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Coronavirus Emergency Funding: Managing Cash Flow and Understanding the CARES Act - Shared screen with speaker view
Lily Chapin
16:23
Hi everyone! We'll be starting in about 1 minute. Welcome!
Lily Chapin
23:17
Ami's slides and a recording of this session will be posted in the Inc. Masters community after the session is over.
Nikhil Choudhary
33:19
Whats the clause for no dividends for owners for 1 year from origination of loan? Can you clarify?
Moira Vetter
33:54
Is the first program you described with the payroll relief the PPP program? And it is distinct from the EIDL, correct?
Ramakrishna Karanam
34:46
so my contractors in USA can be paid thro loan proceeds but my employees in an overseas subsidiary cannot be paid?
Brie Reis
35:15
We were in the process of getting funding through an SBA backed Loan. Will the SBA still be doing any New Business Loans? I put in the Q&A too but I didn't see any conversation there so positing here as well.
Kimberly Darling
35:33
do we apply through our bank or through sba?
Kimberly Darling
36:04
Mark Cuban says don’t go to sba go to your bank?
Brian Dunbar
36:16
What if we had a layoff late last year so our average monthly salary for most of 2019 will be higher than 2020? How will this effect our loan application based on 2019 average monthly salary and the amount we’ll be forgiven if our 8 week period will definitely be lower?
Moira Vetter
36:20
If we filed through the SBA EIDL site, should we go directly to our bank as well and ask if they will be participating?
Karen Weller
37:02
How does this apply if our entity structure has separate entities for our properties, which have mortgages, and a different entity for our payroll?
Justin Murrell
40:58
A 10K advance on the EIDL loan is also forgiven, correct?
Tim Judge
42:16
Can you please be as specific as possible on how loan max will be determined and how the forgiveness of that loan will be granted. Our 2019 payroll cost will be very much less than our current 2020 after hiring highly compensated employees in 2020
Moira Vetter
43:26
So to qualify we most hold our payroll to 75% of Feb 15th payroll?
Moira Vetter
44:33
Is it 75% of the employees or 75% of the amount of payroll?
Padma Ram
45:20
Could you please clarify on contractors outside US working for a US company? Thank you
Charles Nebenzahl
49:32
This is Charles. We are a C Corp. Do we include the employees of a wholly-owned LLC with 5 employees? Do we file separately or together?
Adam Rizzieri
50:12
can we send a bill to the Chinese govt. for all of this?
Adam Rizzieri
50:54
Can Multifunding help with the PPP and EIDL programs?
Courtney Curtis
53:56
when will there be a list of banks that we can apply for the PPP?
Charlotte Dymarkowski
55:14
Are union fringes included in the payroll calculation?
Moira Vetter
55:14
Does interest include interest on existing bank lines of credit?
Brian Dunbar
55:38
What if we had a layoff late last year so our average monthly salary for most of 2019 will be higher than 2020? How will this effect our loan application based on 2019 average monthly salary and the amount we’ll be forgiven if our 8 week period will definitely be lower?
daniel Muzquiz
55:58
where is the best website to get updates on clarifications and new guidance?
Tim Judge
56:03
Did I hear right, if you have a company credit card, you are disqualified from loan?
Adam Rizzieri
56:12
no I don’t think so
Courtney Curtis
56:23
For clarity, the 8 week period begins the date you receive the loan and then those costs of rent, utilities, mortgage interest and p/r cost is what is forgiven? Is paid maternity leave account in those costs as well?
Moira Vetter
58:39
So payroll is forgivable for just 60 days, but rent is forgivable for 4.5 months? Or is it that loan is good for 4.5 months of the allowable expenses and only 60 days worth is forgivable
Grant Barra
59:13
Currently own 40+ properties in an LLC, the properties are rented. Will I qualify for a loan and forgiveness on the mortgage payments on these properties for that 60 day period?
Thomas Castiglione
01:02:00
I have 1099's that I pay who are incorporated. Do I claim them on my payroll or do they apply for relief on their own?
Lily Chapin
01:03:35
We'll post Ami's website and links to everything in our recap post on the Inc. Masters community site after this call.
Ameet Shah
01:06:57
Thank you.
Lily Chapin
01:07:09
Thank you everyone for joining! We will continue the conversation and post Ami’s slides and a recording of this webinar in the Inc. Masters community after this session. You can access the community here: https://connect.mansueto.com/incmasters. If you have any issues accessing the website, please email us at community@inc.com.
David Baier
01:07:18
Thank you!