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Stacey Scott's Personal Meeting Room - Shared screen with speaker view
Kelly McLoughlin
29:14
does a 401k match amount count in the compensation calculation?
Jeff Heck
29:33
FICA is excluded below
Jeff Heck
31:42
Company contributions to 401k should be included, is my interpretation.
irvani
33:24
When will this loan get started? I heard today, monday,
Benjamin Stong
35:16
I was told that it may be used for 401k contributions but those contributions don’t count towards the loan amount.
Philip Mekelburg
36:50
The EDIL is 3.75% interest rate and a lot of banks will beat that so ask your bank
Benjamin Stong
37:06
so it doesn’t account for growth over the past year with more expensive employees and increased health care costs?
Annelle Barnett
37:35
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?
mikelittrel
38:13
Yes you include your salary up to $100k
Max McChesney
38:18
Apologies if I missed this, but how do we calculate the # of “jobs”?
Windsor Thompson
38:19
EIDL is 30 yr term and there are no penalties for paying off early
Benjamin Stong
38:19
yes up to $100k
Benjamin Stong
38:48
for your salary
Windsor Thompson
42:08
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?
Eric Trope
42:12
If we compensate ourselves thru K-1 as Guaranteed Payments, is this forgivable?
mikelittrel
42:14
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.
Jeff Heck
43:09
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.
iPhone
43:46
can we get an email of that document
iPhone
44:05
I’m certain I missed that I came late
Veronica Crafton
44:18
I heard you have to bring back 100% of your staff to be eligible for forgiveness. Is that correct?
Windsor Thompson
44:55
and back to normal hours as far as I understood
Benjamin Stong
45:01
forgiveness is reduced with reducing number of employees. just a simple head count.
David Aferiat
45:15
all funds should be put into a separate account, to keep it clean and separate from cash account.
kevinrathbun
45:24
after 10 wks what happens if were not able to open
kevinrathbun
45:55
also what if you only need 50% of employees to ramp back up?
Jeff Heck
46:15
Here’s a link to the Final Interim Rule. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
Benjamin Stong
46:25
thanks
Philip Mekelburg
47:13
Stacey, but those painters are 1099 in most cases
Jeff Heck
49:51
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.
Philip Mekelburg
56:24
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
Philip Mekelburg
57:40
Bank of America just posted that 58k small businesses have asked for 6B since 9am
Catherine Wilson
59:17
Is it truly first come-first served or will there be a needs based weeding out of applicants as to who gets a loan?
Jeff Heck
01:01:00
I believe FMLA is reimbursable via payroll tax credits…but not 100% sure.
Teresa Murphey
01:01:20
The Emergency FMLA is only for leave required due to childcare only…and it’s reimbursed $ for $ only via payroll tax credits
Teresa Murphey
01:02:02
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.
Kelly McLoughlin
01:02:05
sources if your bank isn’t an option?
Ron Perry
01:02:27
Thank you so much!!!
Daphne Herrin
01:02:37
This was great and helpful. Thank you!
mikelittrel
01:02:54
Thanks Stacey!
Roxana Shershin
01:02:55
Thank you!
Philip Mekelburg
01:02:55
good bye, thanks stacey
Rhonda Suttle
01:02:58
Thank you so much, Stacey!
David Aferiat
01:02:58
Thank You Stacey!
Jessie Frank
01:02:59
thanks
Annelle Barnett
01:03:11
What’s the site address?