Let's Talk about PPP Loans FAQs

Wednesday, May 20, 2020

Jo Ann Koontz, Marina Parkin and Jackie Durham answer frequently asked questions about SBA relief loans, PPP and EIDL.

3:43 SBA FAQ 46

6:02 Does the $2 million dollar new safe harbor rule mean I will not be asked to show economic uncertainty?

8:25 Does the $2 million dollar new safe harbor rule mean my entire loan will be forgiven?

9:30 If I don't spend 75% of my loan on payroll, will any part of the loan be forgiven?

12:25 Spending the money after 8 week period, if you are not using the money. 15:45 High rent expense and utility. Do I still need to use 75% on payroll?

16:57 What if employees does not want to return to work after issue a written attempt to them?

18:45 Can 8-week cover period begin when I am fully operational?

21:00 Do I need to open a separate bank account for PPP funds?

22:40 I requested PPP funds to pay independent contractors, but I can't use the funds for this. Should I convert them to employees?

25:55 Where should I record my PPP loan in my accounting books?

29:30 What do I do if I Received EIDL advance but did not indicate on PPP application?

31:24 Do I need to make pension contributions during the 8-week period of the loan?

32:40 I received PPP and EIDL funds. How much is forgivable?

34:15 I received multiple PPP loans. What do I do with the funds?

35:04 Using PPP funds for rental after 2/15/2020.

36:08 As self-employed individual, do I need to 'pay myself'?

39:35 Can I include gas for my business vehicle as a forgivable utility expense?

41:12 Partner Compensation.

44:59 Can I increase my PPP if I have a seasonal business?

48:32 If part of loan is not forgiven, can I just give it back before it's converted to a loan?

51:20 Is lost rent a consideration for PPP application?

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