Good morning, everyone. We will start our program in a couple of minutes. Thanks for joining.
Laurie White, President, GPCC
As we go along, write your questions in the chat box and we will get them answered for you.
will these slides be made available? and is call being recorded
Laurie White, President, GPCC
Yes, these slides will be posted. This session is being recorded.
Will nonprofits need to get their Boards to pass resolutions to obtain loans under these programs ?
I have heard mixed things on the interest rate. I have heard 4% then .5% for non forgiven portion and now 1%. How can we find the latest update on the loan interest rate?
The SBA issued interim final rule last Thursday that stated the rate is 1%. The maximum in the legislation was 4%.
can 1099 workers be included in the loan?
What happens if one of your employees goes out on TDI for illness or maternity leave etc. before june 30 and so you haven’t paid out all of the payroll yet in the 8 weeks?
No per the interim final rule issued by SBA.
How is suffering substantial economic injury defined?
Pat, which question were you answering? the 1099 question?
To clarify, if you follow all of the rules for the PPP, the loan can be forgiven or will be forgiven?
Does paycheck program have to be used by June 30th or earlier (8 weeks from receipt)?
Yes, it was the 1099 question. A self employed individual can take out their own PPP loan.
Are Chambers of Commerce eligible for Paycheck program?
How do you show that you can't find credit elsewhere? Evidence that you applied for financing and haven't received it yet, or you were rejected outright?
We applied for PPP, any idea when we will see results and money
Forgiveness is reduced if the avg. # of employees decreases after the 8 week period correct?
It is my understanding this is compared to one of two timelines:Avg. of employees per month from Feb15th, 2019 to June 30 2019ORAvg. # of Employees per month from Jan 1 2020 to Feb 29th 2020Is this correct?
Is there an average time we can expect to hear or receive the advance on the EIDL? And how about the PPP loans?
Can fiscally sponsored organizations apply? Or are they considered independent contractors?
Can you explain the employee retention tax credit and who can qualify for that?
I joined, late sorry this may have already been asked. Our bank Santander is not doing the applications yet considering that Wells Fargo already closed should we look at other banks? For PPP’s?
Thank you for checking in to that!
Can you compare options, TDI vs TCI, and now Family Leave Act (first two - employees pay into), FFA is refundable through credit. If we are self funded for UI, is the TDI/TCI or FFA best option? Is TCI/TDI limited - some employees were told it was good for 4 weeks, now DLT saying only 2 weeks then UI. Are we responsible for expanded payment of UI (if self funded)?
As a self-insured/reimbursing unemployment employer, do you have any suggestions on relief for paying those claims?
is employer responsible for higher UI payout
We have this resource on how RI state benefits and federal paid sick/leave work together. Folks CAN get both: http://www.economicprogressri.org/wp-content/uploads/2020/04/Final-4-7-Paid-Leave-Fact-Sheet.pdf
Thanks for this. Very helpful!
Great presentation, thankyou