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Lucas Horsfall Presents: COVID-19 Zoom Conference 4.10.2020
Ka Man Chan
05:23
might be too early?
Christine Wang
15:14
is the sound muted right now?
Glenn Wallmark
15:29
yes
Dana Mayhew
15:30
no sound
Sandra Gainsforth
15:33
Seems to be
Jay Kaufman
15:41
same here
3. Wanda Dorgan
15:59
Haven't started yet
Christie Franklin
26:31
How long and how much can 25% more capital last?
Hans
34:27
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?
RAMAN VENKAT
34:59
I know of another bank has already approved a PPP loan and the company is going to be funded in 10 days !!
4. Gaurav Malhotra
35:14
Hans - I will speak about this shortly
Michael Wegge
35:21
Robert, what's the name of that technology bank you just mentioned?
Hans
35:28
Thank you Gaurav
David Small
35:43
Will ABB give the client an update when they receive the response from SBA that their guarantee is good?
4. Gaurav Malhotra
36:06
Raman- That's great. congratulations
RAMAN VENKAT
36:53
That funding was not for us Gaurav ...un fortunately !
Patty Le
37:03
Should businesses apply to more than one lender for the PPP loan?
4. Gaurav Malhotra
37:23
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
4. Gaurav Malhotra
38:20
Patty Le- I would not recommend that. Please work with the bank you have the best relationship with
Christie Franklin
39:17
I don't see a list
Paul Leone
39:17
It is my undetstanding that I can not have the tax credits if I have a PPP loan - correct?
Tracy Taylor
39:51
I believe we can take the credit, but that amount will not be forgiven under the PPP
Tracy Taylor
40:00
Please confirm
4. Gaurav Malhotra
40:14
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
Carrie McPhee
40:35
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.
4. Gaurav Malhotra
40:44
Paul Leone- The answer is yes. You can not have both
Lisa Favor
42:02
can Wanda move her slides so that we can see what she is referring to? Still seeing her cover page
4. Gaurav Malhotra
42:19
Tracy Taylor- My understanding is that you can not have both. The forgiveness does not talk about this
Lisa Favor
43:38
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.
Tracy Taylor
46:57
Are employers required to cover the employee's portion of the premium, or is it options?
Tracy Taylor
47:00
optional
Denice Kounalis
55:36
How do you get a waiver for the 12 week leave to care for a child if you have under 50 employees?
James Chamberlain
57:26
Am I able to furlough an employee once they start the EFLSA or EFMLA?
Christie Franklin
01:04:58
Thank you all for this info
Dana Mayhew
01:05:05
Great job. Looking forward to the materials.
William Garrison
01:05:16
Thank you.
David Small
01:06:20
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?
Tracy Taylor
01:09:41
I have read both that the forgiveness includes the interest and that it does not. Please clarify if possible.
Christine Wang
01:11:43
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?)
William Garrison
01:13:00
For those PPP funds that are NOT to be forgiven, are there restrictions on the usage of those funds.
Tracy Taylor
01:13:37
Maintain the number of employees as of when?
Tracy Taylor
01:14:09
Full time equivalent employees as of when?
Chuck Krebs
01:14:24
Do Payroll costs include payroll, H&W & Pension costs?
Hank Smither
01:14:29
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?
Christie Franklin
01:14:30
What if we release an employee for poor performance completely unrelated to COVID
Carlos Santana
01:14:37
For employees >$100K, will the prorated amount up to the 100K qualify ($1923 week forgiven)
Ruth Zakowski
01:19:34
How do you justified self employment income as payroll equivalent.
Carmella Ritch
01:20:49
Do you have to start the 8 week period right after you get the loan?
michael goglia
01:21:17
Gaurav just suggested banks might hold loans but this is from the treasury site.
michael goglia
01:21:26
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.
Christie Franklin
01:21:33
Please dive deeper on timing. If we have decent cash balance now, does the 8 weeks timing kick off of funding date?
Frank Poto
01:23:27
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?
4. Gaurav Malhotra
01:23:34
Tracy Taylor- The Interim Final doc say interest on mortgages is used
Tim D
01:24:18
Michael G. can you share the link to where that #20 is from?
4. Gaurav Malhotra
01:24:23
Frank Poto- I have not read any language that would exclude that. We will know moer when the SBA issues final rulings
michael goglia
01:24:33
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf
Tim D
01:24:39
Thanks
Ka Man Chan
01:24:55
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
Ka Man Chan
01:25:06
for selecting that 8 weeks
michael goglia
01:25:51
@ Gaurav can banks hold money or do they have to disburse within ten calendar days from the date of loan approval.
Ka Man Chan
01:26:06
https://www.grassley.senate.gov/news/news-releases/paycheck-protection-program-faqs-small-businesses
Ruth Zakowski
01:26:27
How about self-employed people and loan forgiveness, no payroll on owners just Schedule C income
Ka Man Chan
01:26:33
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
JOHN BOGLER
01:27:22
Thank you all again!
Ka Man Chan
01:27:26
I want to talk to someone about that 8 weeks period
Christie Franklin
01:27:32
Be well everybody!
John Sarno
01:27:32
Thank you all.