Stacey Scott's Personal Meeting Room - Shared screen with speaker view
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does a 401k match amount count in the compensation calculation?
FICA is excluded below
Company contributions to 401k should be included, is my interpretation.
When will this loan get started? I heard today, monday,
I was told that it may be used for 401k contributions but those contributions don’t count towards the loan amount.
The EDIL is 3.75% interest rate and a lot of banks will beat that so ask your bank
so it doesn’t account for growth over the past year with more expensive employees and increased health care costs?
Just to confirm… we can include our own salary in the PPP loan amount? And, most of my revenue/income comes from commissions, do I include that too?
Yes you include your salary up to $100k
Apologies if I missed this, but how do we calculate the # of “jobs”?
EIDL is 30 yr term and there are no penalties for paying off early
yes up to $100k
for your salary
don’t you have to keep employee hours up to normal range? what if you don’t have work to give them? how do i pay hourly employees with no work hours?
If we compensate ourselves thru K-1 as Guaranteed Payments, is this forgivable?
it appears that the headcount is removed and it is based on the money spend and as long as 75% or more is on payroll then the loan will be forgiven. As i understand it.
Re: guaranteed payments, guidance we have heard from our banker and accountant is to include them and provide K-1’s as supporting documentation. Still subject to the $100k cap.
can we get an email of that document
I’m certain I missed that I came late
I heard you have to bring back 100% of your staff to be eligible for forgiveness. Is that correct?
and back to normal hours as far as I understood
forgiveness is reduced with reducing number of employees. just a simple head count.
all funds should be put into a separate account, to keep it clean and separate from cash account.
after 10 wks what happens if were not able to open
also what if you only need 50% of employees to ramp back up?
Here’s a link to the Final Interim Rule. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
Stacey, but those painters are 1099 in most cases
Kevin, my current understanding is that you would just have the unused portion convert to that 2-year loan at 1% with a 6-month deferral.
I know others that are working with their INd contractors by having them apply, get the money and then working for free for 8 weeks for you
Bank of America just posted that 58k small businesses have asked for 6B since 9am
Is it truly first come-first served or will there be a needs based weeding out of applicants as to who gets a loan?
I believe FMLA is reimbursable via payroll tax credits…but not 100% sure.
The Emergency FMLA is only for leave required due to childcare only…and it’s reimbursed $ for $ only via payroll tax credits
The emergency sick leave would be the 1st two week payment, up to 80 hours and that is also reimbursed $for$ via payroll tax credit.
sources if your bank isn’t an option?
Thank you so much!!!
This was great and helpful. Thank you!
good bye, thanks stacey
Thank you so much, Stacey!
Thank You Stacey!
What’s the site address?