i thought interest paid on debt was forgivealbe?
What about part time employees?
For PPP, FTE vs Employees is still not clear to most lenders. Any insight, as FTE is key, given the number of P/T most of us use.
How are FTEs calculated?
Can you use 40 hours a week for FTE calc or is it 30
I am assuming most theaters have temporarily laid off all employees. Do you suggest re-hiring employees and paying them...even if there isn't really any work to be done?
We have stagehand payroll only when we have live shows. Will those be included in the pay calculations?
We applied for EIDL last week. How should we proceed with a PPP application for the same purposes?
what if a theater expanded operations less than a year ago? can the calculation be altered?
Is a pre-existing business loan considered a mortgage for this program?
What period are we applying for 2 1/2 months?
for the payroll calculation, if you have an employee that makes 150,000 - do you include 100,000 in the average or is the whole 150,000 excluded in the average calculatioin
a way to stretch the $$$ out would be to pay the employees at 75% of the regular pay? We are still eligible for forgiveness??
If a dine-in cinema hasn't been using the NAICS code 72 for prior tax filings, can businesses make the case that they should be considered for PPP if that is important to eligibility?
How much is forgivable from the EIDL ? Are same items forgivable?
can the funds be used to pay off business credit card debts and still eligible for forgiveness?
Are personal financial statements needed in the case of a non-profit, where there is no "owner"?
Is loan forgiveness via PPP includible in taxable income?
Can I apply for 2 Eidl loans for 2 different companies?
Can you clarify what "Affiliation rule does not apply" mean.
EIDL seems to go direct through SBA 100% under a certain amount? (not a bank partner involvement?)
Could we apply an EIDL loan to payroll expenses incurred prior to PPP (last half of March for instance where we continued pay)
So to be clear, the affiliated business rule applies on the EIDL but not the PPP loans, correct?
IS there any downside to applying for both Paycheck and EIDL at the same time? Once we find out how much they will give us, then we can decide to take it or not?
I have already received funds for an Emergency Bridge Loan through my State, which expects I'm going to apply for EIDL. Does it make me ineligible for PPP? I already put in my EIDL app and it's in review but I haven't heard from a loan officer yet
Are these considered nonrecourse loans?
Did I miss and answer to help for part time employees as that's all we have?
for the payroll calculation, if you have an employee that makes 150,000 - do you include 100,000 in the average or is the whole 150,000 excluded in the average calculation?
do we apply for EIDL through a lenders or is it an application submitted to SBA?
and to follow up to Herlene
do officers count the same as EEs?
Is the grant included in the disaster loan application or does it have to be applied for separately?
can we apply EIDL for one company and PPL for another or does it fall under affiliated?
Can I get 2 eidl loans for diff companies?
To be clear, if we take the disaster loan, are we eligible for the PPP loan, or is taking one disqualifying for the other?
To clarify, EIDLs are only through SBA directly online with no need for our local lender to participate?
FYI some banks are doing 90 Day “No Fault” deferments on existing loans and mortgages.
If a company has less than 500 employees, but exceeds the SBA small business size test based on the NAICS code 512131, can they still apply for the EIDL?
Regarding Paycheck Protection Loans - most small theaters may have 4 or 5 "full time" employees who average more than 30 hours per week. The vast majority of payroll will be high-school and college kids working hourly and part time. Do we know at this point if the 8 week period following the loan would require us to just rehire the 4-5 full time employees at least 75% salary even though pre-loan the FTE calculation may come out to 15 employees when you add all the hours of the part timers?
That question is perfect Chris Daigle… exact same question from us here also.
Mid-size business-treasury loan-what is the maximum loan amount that can be borrowed?
Who is the lender for the mid size loans?
Still have not heard an answer which is sort of asked above, but can part time employees be kept on and paid and get paid through the paycheck protection plan or are part time employees on their own and/or just regular unemployment applications by them.
Any collateral requirements for Treasury Loans?
Will you do another chat once Main Street info is announced?
Should we still apply for SBA EIDL or wait for details on trees loans (main street)
For a single theater, it almost sounds like we should wait on details of treasury loan and/or main street loan before applying for SBA?
how do you apply for the Paycheck protection loan
if an owner is going through BK will the application be denied for Paychex protection or EIDL?
can SBA co-exist with Unemployment Insurance?
When do you forsee for these additional loan information will be available?
is there forgiveness if I don’t hire all employees back?
Is there an age limit for unemployment? Do 16-18 year olds qualify?
are 1099 workers counted in the payroll for loan calculation purposes
For employee retention and rehiring - what if eliminated a position that was no longer needed. Do you have to rehire for that position or do they only care about the number of employees and not what position they have
Can you pay more during the PPP 8 week period to compete with Unemployment compensation
So under the paycheck protection plan. can you restate the calculation. 2.5 X average payroll for how many weeks?
What kind of rent relief is coming for theaters in stimulus #$?
Thank you, John, for your comments. I have been thinking exactly what you have said about employees being OK whether employed or on unemp. You have eased my mind.
if we are closed almost the entire 4 months, there is no point in applying for the payment protection plan?
Is there any chance the term of the PPP loan would be extended if the crisis continues into summer?
Under the Employee Retention Credit, it says that you get a 50% credit for payroll through December 31, 2020. Is the credit for all payroll till December 31, 2020 or just till you reopen? Any other information on this program.
What is the latest date to obtain a paycheck loan and the related 8 week period to rehire employees?
John that 50% credit is only for payroll taxes
Jackie, just to be clear, we can apply for both the PPP and the EIDL?
If we get it and don’t need it can we give it back?
Does the disaster loan require personal guarantee
Thank you NATO
What great information Esther & Jackie. Appreciate this call; appreciate all you pulled together to get this to us; appreciate all you'll continue to do. Be well.
Thank you NATO!
Can we lay off all of our staff now and then re-hire on June 15 and have the amount forgiven?
Thank you so much! Everyone take care!
can you repeat the tax credit you aren’t eligible for if you get a SBA laon
Thank you NATO ! Back to the movies
Thank you NATO