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Will you be sharing these materials electronically after the webinar?
Are applicants who apply for the Economic Injury Disaster Loan Advance Program automatically considered for the Paycheck Protection Program under one application?
Does the 7(a) - Paycheck Protection Program have the same religious affiliation exclusion as EIDL does?
How does the payroll assistance work if we're not an essential business and we had to send employees home?
The webinar is being recorded and will be sent out to everyone after
We applied to the disaster SBA loan (have not heard back) can we apply for the payroll loan also? We are currently closed as we are “non-essential”
I am an S Corp. Will I be considered an employee? I issue myself a W-2.
how do we identify which banks are participating as lenders under the PPP?
Are 501c(6)'s eligible? We are 'non-essential' but have had to work during all this.
I only do payroll once a year in December. I am an S-Corp. So, my P&L YTD won’t show any payroll. How will the calculation be made for 2.5x average payroll costs?
Have the job retention details been developed yet? We may have to layoff some instructors during the summer and rehire them in August, will this affect the forgivable aspect?
I use a payroll service for my staff (like entertainment partners)- is this included?
Would getting an SBA loan first conflict with getting a conventional loan after?
My business uses independent contractors for development work. Will they be covered by CARES ACT?
Do payments to my consultants and independent contractors count toward payroll costs?
What if a business is on the work sharing program but wants to get the PPP? can they put their workers back on 100% FT normal payroll, then go back to work share after June 30?
For employees with salaries over $100k, will the Act cover up to 100k for that employee?
What happens to salaries we were planning to start in March/April?
My "employees" are legitimate independent contractor. Can their pay be covered?
Can 501c3 apply for an SBA loan if our function is educationl?
Is a business consisting exclusively of the sole proprietor who has no payroll but has rent and other monthly expenses really going to benefit from applying for such a loan?
We are a 501c3 and our payroll is administered by a 501c6 (not paid but administered - we raise our own funds). Will this prevent us from receiving funding through the paycheck protection program?
did I hear the loan could include qualified sick leave?
So all payroll expenses except payroll taxes should be calculated?
I called Wells Fargo and they could not help. They did not know what I was talking about.
Can we pay employees back pay for the weeks they have already missed?
Does a 501c3 or business go straight to their bank for the loan or submit info online through the federal provided link?
Will the slides/document Bryan mentioned from the US Chamber be available to us?
Great job Bryan, thank you!
How should businesses decide between PPP and the SBA disaster loan?
Went to Wells Fargo this morning. They said they caould not help,
How do you get the money for rent if you can only ask for 2 and a half times of your payroll costs for workers making less than $100,000? Thanks
When can we apply for PPP? Online with our bank directly?
If effective date of sick leave is 4/1, does that mean I don’t have to pay variable, part time workers until that pay period?
Is providing the DE-6 payroll form needed?
If you applied with the SBA Disaster loan already and got an application number, do we need to apply again?
will loan forgiveness hurt credit or credit rating?
Did 501(c)6 get through to be able to apply? On the Senate side it wasn't there.
thanks Bryan! Will we be proactively information when loan applications become available?
For employers that laid off staff during this time due to economic hardship qualify to apply for this program and then can rehire employees?
I run a nonprofit community health center. Some of the staff are physicians that are not management but earn more than $100K/annually. Can these wages be included as cost and counted as part of the forgiveness in the CARES Act?
Will forgiveness apply to Economic Injury Disaster Loan?
Can you confirm that employees who make over $100k are covered up to $100k of their salary. If someone quit on 2.28 can I hire someone else at the same salary and have it covered?
If we submitted PDF applications over the weekend before the crash, should we submit again on the new system?
Can you have both SBA and PPP?
For businesses that haven’t applied for EIDL do they just apply for CARESAct act now and forgo EIDL? is this all encompassing?
What was the link again?
can we have the presentation ?
The presentation is being recorded and will be distributed later today
It will also be posted on the LA Chamber website
What if I made an error on the very first question, regarding the entity? I mis-read the “cooperation” as “Corporation?” thanks.
What was the link he just showed? listventures….
will the power points be shared as well?
Are you allowed to apply for both types of loans?
Can one use their audited financial for last year instead of the data drawn from the bookkeeping software?
For services, how do you do cost of goods? Cost of sales/
Does that include rents in cost of good?
How is cost of goods considered when a nonprofit - is that payroll and supplies?
can you give an example or 2 of cost of goods?
what is considered an items for cost of good
Can costs for accounting be considered costs of goods sold?
Bryan indicated that EIDL eligibility was dependent on having previously been declined for a normal line of credit. Can Sebastian please elaborate on that?
Can you explain how to calculate Gross revenue again please
so is the only way to apply for disaster loan through SBA website
I'm a bit confused about CGS. We don't sell products, we are a theater house, so we have actors as emplyees, should I put production expenses under CGS?
or can you do it with the bank?
My cost of goods is mostly teacher payroll, how do you enter that since it’s not “CGS”?
We are a social service agency providing residential care, and are paid per diem for our clients. If we experience a loss of clients and days of service, we have a corresponding loss of income. How do we reflect this on the application?
can we apply for this loan if you are a new company and have not generated any income
We launched our business in jan 2020 and how will it impact the eligibility?
Would fundraising staff salaries count toward Cost of Goods?
Do utilities go in this
does that include salaries?
utilities and rent are CSG?
So instructor salaries, rent, utilities are included? What about random equipment purchases?
is there a known rev to cost ratio otherwise a operating margin or profitability that is acceptable vs not
Would COGS or Cost of sale apply to service business that can no longer afford software subscriptions and technology that are needed to provide the service I provide to my clients.
My reports are not set up for CGS. Do we go back and readjust reports?
could business taxes by paid by this loan?
We are 100% contributed income. So, we don’t get funded unless we are delivering our program. How do you figure cost of goods in this case?
I put my EIN number under sole proprietorship instead of my SSN do I need to resubmit
if I’m sole proprietor and put ein number instead of ssn??
what about insurance costs? Non-health insurance?
If you’re a nonprofit you only enter it in NP cost of operation or do you also include in other sectiob
What if your claim is for lost business rents only...is this form appropriate?
Non-profit costs include artist fees?
Nonprofit - is cost of operations the same or different from cost of goods?
ditto on the contributed revenue question—if we are 100% contributed revenue (all services provided for free), do we just leave that field blank?
What about the loss of income can? Lost tenants because of COVID-19
employees — is this full time or part time?
Our 2 years commercial rental contract will be due to renew on 4/30/2020. The new owner of this business park increased 30% on the rental proposal to small businesses in this business park at La Mirada. What government support for us to extend current contract for certain months for us to move out?
Are expenses meant to just keep the doors open or to actual produce your art, which generate the income?
Even if businesses can apply for both PPP and EIDL, they’d need to strategize which they could get more forgiveness from since they can’t apply the two loans towards the same costs. What sort of calculations should be made to determine this?
can you apply in addition to your business loan and yourself separately??
You said use the SSN for Sole Proprietors. What about S Corp
I use a payroll service??
In the last 6 months look back, does it matter if your income is earned or contributed?
How long will this take to get the $10,000 relief
If you added employees after Jan 31st can you include those?
Is this an app for CARE or Disaster or both
Are professional corporations (Dr’s offices and Law firms) eligible for PPP?
Are there a special limitation from govrnment to limit this huge rental raise during current disaster time?
for number of employees - for LLC with 2 partners (non-W2) does that apply?
IS ONLY THE PORTION OF THE LOAN WHICH IS USED FOR PAYROLL ELIGIBLE TO CONVERT INTO A GRANT OR ARE ALL FUNDS (EVEN THOSE USED FOR LEASE PAYMENTS ETC.) ELIGIBLE AS TO CONVERT TO A GRANT ALSO
we are service base and were in the midst of converting a number of 1099 f/t and p/t staff to W2 in compliance to AB5. How do EIDL and CARES treat the 1099s and the owner for relief ?
THEATRE SPECIFIC QUESTION! MANY THEATRES ON THIS WEBINAR. Can seasonal employees be included in the Operation Costs? What about fees for artists (non-employees)
What type of professional would be someone who could assist me with this process?
so for nonprofits, do we leave most that blank?
How do nonprofit corporations ascribe ownership?
re: the owners birthday, place of birth etc
So for Non-Profits, the ED/CEO or the Chairman of the Board?
I filled out the application, is the draft saved automatically?
Does a nonprofit have to include every board member in owner section, or just chair?
The Autry Museum
for non profits like museums, can’t we assume that the cost of goods sold is the cost of the programs including fundraising events for example ?
I have a non-profit, but I also own 100%. How do I indicate that?
HEARING THAT IT’S BEST TO APPLY FOR A LOAN VIA A LENDING COMPANY WHO TAKE 5%. IS THAT TRUE??
What % of ownership should the ED of a nonprofit include?
What about a Corporation with 9 officers with equal shares? so no one is 20% plus
Can you review the types of entities that are eligible for either EIDL or CARES?
if one of the 20 pcnt owners is unwilling to provide financials, but you own controlling majority (<50 pcnt), can you still apply?
do we have to enter nonprofit ED's SSN?
Are Professional Corp’s (Dr’s offices & Law Firms) eligible as small business for PPP?
Does the person entered as Owner/Agent for a nonprofit then become the Guarantor?
EIN # field is NOT ACCEPTING SS $ FORMAT!!!!
Are partners of LLC counted as employees on application?
is guidance anticipated to allow for full time equivalent calculations to be applied to part time employees. I.E. I have 600 employees but 400 are part time.
do owners have to guarantee these loans? if so how much?
can you please repeat the application site for this? I am confused between the 2.
there were so many docs to provide last week - are they still needed?
I am an S-Corp with no COGS and it appears that I should be listing zero expenses on the application. Is that correct?
It’s good now, just in EIN format.
The $10k advance is forgivable under what criteria?
Any info on the Statement of Liabilities you can share?
Are you going to share this PPTX with everyone?
Please confirm this app process is only for EIDL. CARES Act will be through financial institution, a list of which will be provided later this week
all those forms - do they go with the application?
for questions not have been answered, is there a contact email we can email to get answer?
To conclude, to send the SBA EIDL with the new application process, are not necessary anymore all the documents requested from the "old process"?
What if we have not filed our 2020 taxes?
I am still confused on how much the loan amount is for. Is it based on gross revenues for prior 12 months?
who should you work with on the form?
What if our LLC started 2019 and we haven’t filed 2020?
Beth Ann Gerstein
what form is this?
Are personal financials required for nonprofits?
please clarify- if we have not applied for other loans and been denied, we cannot apply
What happens with a newly started company who hasn’t filed taxes yet?
For Non-Profits are we only filling out the 990?
Beth Ann Gerstein
what was the form he mentioned after the 4506T?
To clarify, all forms should be for period 1/31/19 to 1/31/20?
How recent of a 990 needs to be submitted?
do nonprofits only need to submit the 990? any other forms?
Non Profits only need to submit filed 990s?
Great job, Sebastian
so we need to create a new 990 for this period?
Can you review the types of entities that are eligible for either EIDL or CARES?
we have to submit a separate 990 for the Jan 31 period? We have not started 2019 yet.
have u gone over the PPP ?
for NFP’s, can we share our last filed 990?
If we pay qualified expenses prior to loan funding, are we allowed to withdraw money for those expenses?
What is you have a 20% owner not willing to provide personal financials?
once we complete the application will we be assigned a case worker or a bank?
are they asking for business return or personal? Also financial statement business or personal?
what is the link to apply for the cares act? Is it the same?
From Senator Rubios Office on PPP: https://www.rubio.senate.gov/public/_cache/files/ac3081f6-14ae-4e6f-9197-172ede28badd/71AB6CB05A08E369E0D488A80B3874A5.faqs---paycheck-protection-program-faqs-for-small-businesses.pdf
So, law firms and Dr’s office are eligible? Confirming
I heard non-profits 501(c)6 are not Eligible ???
Nonprofits are allowed to engage in lobbying activities up to a limit - does that mean we are in the "business of lobbying" and excluded from eligibility?
Please don’t use acronyms.
I’ve applied for my Scorp for both the EID and the 10K advance. how do get a case manager?
The forgivable are for payroll AND rent?
S Corp can the owners be part of the PPP?
Are independent contractors considered employees?
So we can’t apply for the PPP yet?
I am confused if we are applying for payroll protection do we complete complete this application?
so should we apply for both SBA and Cares/PPP? thanks for the info just now but not clear if we can do both>
I’m looking for help with my rent. Is that the CARES/PPP?
CARES is in part active as I filled out the form and the endpoint was a $10,000 loan and a fill-in for my banking info, Hence, seems that CARES is at a 1st step in being activated. Question - PPP is next week?
and we can do both?
Can foreign registered companies with a non-US ownership apply for any tools for paycheck protection measures/loans etc for their US citizen employees? What options could be there other than SBA?
What if you were DBA before Deb 15 and changed to LLC in April 2019?
FOr Disaster program, you need to show you were rejected for other loans, correct?
Will the application time out and will it be automatically saved?
So the IEDL is not at all forgivable? Some things like rent expenses are forgivable? Or just the $10,000 advance is forgivable?
what are the resources for nonprofits?
What programs provide help in languages other than Spanish? Korean, Thai, Arabic, etc.
Please put the bit.ly address in the chat so we can copy
For us who’re on this webinar, would we be getting an email with contact info to speak with someone from Bixel?
I was wondering what I can do to help people remotely from home?
I have lots of time on my hands now.
Is there a fee for your services?
I can’t complete your online app without providing a Pitch Deck, Business Model Canvas, Executive Summary or Business Plan?
To apply for Bixel advising: http://bit.ly/bixeladvising
Mary Ellen Mitchell
When do you think that the PPP application will be available??
Sebastian De Vivo
PPP Applications will likely go online this Friday, from what we’ve been hearing
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