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COVID-19 Small Business Forum Webinar Series - Shared screen with speaker view
David Betancourt
36:35
ENTER QUESTIONS HERE
Brenda Solano
37:25
My work environment is safe, but my employee does not want to come to work? Do I hire a new one?
Oscar Gutierrez
37:26
Loan Forgiveness uses the 8 week period from loan origination date to calculate your eligible expenses . However if your business is non essential do you have to pay them while they are out to take advantage of the loan forgiveness ? Or can your 8 week window begin when the restrictions are no longer in place for non essential business . Other wise if the non essential mandate continues 8 weeks after the origination of the loan its a wash - one pocket to the other .
Angela Blair
37:37
We are a small cafe business with only two employees, are we too small for benefits?
Erin Tanenbaum
38:31
Can a 501c3 organization be eligible for the PPP if they are technically employees of a 501c6 and their payroll shows up on their financials?
Tammy Huang-Anacleto
38:44
people who transmit hard to tell do masks shields seem best
Jason Kendziera
38:52
I own a single-member LLC that acts as a pass through for tax / IRS purposes. Which SBA loan program would be best for those of us who own such an entity?
Stacie Simons Segall
39:06
Will the PPP be discussed today?
Aaron Kastelic
39:10
Does PPP only cover past employees? Can it be applied to managers that were unpaid before but will be the only ones working once we reopen?
Patty Flores
39:47
Yes was hoping the CARE act and PPP would be covered during this time…it seems like we need to act with urgency for that
Tony Emsenhuber
39:53
There are some version of the SBA PPP application form circulating among the lenders that require the applying company's management to be either US citizen or US resident. Many of our US subsidiaries have managers with E or L visa. The current form on SBA's website does NOT have this question (7). What's the story here? Thank you!
Chris Donnell
40:36
Considering the Paycheck Protection program, what kind of documentation should we provide ? Also, what does the approval process look like from a lender standpoint?
Angela Blair
40:41
does it matter if a small business is profitable to receive the loans? We are only just over a year old with only two employees.
Brenda Solano
41:16
City of Long Beach requires not to have financial loss
David Garnish
41:39
Bank of America said I wasn’t eligable for PP because I didn’t have an existing loan agreement. I’ve never needed to borrow so why would I need a loan agreement before this crisis? I do have 2 BoA credit cards, but they are in my name and not the companies name
LeeAnn Lambright
41:45
From what I can tell from reading the PPP, it is only forgivable if we keep ALL employees and at their FULL rate. We've already reduced hours to 30hrs/wk, so does that mean we have to go back to paying for 40hrs? Even if they can't come in and there's very limited work load remotely? And even when we DO return, our business will not have the income to sustain all employees going forward. So if we reduce hours or lay off at that time, are we back to it being a loan?
LeeAnn Lambright
41:54
I know all of this may be difficult to answer..
Richard Shope
41:58
I run a small nonprofit. the sample form asked for % of ownership, but technically no one is an "owner". Do I fill it out as if I am the 100% owner, as President & CEO?
Laura Minzenberg
42:32
@ David Garnish, Bank of America conveyed to me that a corporate credit card would be an existing line of credit
David Garnish
43:22
Thanks, but it is in my name so technically is a personal card, but I use it for business and it gets paid off from my business account. It seems like a small technicality
Alexander Lopez
43:23
nonprofits don't have ownership %....will there be an exeption to that question?
Risa Garcia
44:06
I am also a sole proprietor for a business and want to know if I am eligible for the PPP if I did not make any payroll in the past year?
Erin Tanenbaum
44:22
for proof of payroll, what time period needs to be reported? what documents specifically should be submitted?
Ani Pogossian
44:42
Are those who are self-employed eligible to qualify for the PPP even though they do not have employees?
Sari Afriat
45:06
Risa Garcia - the criteria for the loan amount is based off of actual payroll and benefits. It's the average monthly cost times 2.5
Laura Minzenberg
46:06
I understand that Bank of America is accepting applications today, but no other institutions are up and running on this program yet?
Brenda Solano
46:15
Chase is not ready...
Eunice Ong
46:26
Re: PPP - Most recent 12 months of payroll (Feb '19 - Feb '20) is significantly higher than 2019's (Jan '19 - Dec '19). Can we use the most recent average in the PPP application?
John Bwarie - DLJCSS
46:28
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Sandra Rodriguez
46:38
Should a non profit apply to continue paying their independent contractors or should the contractors apply on their own to pay themselves
Jason Kendziera
46:42
Yes! For those of us who are sole proprietors, single member LLC's, or s-corps, will we be eligible for PPP if we have no employees?
David Betancourt
46:47
Sole Prop. businesses qualify for PPP
Lemuel Acosta
47:09
Are you eligible for any of the program (PPP, EIDL, etc.) if you are structured as a C-Corp with less than 500 employees?
Jason Kendziera
47:11
David - how do we prove payroll if we're a pass through entity?
Robert Muschler
47:15
When will the Wells Fargo application be live? What additional documentation will they require?
Paul Gamberg
47:18
Is there still a list of banks with the app turned on?
Sari Afriat
47:42
I 2nd Robert's question: When will Wells Fargo PPP application be live?
David Betancourt
47:45
Businesses with 500 employees or less all qualify for PPP
Risa Garcia
48:08
Hearing that some banks are already processing - small banks. Is that so?
Jason Kendziera
48:14
David - how do we prove payroll if we're self-employed with no employees?
David Betancourt
48:32
Also based on industry, double check with SBA size standards to see if you qualify as a small business
jim landis
48:49
What is the calculus of number of retained employees to loan. Is it a 1:1; that is if I have $15,000/mo in payroll, will I receive $15,000?
Jason Kendziera
48:58
where do we see if we qualify as a small business?
Tony Tran
49:07
I just received an email from my bank; One of the details it outlined was that the PPP loans could be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. A flyer from the U.S. Chamber of Commerce says the loan is for 2.5 times the average total payment of payroll cost. Which is correct?
Sari Afriat
49:11
Jim, it's 2.5 times average monthly payroll, inc. taxes & benes
Terry Gubatan
49:15
Can Brian go over the documents for small busniness owner to collect and have ready?
David Betancourt
49:52
sum of included payroll costs - sum of excluded payroll costs= payroll costs
Elliot Joelson
49:57
Does that include health insurance?
Risa Garcia
49:58
does that include independent contractors? hearing it does
steve allison
50:35
and could you repeat all items that need to be included in the 2.5x multiple
Terry Gubatan
50:44
Is it 2.5x a month of payroll or 10 weeks?
carlos martinez
50:51
How are independent contractors calculated?
jim landis
50:53
Sari: Hence, coverage is a O-T-O payment to cover 2.5 months
Sari Afriat
51:00
2.5 times the average monthly cost
Sari Afriat
51:26
Jim: Sorry, OTO?
jim landis
51:39
One time only
jim landis
51:57
This is a 10 week pgm
Sari Afriat
52:03
Yes, that's my understanding based on the application I saw
LeeAnn Lambright
52:27
When submitting the application, what kind of report will they require to show our PR average? ADP? Is QuickBooksPro report enough?
Sari Afriat
52:27
The loan amount is 2.5 times average monthly payroll inc. p/r taxes & benefits
Elianne | Bixel Exchange
52:28
I encourage everyone that has specific questions to talk to an advisor to answer questions bit.ly/bixeladvising
Adrian Veliz
52:34
What does the Care Act provide for individuals that have existing SBA Loans?
Risa Garcia
52:50
when does the 8 week period start?
David Betancourt
52:59
Maximum loan=2.5 X average total monthly payroll costs
Brenda Solano
53:02
CNB is ready
Kendra Green
53:15
how do the calculations work for def employed and independent contractors
Ken Rausch
53:17
To clarify, does the cost of payroll also include workers compensation and health insurance reimbursement?
Elianne | Bixel Exchange
53:19
http://bit.ly/bixeladvisign for one on one advising
Kendra Green
53:19
sef*
Gregg Nevens
53:41
Does payroll calculation include payroll taxes, health insurance, pension plan contributions, and workers comp?
jim landis
53:49
Chase VP called me… they launch today
Gregg Nevens
53:56
When will Wells Fargo begin accepting applications?
Ani Pogossian
54:00
is it online only or walk ins at the bank is welcome
John Bwarie - DLJCSS
54:00
https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form
Annie Litaize
54:07
If I have employees who are paid over $100K are we only loaned up to $100K or are these employees excluded all together?
Elianne | Bixel Exchange
54:19
We encourage everyone to meet with an advisor to go over your specific numbers and questions http://bit.ly/bixeladvisign
Erin Tanenbaum
54:32
If we are a nonprofit, where do we put our Tax ID number? Does that go in the TIN section?
Vivian Bowers
54:34
Will local Wells Fargo Banks offer even if I do not bank there
ken winett
54:44
is there a difference between ppp and eidl rules and benefits?
massey VASSEGHI
55:10
Are partners of a partnership treated as employee or not Also are employees earning over $100k are excluded or reduced to $100k?
Gregg Nevens
55:19
We already laid off a number of employees. I understand we cannot lay off employees once we are participating in the PPP, but do we have to rehire employees laid off before we apply for PPP?
Risa Garcia
55:22
how do we include EIDL if we just applied?
David Betancourt
55:35
Yes EIDL is an SBA loan you will need to pay back. PPP is through CDFI lenders that has potential to be forgivable
Carmen Ibarra
55:53
At what point in time do you count the fte’s?
jim landis
56:31
What is the definition of “employee” - W2? 1099?
Denise Gutches
56:35
You mentioned "nonprofits" and there's a lot of confusion about what type of nonprofit is eligible for PPP and/or EIDL. Currently 501(c)(3)s are only eligible for PPP and in the EIDL it's defined as "private nonprofits", in both cases these exclude 501(c)(4)s and 501(c)(6)s--What relief options are available to these types of nonprofits?
Risa Garcia
56:49
1099s as well?
Bertha Garcia
57:44
Are we allowed to apply for both? I am getting mixed messages from other sources.
Jill Carlton
57:46
what if your bank is not offering SBA loans and other banks tried are only accepting from their customers?
Jason Kendziera
58:34
If we haven't submitted 2019 tax returns - do we NOT use any of those numbers in our calculations?
carlos martinez
59:06
How are 1099 contractors factored in?
Vivian Bowers
59:17
Elaborate on how the $10K EIDL is included in the calculation
desmond donnellan
59:42
respectfully the time would be better spent addressing Q's in this chat.. rather than a walk thru of the app
Elianne | Bixel Exchange
59:48
Our advisors are working with a full array of banks and they can help you find someone who can work with you http://bit.ly/bixeladvising
David Garnish
01:00:12
What if the owner lives in the UK but all employees live in the USA?
Risa Garcia
01:00:16
what about partner disbursements for my partner and myself who are not on payroll?
Martha Pelayo
01:00:20
Can you please speak more to the nonprofit component?
Susan Levi
01:00:31
Elaine, I contacted Bixel twice yesterday on two different forms and have not heard back yet.
Jac Forbes
01:00:43
How does this effect all other SBA applications filled out
Susan Levi
01:00:55
*Elianne
jim landis
01:01:16
W2 +1099s?
Jill Carlton
01:01:40
how soon can bixel contact us? I’ve signed up last week and haven’t received any call?
John Bwarie - DLJCSS
01:01:48
We will be spending our entire session on Tuesday on this form and the PPP.
michael anderson
01:01:54
We applied for the Economic injury grant, but have not received any approval or funding. When applying for the Payroll protection am i to list yes or no of having received funding?
Nabii Bastet
01:02:01
what if you newly formed business as of Jan 2020
Carlo Castro
01:03:16
Can I include ICs as part of the loan?
Tony Tran
01:04:01
Are the following considered utility aside from the conventional utility services?-mobile phone service-internet-ecommerce services-domain/hosting
Adrian Veliz
01:04:23
Love, Tunua!
James Alva - Citi
01:05:07
For the non-profits on this call, there is a series of webinars specifically for non-profits starting next week on Monday. ...
James Alva - Citi
01:05:10
https://zoom.us/webinar/register/WN_c4FPosrmRHKnz6keBtJLaw
carlos martinez
01:05:30
can you please mute yourself????
Tony Tran
01:06:09
PPP grant is 0% interest. How much is the bank fees?
David Betancourt
01:07:38
Please mute yourself if you are not speaking
Jerry Schuman
01:08:00
Can we MUTE all the other people.. background noise is annoying
Jason Kendziera
01:08:07
Everyone - PLEASE make sure you are muted!
David Garnish
01:08:18
There’s a button the host can press to mute all
Tammy Dickerson
01:08:55
Will you be able to share all questions and answers with everyone on call?
Cheyanne Sauter
01:08:56
Can you give that nonprofit website again?
Kim Sudhalter
01:09:03
I’m not seeing any slides
James Alva - Citi
01:09:07
https://zoom.us/webinar/register/WN_c4FPosrmRHKnz6keBtJLaw
John Bwarie - DLJCSS
01:09:41
This recording and the chat window will be shared at the completion of the program, as well as posted on the LA Area Chamber and Dr. Lucy Jones Center websites.
Carlo Castro
01:09:45
where can I get the slides?
Christina
01:09:47
Can I take advantage of the Federal tax deferral payment if I am apply for the PPP?
Risa Garcia
01:10:52
How do we get to the front of the line? Is it the lenders? Heard that smaller banks move faster.
Joselito Laudencia
01:10:57
In addition to providing this recording, can you also provide this chat when you send it out? There are some great links to resources that have been provided in here.
John Bwarie - DLJCSS
01:11:23
Yes, the chat will also be shared along with the recording.
Tammy Dickerson
01:11:36
How can we get copies of the presentations?
Elianne | Bixel Exchange
01:11:38
The chat is listed along side the recording of this webinar
Elianne | Bixel Exchange
01:12:04
the presentation will be shown through the recording of this webinar
John Bwarie - DLJCSS
01:14:58
We will also post the prevention on the Dr. Jones Center site here: http://drlucyjonescenter.org/covid-19-small-business-virtual-forum-los-angeles/
Bryan Moeller
01:17:57
Richard- zero
Jason Kendziera
01:19:13
Will there be a list of grants and loans available posted anywhere?
Tammy Dickerson
01:19:43
Are these programs available if you are not a member of the LA Chamber?
Elianne | Bixel Exchange
01:20:23
All services are free and you don’t have to be a member
Blair Schlecter
01:20:57
501c6's are not eligible for PPP loans at this time.
Afrouz Nosratian
01:21:07
Union bank doesn’t have the application yet! when do you think all the banks will receive it?
Blair Schlecter
01:21:14
The US Chamber has been advocating to include them.
Tammy Dickerson
01:21:41
Other questions - 1. If I pay a separate policy for health insurance for my employee and it is not included in my payroll, are those premiums covered / included/ refunded in the PPT program?2. What is the difference between laying off an employee and furlough?3. Can a employee file for unemployment and the Payroll Protection program if their wages have been reduced?4. Can you combine the deferment of employers federal taxes from payroll as part of this program?2. How do you defer the federal payroll taxes – through your payroll company?3. If I have several 1099 Contractors, what do I need to do to help them file for unemployment?
Kendra Green
01:21:42
how does the $10K grant with the EIDL loan work? I applied 3 days ago and haven’t heard anything
Cheyanne Sauter
01:22:08
I heard that the immediate relief grant in the Disaster Relief Loan of $10,000 is a forgivable loan if you are denied the Cares Act. Is this true?
Kendra Green
01:22:44
I heard that too.
Risa Garcia
01:22:47
how do we determine if we are non eligible for conventional lending?
Jacob Patterson
01:22:49
Hi Cheyanne!
Cheyanne Sauter
01:23:02
Hey Jacob!!
Alexander Lopez
01:23:05
I applied for the $10K grant Monday and have not heard anything? How long does it take to get a response?
Jan McElwee
01:24:05
are contract workers viewed like employees?
steve allison
01:24:06
nice. that’s what i was trying to find out. applying for both is ok.. thjanks
Jula Bell
01:24:28
I have two employees with my small business. One of them is me, and I am the president. I do not have unemployment for myself. Can I use PPP funds to pay my salary as well?
Tammy Dickerson
01:24:31
What does EIDL stand for?
Alexander Lopez
01:25:04
Economic Injury Disaster Loan
Susan Levi
01:25:29
Will the $10k from EIDL be reduced from the 2.5 of payroll?
Jason Kendziera
01:25:30
Tammy - https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
jim landis
01:25:33
Re PPP or EIDL - For commercial (exclusion of non-profits) small businesses does profitability or profit margin in the yearly statement weigh in to acceptance?
Lucelly Gonzalez
01:25:54
will applying for all of these loans have an impact on your credit score if you're trying to refinance a mortgage loan?
Justine Gonzalez
01:26:00
Many banks are prioritizing current customers. For businesses that are not current customers of a SBA lender, where do you recommend they apply?
Cheyanne Sauter
01:26:04
Thank you, Tunua!
ARNA FULCHER
01:27:09
Good job Tunua with clarifying information right here in real time.
Jess Tirado
01:27:55
Thank you, Bryan, Tunua, and OC for the great information!
Michael Anderson
01:29:24
did you say we should encourage Independent Contractors to apply them self. Just want to clarify?
Jason Kendziera
01:29:41
when can single member LLC's or sole props begin to apply for PPP?
Jason Kendziera
01:29:49
I heard April 10th?
Jill Carlton
01:30:10
my credit union isn’t an sea lender. Who can I use???
Katie Baad
01:30:54
Wells Fargo link to check https://update.wf.com/coronavirus/paycheckprotectionprogram/?_ga=2.25034554.1636487732.1585787667-1138754985.1585787667
Stacy Winett
01:31:04
Is this webinar recorded to look at later?
Esther Hwang
01:31:14
The new proposed lease increased total monthly cost by over 30%. Is there anything that prevents the landlord from performing this increase?
Robert Muschler
01:31:20
When will Wells Fargo's application be live?
Mark Hemstreet
01:31:30
The application for borrowers can be found here: https://t.e2ma.net/click/5fmfhc/tamql0/xxqgoj
jim landis
01:31:39
Is there a PPP sliding scale of what % is forgiven is in fact we decide to ramp to full re-employment of staff over a 90 day period as we all know when we re-open, we will be in a full recession. Biz will be slow
ARNA FULCHER
01:32:05
In conversation with ADP regional reps, they are working to create a payroll report that customers will be able to download that will calculate the appropriate information businesses need to submit with the PPP application.
Katie Baad
01:32:18
Bank of America is set up to accept applications if you already have an account and loan with them. https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance?cm_mmc=SB-General-_-email-_-SG24EM00DC_resources-_-05240_sb_cares_act_getprepared2_sb_cons
Dave Kopp
01:32:51
What time frame do we have to provide payroll information?
carlos martinez
01:33:07
I thought you were answering questions
Joselito Laudencia
01:33:08
Great webinar. Thank you for all this information!
Brenda Solano
01:33:15
Thank you
Yoryana Aguilar
01:33:16
Thank you
Araceli Villalobos
01:33:18
Thank you
Gregg Sherkin
01:33:27
Thank you Maria, Dr. Jones, Bryan, Tunua and OC.
carlos martinez
01:33:28
I thought you were answering questions
Lucelly Gonzalez
01:33:29
great content, thank you!