Breaking: $ 10,000 PPP Stimulus Package Loan / EIDL Scholarship


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What is the Paycheck Protection Program? PPP – Establishes $ 350 Billion for Small Business Loan Provision – Only Available to Qualifying “Small” Employers – Up to 100% of Loan Amount Eligible for Forgiveness What is the $ 10,000 EIDL SBA Grant? grant of up to $ 10,000 provided by the SBA – Acts as an advance towards a larger loan program Question: The Provisional PPP Rule states that lenders must confirm the dollar amount of average monthly payroll costs for the previous calendar year by reviewing the payroll documentation submitted with the borrower’s application. “Does that require the lender to support the borrowers’ calculations? Answer: No. Providing an accurate estimate of payroll costs is the responsibility of the borrower, and the borrower confirms the accuracy of those calculations on the borrower’s application form. Lenders are expected to conduct a good faith review of the loan calculations, within a reasonable time for the average monthly payroll cost. However, it would be reasonable a minimal review of calculations based on a payroll report by a recognized third-party payroll processor . Additionally, lenders can rely on borrowers’ representations of payroll costs. What does this mean for you? -You must make sure your numbers are completely accurate on your loan application. -The lender is not responsible if you request the wrong amount -Does not say what the penalty is -It is better to underestimate the loan amounts -Remember that federal unemployment taxes are not included in the total payroll expense. The CARES Act excludes the loan benefit of any employee who exceeds an annual salary of $ 100,000. Does that exclusion apply to all dollar value employee benefits? Answer: No. The exclusion for compensation in excess of $ 100,000 per year applies only to cash compensation, not non-cash benefits, which include: • employer contributions to retirement plans; • payment of employee benefits consisting of group health care coverage, • payment of state and local taxes calculated on employee compensation Do PPP loans cover paid sick leave? Answer: yes. PPP loans cover payroll costs, including employee vacation, parental, family, medical and sick leave costs. Just not the CoronaVirus Response Act license. For loan purposes, should I use the last 12 months of payroll or 2019 payroll for calculations? Either will work. Should payments an eligible borrower made to an independent contractor or sole proprietor be included in the eligible borrower’s payroll cost calculations? Answer: No. Any amount that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business’s payroll costs. However, an independent contractor or sole proprietor will be eligible for a loan under the PPP, if they meet the applicable requirements. How do I calculate gross payroll excluding federal payroll tax? In this case, the payroll costs do not include the employer’s share of the payroll tax, but they do include the employee’s share. For example, an employee who earned $ 4,000 per month in gross wages, of which $ 500 in federal taxes was withheld, would count as $ 4,000 in payroll costs. The employee would receive $ 3,500 and $ 500 would be paid to the federal government. However, federal employer payroll taxes on the $ 4,000 in wages are excluded from payroll costs under statute. I have already submitted my PPP and I did not follow one of these guidelines. What I can do? Your lender should be able to allow you to alter any documents that need to be changed before the loan is processed. Microphone I use:
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For personalized business consulting, email me at Disclaimer This presentation does not constitute legal or tax advice. It is provided for informational and educational purposes only and does not fully address the complexity of the issues or all the steps companies must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher assumes no obligation to update the information in this presentation, and no representation is made that the content is error-free. .

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Viralrook: Breaking: $ 10,000 PPP Stimulus Package Loan / EIDL Scholarship
Breaking: $ 10,000 PPP Stimulus Package Loan / EIDL Scholarship
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