AEO: CARES Act Guidance for Nonprofit Members - Shared screen with speaker view
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Yes, we will make a recording of this session available.
Will you put out guidance on how the OMB needs you to do to track how you spend the federal funds we may get through PPP in order to have clean Uniform Guidance report?
Is the owner's or owners salary included in the amount?
Can 1099 contractors qualify as “payroll” in this case?
What documentation will you have to submit to verify Avg. Total Monthly Payments?
does it matter that someone's pay is funded by a grant? I think it doesn't matter in that payroll is just the base for the loan amount
my understanding that 1099 contractors doen't qualify the independent contractor needs to apply themself
Are 501(c) 4 eligible to apply for PPP loans?
just to clarify, if a non profit pays is employees a 1099, it is not eligible for this loan/grant?
have you heard anything if they will let sba microlender be able to make the loan.. 7a mission lenders can if they get approval
would, for example, a $105,000 salary be included just up to $100,000 or not included at all?
Lenwood V. Long, Sr
Where is the calculation for rent, and other allowed expenses included, if to be part of the 2.5 or is another factor
How does a CA lender get approval for PPP
what if you furloughed or laid off employees before applying?- Do you have to hire them back before you apply?
Can a solopreneur apply for this, or should they apply for unemployment?
So I am told that CA lenders are already approved as CA is a part of the 7A program
I'm sorry I got confused. Do both CA and microlenders need to apply to be a PPP lender?
remind people FICA needs to come out
What if you laid off people in January/early Feb because you are in an industry that was affected by Covid early?
A sub contractor 1099 doesnt have employees. So they wont qualify. Because this is to keep people employed. Correct
ca is not automatically in
OFN stated that CA was authorized
we got a list we have to apply
in the application process, it says Applicant Ownership (List all owners of Applicant with greater than 20% ownership stakes.) do non-profits have to complete this section?
would yoube able to set up a template and worksheet for us to use to make loans or if we want to be an agent
Actually on SBA call today where they said 1099s need to apply for their own EIDLs
ca not automatically in-- we got a list from our state
can sole proprietorships with no employees apply for unemployment now? I thought they were not allowed to. did that change with this legislation or should they apply for PPP for their own salary
Has anyone actually seen a three day turnaround?
Can businesses apply for the grant only? And not take the loan?
can you apply for both PPP and EIDL
What criteria are they using to determine the loan amt?
can you use one for payroll in April and the other for payroll in May?
What documents do clients need to prepare in order to apply for EIDL vs PPP? (Supporting documents)
Please view a sample application for the Paycheck Protection Program (PPP): https://www.sba.gov/document/sba-form--paycheck-protection-program-ppp-sample-application-form
Please click the link to apply for Economic Injury Disaster Loans (EIDL) here: https://covid19relief.sba.gov/#/
sba microlender + sba ca lender. does this mean we're eligible for PPP or should we still send email to email@example.com for confirmation?
good slides, will you be making them available to us?
Mary Ann Kellam
I know you can’t take the PPP and the payroll tax prov. But what about the EIDL and the Payroll tax prov?
Are the slides going to be sent out to us or made avilable somewhere?
Can 501 c(3) apply for the PPP loan tomorrow? If so, where do we go to apply?
You mentioned briefly that non-profits may not be able to apply for a PPP till next week with the independent contractors. Can you confirm this or not?
Ca lenders already have Etran
Mary Ann Kellam
Can you sell PPP loans in the secondary market?
Will there be an application on the SBA website?
Yes banks are supporting existing customers only
Support only for existing customers is what I am hearing for now. If lenders have more capacity in the coming weeks they may adjust.
I have a client who has already called her existing bank and was advised they will not be participating. Where would you suggest clients like these go next?
will you be sening this power point and recording this
Lynne - we will
we need more capital to do th epaycheck loan
Our banks are actively recruiting clients for this program (PPP)
Client could also make sure financials are in order before pursuing other banks. Local SBA offices are helpful as well as SCORE.
what's being done to get the same benefit to get CDFI loan so they have the 6 months payments
cdfi loans need the same 6 month payment as CDFI
Some of my clients are using a subscription to Live Plan to adjust their financials and run different scenarios. We have close partnership with local SBA and SCORE, but yes, mentors are swamped.
sCDFI loan clients need the same benefit as 6 month payments as SBA laons it is discrimatory sba is paying 6 month of there loans-- what is being done
totally agree with Lynn - hard to explain to clients
Bail out Main Street! Our businesses need grants, not loans!
Great point, Lynn. How do we advocate for this?
You Are Correct !
o we just got formal notification that we as a CA lender ar approved. Shown on SBA site as an approved lender for PPP program, If you are a CA lender check the new site on SBA.gov
this would apply to Usda CDFI relenders as welll
Next question please - Tony OR
what new site on sba.gov
Very helpful webinar, thank you!
We are listed as well Vickie but I'm not sure if that means we are formally approved as PPP lenders
Great work AEO and John!
Lenwood V. Long, Sr
Thanks AEO for this great information!!!