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EIR Workshop: How to Optimize Resources and Maximize Compliance for PPP Loans - Shared screen with speaker view
Cathy McArthur
21:57
Recording has begun
Laura Appenzeller Frerichs
26:48
Participants, please use the chat feature throughout to ask questions. Please also feel free to reach out for help 1:1 from the Entrepreneurs-in-Residence for tech companies in CU at https://researchpark.illinois.edu/resource/eir/ and local companies may receive free counseling from Don Elmore at the CU SBDC at http://www.cusbdc.org/covid-19-business-information-resources/
Lori Patterson
31:43
Are you indicating that you cannot repay BEFORE 6 months?
Catalin Chiritescu
33:52
How do we count the 8 weeks - from Loan Origination Date or the day money entered the account ?
Don Elmore
34:31
Lori, according to my SBA sources it's optional -- you are not required to defer payments for 6 mos. I can find a source if you need it.
Stephanie Hess
37:42
Can employees or owner receive more/less pay than before?
Catalin Chiritescu
42:16
If we pay Workers Comp Insurance as annual fee (one-time) payment can we include it in allowable? pro-rated or full amount ?
Rakshita Chowdhary
44:19
Can new hire payroll qualify for forgiveness?
Yoram Bresler
44:58
In calculating the maximum loan amount, one has to deduct the amount of federal tax withholding. Does the same apply to the amount that will be forgiven?
Carly McCrory-McKay
47:05
The few accountants I’ve asked about this said no, don’t include workers comp in the calculation.
Katherine Chen
47:25
If the EIDL loan got the approval before the PPP, which two loans could potentially cover the different periods of the payroll? Will the amount of the EIDL portion still need to be reduced from the forgiveness portion of PPP?
A.L. Jones MD, MS, FACOEM
47:48
Workers Comp injury expense is a different situation. Potentially monthly payment for WC insurance per employee might be allowable, but check with accountant.~A. L. Jones MD, MS, FACOEM
Laura Appenzeller Frerichs
54:38
For additional assistance beyond this local webinar today, please see the presentation we've mentioned from the IL Manufacturers Assoc. (IMA) https://ima-net.org/wp-content/uploads/2020/04/IMA-Webinar-Maximizing-Payment-Protection-2020-04-30.pdf
Catalin Chiritescu
57:01
QBO can use Classes to keep track separately for PPP
Li Zhang
57:06
Are monthly fees paid to payroll service company ADP or Trinet allowable expenses under PPP?
Helen Zhang
58:59
If we convert independent contractors in April, can we be eligible for a bit bigger amount for PPP application?
Catalin Chiritescu
01:09:07
Scenario: loan enters bank account same day as payroll is paid for month prior - allowable or not?
Laura Appenzeller Frerichs
01:11:09
Link to the Governor's phased and regional re-opening plan released yesterday for IL, we are in Phase 2 now, note language on non-essential businesses returning to work in Phase 3 as first step https://coronavirus.illinois.gov/sfc/servlet.shepherd/document/download/069t000000BadS0AAJ?operationContext=S1
Don Elmore
01:12:14
Last FAQ also included how employees who refuse to return to work can be acknowledged in terms of calculating loan forgiveness.
A.L. Jones MD, MS, FACOEM
01:15:44
If any companies need an Occupational and Environmental Physician consultant to help with Return to Work or other work related issues I have availability, qualifications and domain expertise to assist. ~Dr. Jones
Laura Appenzeller Frerichs
01:17:51
Here is another webinar that Dennis mentioned by Accounting Firm Clifton Larson Allen (with a Champaign office too), on effectively managing loan forgiveness provisions in the Paycheck Protection Program (PPP).https://www.claconnect.com/events/2020/ppp-loan-forgiveness-the-dealer-playbook-05-2020
Alan Singleton
01:18:19
https://www.irs.gov/pub/irs-drop/n-20-32.pdf link to IRS Notice 2020-32 - IRS taking position that no tax deduction for expenses paid with PPP funds that are forgiven.
Laura Appenzeller Frerichs
01:19:32
Thank you everyone for participating and Dennis for leading this webinar with his expertise!
Jason Berg
01:19:37
Thanks everyone, thank you Dennis! Got to run :P
Roger West
01:20:05
Thank you Dennis for leading the seminar and expertise.
Cathy McArthur
01:20:45
We will send out a link of the recording to participants. Thank you, everyone!
A.L. Jones MD, MS, FACOEM
01:22:08
Thank you everyone!!! Great Presentation!