For forgiveness purposes, if you receive an EIDL loan that is larger than a PPL loan, can a portion of the EIDL loan equal to the PPL loan be rolled over into the PPL loan?

853

on 6/30/20 do the wages have to be accrued and paid out to equal or 75% of wages on 2/15/20, or do they just have to begin by then. what I mean is, do we need to start paying them for the 8 weeks prior to 6/30/20 so their wages are up? or can we start using the PPP money on 6/29/20?

Will the loan terms change for the PPP loan? With the loan calculations for the PPP loan, it includes the EIDL amount into it. If you do get the EIDL and it gets rolled into the PPP, do the terms of the loan change? Currently the terms for the PPP are 1% and 2 years. It would be difficult to pay the EIDL off in 2 years.

I have 14 employees. I had one employee quit and we terminated another between Feb 15 and Mar 15. If we can document this, will this even matter? or will they just look at the numbers from the 2/15/2020?

o Will there be an issue with loan amounts running out if wait too long on this? Since we don’t know when our State Mandates will be lifted?

if you receive PPP and you have employees who are qualified for FMLA due to lack of childcare how do you calculate payroll

Do you recommend applying to the EIDL now with the added 10k grant? Is the 10k grant forgiven? I understand if we do PPP, amounts forgiven from PPP will be reduced from this 10k grant

Adrienne did we understand that the extra $600 per week is NOT automatic? Do you have to specifically ask for this from the state UI?

For forgiveness purposes, if you receive an EIDL loan that is larger than a PPP loan, can a portion of the EIDL loan equal to the PPP loan be rolled over into the PPP loan?

What are your thoughts about dentists who are paid salary applying for unemployment?

so PPP money needs to be fully used by 6/30/20?

What if the office was closed for vacation on 2/5/20 - no payroll that week?

When the pandemic ends, what do I do if I can't afford to bring my entire staff back again? What do I do in terms of terminating someone at the end of this temporary layoff?

If an assistant is furloughed but we have emergency, will they be disqualified from unemployment if they come in for brief time and assist?

About the PPP, Once it is approved Can we choose to put a hold on the funding? So we wait for the best timing for the disbursements of the funds

My dental office building is owned by me under a separate LLC. Can I apply for a separate EIDL loan under the rental LLC?

Do we have to accept the loan in order for it to be "funded"? Or will the $ automatically be deposited in an account in response to the application and that starts the "funded" date?

can you chose when you actually take the money?

Did I understand Jim to say that it is a myth that you can file for both EIDL and PPP loans?

If I had an employee go out on quarantine on March 23 is she eligible to take advantage of FFCR starting on April 2? I was advised that because she was already out on quarantine that she was not eligible for this benefit.

I have 5 employees. If 2 or more employees leave for the FMLA provision just before June 30, are they considered employeed for the 75% of employees back to work?

What is the odds of this fund running out of loan money if we wait to apply?

Do we have to start using the PPL money as soon as we get it or can we start the 8 weeks later than when we receive it?

Adrienne did we understand that the extra $600 per week is NOT automatic? Do you have to specifically ask for this from the state UI?

I included retirement contributions for my staff in the loan computation. Will we be able to use the loan money to continue to fund the retirement plan or plans?

Is deferred rent an allowable expense for EIDL and/or PPP funds?

Since we don’t know yet if once approved for PPP, funding will happen immediately or there could be a wait for funding. Are you recommending applying for PPP now or wait?

I echo Tim's question.

Adrienne I remember from a prior webinar that each state had to request the extra funds for UI. Is that right and could this be why some states are not figuring benefits with that extra figured in?

IF I've made more than 100K a year, is my payroll not eligible to be calculated in PPP?

I am interested why Jim feels we will most likely not get reimbursed with the PPP program.

If you are not currently on payroll, for an example, take a draw, do you need to be on the payroll for the 8 weeks?

Is a SBA disaster loan (EDIL) different from the $10000 Grant sba is offering or are they the same thing?

For the PPP loan, it asked number of jobs, are they asking for full time or the total number of people in the payroll?

is 7a loan part of the ppp loan? is it separate?

how do you calculate full time equivalent if I only have independent contractor 1x per month and 1 RDA 24 hours per week?

How do we pay salaries associates who are employees, not independent contractors, at this time?

She was still employed and on payrole.

if we have people on sick leave now and they file for unemployment can we pay them for the sick time while waiting on unemployment

In order to be considered for full forgiveness, should we start using the 8 weeks PPP money at the beginning of May so that it is fully used by 6/30/20? Can we pay staff these normal wages even though they are not working because there are no hours available and they are on temporary lay off? Or do we need to provide "work" for them to do, and if we need them "working" how do we do social distancing when everyone is in the office "working?"

Once the loan is approved, if you don’t take it immediately, by any chance is the money reserved for you?

you can apply for both EIDL and ppp loan but monies must be used for separate expenses and document which are used for what. can’t use both loans to cover same expenses...from what I understand

unfortunately I got in late. will this recorded meeting be available to review?

Have you heard if anyone has received the $10K EIDL grant yet?

So does the 8 weeks start when you take the $, or when it is offered? When is it actually "funded"?

when employee gets partial benefits do they still get extra $600

I have to leave now for another conf call. thank you and stay safe!

When one is offered the loan and you decline , can you reapply later on again?

Regarding the PPP, are we able to increase the pay of some of our employees in an effort to get more of the money forgiven?

o Is the business considered closed if Employees are working but we are NOT seeing patients?

ppp uses the 100,000 max cap to determine high grossing employees like the dr (this assumes $8333.33 income per month....however when using the ppp to pay the dr his/her normal paycheck size during the 8 week payback period are you only able to pay the dr $8333.33 per month or can u use the funds to pay the dr their normal salary like 12,000/month?

if employee works part time... do they still get the $600 extra

Can I hire my wife or child (over 18) to help satisfy the PPP

How are you supposed to spend the 10K grant from EILD loan? What are the rules for it?

what do you mean by how you spend the grant vs the loan?

I think I undertood that you can get UP TO 10k on that grant. Not everyone will receive the 10K

Thank you all!

Thank you!

Thank you

awesome. thank you!

Thank you all

thank you

Thanks for your time.

Thank you, very helpful...happy we have you all!

Thank you for a very informative session!

Thank you.

THANKS TO ALL THE SPEAKERS! BE SAFE :)

Thank You

appreciate for all the information

Great information. Thank you! Have a great weekend.

thank you!

thank you!

Thank you so very much. It was a great webinar!!

You are awesome—thanks so much for getting to my questions!

Many thanks!

Thank You for giving your valuable time to us!

Can we have Tim Twig's info too?

Thanks!!

Thank you everryone

Thank you

Really appreciate these seminars ! Thank you all!

thank you!!!