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COVID-19 Small Business Forum Webinar Series - Shared screen with speaker view
David Betancourt
31:13
ENTER QUESTIONS HERE
David Betancourt
32:03
Please must yourself
Lisa Daggett
33:46
Will you be sharing these materials electronically after the webinar?
carlos martinez
33:56
Are applicants who apply for the Economic Injury Disaster Loan Advance Program automatically considered for the Paycheck Protection Program under one application?
Mike Couchman
33:58
Does the 7(a) - Paycheck Protection Program have the same religious affiliation exclusion as EIDL does?
Paul Davis
34:04
How does the payroll assistance work if we're not an essential business and we had to send employees home?
David Betancourt
34:04
The webinar is being recorded and will be sent out to everyone after
Ari Monosson
34:25
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”
Mark Pickett
34:38
I am an S Corp. Will I be considered an employee? I issue myself a W-2.
Will Ramsey
34:54
how do we identify which banks are participating as lenders under the PPP?
Sheryl Lefmann
36:08
Are 501c(6)'s eligible? We are 'non-essential' but have had to work during all this.
Joseph Curcio
37:26
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?
Adrian Veliz
37:35
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?
Matt Brady
38:04
I use a payroll service for my staff (like entertainment partners)- is this included?
Jon Farzam
38:55
Would getting an SBA loan first conflict with getting a conventional loan after?
Jonathan Kong
39:12
My business uses independent contractors for development work. Will they be covered by CARES ACT?
Eitan Anouchi
39:15
Do payments to my consultants and independent contractors count toward payroll costs?
Katrina Soelter
39:51
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?
Pam Miller
39:58
For employees with salaries over $100k, will the Act cover up to 100k for that employee?
Eitan Anouchi
40:40
What happens to salaries we were planning to start in March/April?
Tracy Berry
40:44
My "employees" are legitimate independent contractor. Can their pay be covered?
Linda Pierce
41:47
Can 501c3 apply for an SBA loan if our function is educationl?
Ronald Clary
42:28
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?
Erin Tanenbaum
42:31
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?
Paul Davis
42:33
did I hear the loan could include qualified sick leave?
David Woodbury
42:54
So all payroll expenses except payroll taxes should be calculated?
Suzanne Isken
43:06
I called Wells Fargo and they could not help. They did not know what I was talking about.
David Woodbury
43:20
Can we pay employees back pay for the weeks they have already missed?
Hedi Jalon
43:20
Does a 501c3 or business go straight to their bank for the loan or submit info online through the federal provided link?
Chris Wright
43:33
Will the slides/document Bryan mentioned from the US Chamber be available to us?
Gregg Sherkin
43:47
Thanks Bryan.
Jack Olree
43:49
Great job Bryan, thank you!
Andrea Korb
43:51
How should businesses decide between PPP and the SBA disaster loan?
Alexandra Failla
43:55
Went to Wells Fargo this morning. They said they caould not help,
Debbie Schwartz
44:01
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
Robert Frackelton
44:15
When can we apply for PPP? Online with our bank directly?
Jill Carlton
44:23
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?
Elliot Joelson
44:33
Is providing the DE-6 payroll form needed?
Jorge Cabrera
44:47
If you applied with the SBA Disaster loan already and got an application number, do we need to apply again?
Matt Brady
44:56
will loan forgiveness hurt credit or credit rating?
Mark Hemstreet
45:09
Did 501(c)6 get through to be able to apply? On the Senate side it wasn't there.
Jill Bauman
45:10
thanks Bryan! Will we be proactively information when loan applications become available?
Chanel Kaufman
45:53
For employers that laid off staff during this time due to economic hardship qualify to apply for this program and then can rehire employees?
Carmen Ibarra
45:55
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?
Pam Miller
47:19
Will forgiveness apply to Economic Injury Disaster Loan?
Max Yoffe
47:24
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?
Kristen DiFolco
48:20
If we submitted PDF applications over the weekend before the crash, should we submit again on the new system?
Alexandra Failla
52:38
Can you have both SBA and PPP?
Chanel Kaufman
55:02
For businesses that haven’t applied for EIDL do they just apply for CARESAct act now and forgo EIDL? is this all encompassing?
Elsa Alemu
55:24
What was the link again?
Mike Couchman
55:39
covid19relief.sba.gov
Rick Casillas
55:54
https://covid19relief.sba.gov/
Carlotta Messina
57:11
can we have the presentation ?
David Betancourt
57:39
The presentation is being recorded and will be distributed later today
David Betancourt
57:52
It will also be posted on the LA Chamber website
Jack Huang
58:07
What if I made an error on the very first question, regarding the entity? I mis-read the “cooperation” as “Corporation?” thanks.
Mariko Lochridge
58:09
What was the link he just showed? listventures….
Susan Levi
58:18
will the power points be shared as well?
Troy Davis
58:19
Are you allowed to apply for both types of loans?
Suzanne Isken
59:01
Can one use their audited financial for last year instead of the data drawn from the bookkeeping software?
Jill Carlton
59:31
For services, how do you do cost of goods? Cost of sales/
Ronald Clary
01:00:27
Does that include rents in cost of good?
Elaine Chang
01:00:41
How is cost of goods considered when a nonprofit - is that payroll and supplies?
Risa Garcia
01:00:55
can you give an example or 2 of cost of goods?
Vivian Bowers
01:01:04
what is considered an items for cost of good
Carmen Ibarra
01:01:06
Can costs for accounting be considered costs of goods sold?
Will Ramsey
01:01:31
Bryan indicated that EIDL eligibility was dependent on having previously been declined for a normal line of credit. Can Sebastian please elaborate on that?
Troy Davis
01:01:32
Can you explain how to calculate Gross revenue again please
kevin neman
01:01:34
so is the only way to apply for disaster loan through SBA website
Shawnte Howard
01:01:35
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?
kevin neman
01:01:40
or can you do it with the bank?
Jill Carlton
01:01:48
My cost of goods is mostly teacher payroll, how do you enter that since it’s not “CGS”?
Miriam Korn
01:02:31
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?
Madison Lowery
01:02:41
can we apply for this loan if you are a new company and have not generated any income
ram kumar
01:03:24
We launched our business in jan 2020 and how will it impact the eligibility?
Patrick Sirois
01:03:35
Would fundraising staff salaries count toward Cost of Goods?
Vivian Bowers
01:04:15
Do utilities go in this
Risa Garcia
01:04:20
does that include salaries?
Risa Garcia
01:04:48
utilities and rent are CSG?
Jill Carlton
01:04:55
So instructor salaries, rent, utilities are included? What about random equipment purchases?
Jim Landis
01:04:59
is there a known rev to cost ratio otherwise a operating margin or profitability that is acceptable vs not
John Wiley
01:05:27
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.
Shawnte Howard
01:05:32
My reports are not set up for CGS. Do we go back and readjust reports?
Nell Smircina
01:05:32
could business taxes by paid by this loan?
Walter Marsh
01:05:38
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?
Joseph Hayes
01:05:51
I put my EIN number under sole proprietorship instead of my SSN do I need to resubmit
Irina Brodskaya
01:05:57
if I’m sole proprietor and put ein number instead of ssn??
Suzanne Isken
01:06:02
what about insurance costs? Non-health insurance?
Carmen Ibarra
01:07:47
If you’re a nonprofit you only enter it in NP cost of operation or do you also include in other sectiob
Laurie Sale
01:07:47
What if your claim is for lost business rents only...is this form appropriate?
Stephen Sachs
01:08:02
Non-profit costs include artist fees?
Lisa Daggett
01:08:04
Nonprofit - is cost of operations the same or different from cost of goods?
Will Ramsey
01:08:30
ditto on the contributed revenue question—if we are 100% contributed revenue (all services provided for free), do we just leave that field blank?
Orawan Kidjapipat
01:09:02
What about the loss of income can? Lost tenants because of COVID-19
Risa Garcia
01:09:05
employees — is this full time or part time?
Esther Hwang
01:09:20
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?
Stephen Sachs
01:09:25
Are expenses meant to just keep the doors open or to actual produce your art, which generate the income?
Andrea Korb
01:09:34
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?
Dorothy Marr
01:09:35
can you apply in addition to your business loan and yourself separately??
Mark Pickett
01:09:36
You said use the SSN for Sole Proprietors. What about S Corp
Matt Brady
01:09:51
I use a payroll service??
Cheryl Rizzo
01:09:54
In the last 6 months look back, does it matter if your income is earned or contributed?
Dorothy Marr
01:09:57
How long will this take to get the $10,000 relief
Carmen Ibarra
01:10:06
If you added employees after Jan 31st can you include those?
Vivian Bowers
01:10:41
Is this an app for CARE or Disaster or both
Michael Bold
01:10:42
Are professional corporations (Dr’s offices and Law firms) eligible for PPP?
Esther Hwang
01:10:44
Are there a special limitation from govrnment to limit this huge rental raise during current disaster time?
Antonio Ruiz-Amador
01:10:44
for number of employees - for LLC with 2 partners (non-W2) does that apply?
kevin neman
01:11:01
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
Jim Landis
01:11:02
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 ?
Cheryl Rizzo
01:12:06
THEATRE SPECIFIC QUESTION! MANY THEATRES ON THIS WEBINAR. Can seasonal employees be included in the Operation Costs? What about fees for artists (non-employees)
Paul Davis
01:12:14
What type of professional would be someone who could assist me with this process?
Alie Kadlac
01:12:19
so for nonprofits, do we leave most that blank?
Laura Minzenberg
01:12:20
How do nonprofit corporations ascribe ownership?
Alie Kadlac
01:12:26
re: the owners birthday, place of birth etc
Jill Bauman
01:12:28
So for Non-Profits, the ED/CEO or the Chairman of the Board?
Liza Shtromberg
01:12:30
I filled out the application, is the draft saved automatically?
Patrick Sirois
01:12:37
Does a nonprofit have to include every board member in owner section, or just chair?
The Autry Museum
01:12:37
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 ?
Tracy Berry
01:13:27
I have a non-profit, but I also own 100%. How do I indicate that?
Risa Garcia
01:13:43
HEARING THAT IT’S BEST TO APPLY FOR A LOAN VIA A LENDING COMPANY WHO TAKE 5%. IS THAT TRUE??
Melissa Denton
01:14:53
What % of ownership should the ED of a nonprofit include?
Kim Larimore
01:15:07
What about a Corporation with 9 officers with equal shares? so no one is 20% plus
Mark Pickett
01:15:20
Can you review the types of entities that are eligible for either EIDL or CARES?
West hooker
01:15:21
if one of the 20 pcnt owners is unwilling to provide financials, but you own controlling majority (<50 pcnt), can you still apply?
Alie Kadlac
01:15:27
do we have to enter nonprofit ED's SSN?
Michael Bold
01:15:55
Are Professional Corp’s (Dr’s offices & Law Firms) eligible as small business for PPP?
Alan Barasorda
01:16:47
Does the person entered as Owner/Agent for a nonprofit then become the Guarantor?
Jill Carlton
01:16:51
EIN # field is NOT ACCEPTING SS $ FORMAT!!!!
Antonio Ruiz-Amador
01:16:51
Are partners of LLC counted as employees on application?
Ray Griffin
01:17:08
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.
Justin Nguyen
01:17:43
do owners have to guarantee these loans? if so how much?
parvis ohal
01:18:05
can you please repeat the application site for this? I am confused between the 2.
Risa Garcia
01:18:07
there were so many docs to provide last week - are they still needed?
STEVEN CARACO
01:18:07
I am an S-Corp with no COGS and it appears that I should be listing zero expenses on the application. Is that correct?
Jill Carlton
01:18:14
It’s good now, just in EIN format.
Mark Hemstreet
01:19:17
The $10k advance is forgivable under what criteria?
Geoff Wilson
01:19:37
Any info on the Statement of Liabilities you can share?
Hunter Hall
01:19:43
Are you going to share this PPTX with everyone?
Mike Couchman
01:19:52
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
Risa Garcia
01:19:59
all those forms - do they go with the application?
Esther Hwang
01:20:36
for questions not have been answered, is there a contact email we can email to get answer?
Carlotta Messina
01:21:03
To conclude, to send the SBA EIDL with the new application process, are not necessary anymore all the documents requested from the "old process"?
Miriam Korn
01:21:16
What if we have not filed our 2020 taxes?
Troy Davis
01:21:39
I am still confused on how much the loan amount is for. Is it based on gross revenues for prior 12 months?
Katrina Soelter
01:21:56
who should you work with on the form?
Anna Stavaridis
01:22:04
What if our LLC started 2019 and we haven’t filed 2020?
Beth Ann Gerstein
01:22:13
what form is this?
Lisa Daggett
01:22:26
Are personal financials required for nonprofits?
Teddie Warner
01:22:31
please clarify- if we have not applied for other loans and been denied, we cannot apply
ram kumar
01:22:42
What happens with a newly started company who hasn’t filed taxes yet?
Shawnte Howard
01:22:56
For Non-Profits are we only filling out the 990?
Beth Ann Gerstein
01:23:23
what was the form he mentioned after the 4506T?
Jill Carlton
01:23:32
To clarify, all forms should be for period 1/31/19 to 1/31/20?
Jill Bauman
01:23:36
How recent of a 990 needs to be submitted?
Alie Kadlac
01:23:42
do nonprofits only need to submit the 990? any other forms?
Marc Schenasi
01:24:23
Non Profits only need to submit filed 990s?
Adrian Veliz
01:24:25
Great job, Sebastian
Jill Bauman
01:24:27
so we need to create a new 990 for this period?
Mark Pickett
01:24:29
Can you review the types of entities that are eligible for either EIDL or CARES?
Walter Marsh
01:24:45
we have to submit a separate 990 for the Jan 31 period? We have not started 2019 yet.
millie trachtenberg
01:24:49
have u gone over the PPP ?
Natalie Samarjian
01:25:31
for NFP’s, can we share our last filed 990?
Elizabeth Gaudio
01:25:41
.
Alan Barasorda
01:25:55
If we pay qualified expenses prior to loan funding, are we allowed to withdraw money for those expenses?
Elizabeth Gaudio
01:26:16
What is you have a 20% owner not willing to provide personal financials?
Marc Schenasi
01:26:28
once we complete the application will we be assigned a case worker or a bank?
Elizabeth Gaudio
01:26:57
are they asking for business return or personal? Also financial statement business or personal?
Elsa Alemu
01:27:00
what is the link to apply for the cares act? Is it the same?
Carl Edouarde
01:27:12
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
Michael Bold
01:27:34
So, law firms and Dr’s office are eligible? Confirming
Mark Hemstreet
01:27:49
I heard non-profits 501(c)6 are not Eligible ???
Sara deLeeuw
01:27:50
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?
Anna Stavaridis
01:27:54
Please don’t use acronyms.
Catherine Tingey
01:28:04
I’ve applied for my Scorp for both the EID and the 10K advance. how do get a case manager?
Anna Stavaridis
01:30:08
The forgivable are for payroll AND rent?
Wende Lee
01:30:17
S Corp can the owners be part of the PPP?
carlos martinez
01:30:26
Are independent contractors considered employees?
Elsa Alemu
01:30:28
So we can’t apply for the PPP yet?
Marc Schenasi
01:30:28
I am confused if we are applying for payroll protection do we complete complete this application?
Risa Garcia
01:30:35
so should we apply for both SBA and Cares/PPP? thanks for the info just now but not clear if we can do both>
Anna Stavaridis
01:31:02
I’m looking for help with my rent. Is that the CARES/PPP?
jim landis
01:31:44
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?
Risa Garcia
01:31:48
and we can do both?
MEHMET CETIK
01:32:12
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?
Anna Stavaridis
01:32:21
What if you were DBA before Deb 15 and changed to LLC in April 2019?
Walter Marsh
01:32:37
FOr Disaster program, you need to show you were rejected for other loans, correct?
Liza Shtromberg
01:32:39
Will the application time out and will it be automatically saved?
Tracy Berry
01:33:22
So the IEDL is not at all forgivable? Some things like rent expenses are forgivable? Or just the $10,000 advance is forgivable?
Erin Tanenbaum
01:34:24
what are the resources for nonprofits?
Mariko Lochridge
01:34:27
What programs provide help in languages other than Spanish? Korean, Thai, Arabic, etc.
Shawnte Howard
01:39:29
Please put the bit.ly address in the chat so we can copy
Elsa Alemu
01:39:35
For us who’re on this webinar, would we be getting an email with contact info to speak with someone from Bixel?
Will Ramsey
01:39:58
http://bit.ly/bixeladvising
Ariel Bakshandeh
01:40:13
I was wondering what I can do to help people remotely from home?
Ariel Bakshandeh
01:40:20
I have lots of time on my hands now.
Gail Zatz
01:40:37
Is there a fee for your services?
Jill Carlton
01:40:46
I can’t complete your online app without providing a Pitch Deck, Business Model Canvas, Executive Summary or Business Plan?
Emily Hansen
01:40:52
To apply for Bixel advising: http://bit.ly/bixeladvising
Elianne Rodriguez
01:41:28
Elianne Rodriguez
Mary Ellen Mitchell
01:41:33
When do you think that the PPP application will be available??
Elianne Rodriguez
01:41:53
erodriguez@lachamber.com
Sebastian De Vivo
01:41:58
PPP Applications will likely go online this Friday, from what we’ve been hearing
Elianne Rodriguez
01:42:50
bit.ly/bixeladvising for FREE ONE ON ONE ADVISIGN