for salaries over $100K, since the funding was limited to $100K per employee do I have to carry the difference to qualify for forgiveness?

What if we release an employee for poor performance completely unrelated to COVID

For employees >$100K, will the prorated amount up to the 100K qualify ($1923 week forgiven)

How do you justified self employment income as payroll equivalent.

Do you have to start the 8 week period right after you get the loan?

Gaurav just suggested banks might hold loans but this is from the treasury site.

20. Question: The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.

Please dive deeper on timing. If we have decent cash balance now, does the 8 weeks timing kick off of funding date?

If your company is paying rent to a related party where the rent is at FMV, and there is a rental agreement in place, does this payment qualify for PPP?

Tracy Taylor- The Interim Final doc say interest on mortgages is used

Michael G. can you share the link to where that #20 is from?

Frank Poto- I have not read any language that would exclude that. We will know moer when the SBA issues final rulings

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

Thanks

I was also got some contradictory info for the 8 weeks period. I was reading some materials saying that it can retroactive to 2/15 to 6/30

for selecting that 8 weeks

@ Gaurav can banks hold money or do they have to disburse within ten calendar days from the date of loan approval.

https://www.grassley.senate.gov/news/news-releases/paycheck-protection-program-faqs-small-businesses

How about self-employed people and loan forgiveness, no payroll on owners just Schedule C income

here is the link from Senator Chuck Grassley at Iowa talking about that 8 week period can be retroactive to 2/15 to 6/30

Thank you all again!

I want to talk to someone about that 8 weeks period

Be well everybody!

Thank you all.