CARES Act: Expert panel unpacks PPP and EIDL Loans

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QUESTIONS COVERED IN THIS WEBINAR

Payment Protection Program (PPP):

0:07:00 - Overview

0:08:56 - How does the Payment Protection Program (PPP) work?

0:10:03 - Who eligible for PPP?

0:11:50 - How long do I have to apply?

0:12:56 - What banks are approved to provide PPE loans?

0:13:50 - How quickly will I be approved for a loan?

0:18:00 - What documents do I need to submit with my PPP application?

0:20:40 - What funding are we talking about? How is that calculated? Where’s it coming from?

0:21:25 - What is included as payroll expenses?

0:21:37 - Is the owner/partner of the business included in payroll expense?

0:23:06 - What’s not included as payroll expenses?

0:24:00 - What “other” expenses can I include that are not directly payroll?

0:24:56 - What is the interest rate changed on PPP loans?

0:25:22 - Is there a prepayment penalty?

0:26:03 - How much of my PPP loan is forgivable?

0:27:22 - Can I delay my acceptance of the loan proceeds?

0:29:19 - Can 100% of the proceeds be used on payroll expenses?

0:30:34 - What’s the likelihood that PPP will run out of funding?

0:32:26  - How does PPP forgiveness work if I’ve already furloughed my employees?

0:33:30 - Do members need to rehire employees within a certain timeframe in order to get the PPP loan forgiveness?

0:39:49 - Do I have to take out the full 2.5 times my average monthly payroll as a PPP loan?

0:41:52 - I only have part-time employees, am I still eligible?

0:42:14 - How are 1099 employees calculated for PPP loans?

0:42:40 - I just started a new practice. How long would my business need to be in operation to qualify for a PPP loan?

0:43:43 - For those making over $100K can other employee benefits (health insurance, 401K etc.) still be counted in addition to the base salary?

0:44:29 - Can other types of owner compensation be included within the loan?

0:45:24 - Can I apply for a PPP loan with a bank I don’t currently do business with?

0:47:22 - Can I correct my PPP application?

0:48:07 - When does the 8 weeks start?

0:49:15 - I had an independent contractor that I let go, can I bring them back as a W2 employee or new hire so I can use them in calculations for PPP forgiveness?

0:58:14 - If you receive the PPP and you are shut down, do you bring employees back on to payroll while they stay at home in order to maximize PPP forgiveness?

0:59:49 - What if we bring everyone back on to payroll and pay them for 8 weeks with the PPP loan but we are still closed on June 15, then the money is gone, we pay out of pocket until June 30.  Then July 1 we furlough everyone again because there is still a shut down. Would that qualify for forgiveness?

1:00:59 - Can I defer the date the PPP loan funds can be released since I’m not permitted to practice?

Economic Injury Disaster Loan (EIDL) Program:

0:51:39 - Overview

0:52:25 - How do I apply?

0:53:34 - Is the $10,000 grant still available?

0:55:21 - What can EIDL loans be used for?

0:55:53 – What is the term and interest rate for and EIDL loan?

0:56:24 - If I just applied for the EIDL, does that mean that it will be converted to a PPP loan?

0:57:22 - What happens if I apply for both the EIDL and PPP loans at the same time?