Let's Discuss PPP From a Banking Perspective

Friday, May 22, 2020

 

On Thursday May 21st, Koontz & Associates, PL and Koontz & Parkin, CPAs discussed the Paycheck Protection Program with Kathy Collums, SVP of Sabal Palm Bank, giving us a unique banking perspective. Use the timestamps below to jump to topics of interest.

TOPICS

1:20 When is the loan application due?

3:57 With exposed employees who must stay home for a few weeks, how will that affect FTE calculation for PPP?

5:50 What utilities are included for the use of PPP funds?

10:15 Guidelines for independent contractors?

11:19 Should you have a separate account for PPP funds?

15:26 Do I need to give back the funds if I'm not having economic difficulty?

20:49 Introduction of Kathy Collums Small Banker from Sabal Palm Bank

23:28 Loan Forgiveness Preparation

26:50 Tips to make forgiveness easier

32:38 Importance of documentation in the PPP time frame

33:39 Is the lender responsible for verifying the proper use of funds?

39:32 Importance of banking with a community bank

42:50 Retention time on loans

44:50 Sabal Palms Bank experience with 1099 self-employed workers

50:50 I don't run payroll, how will I document my forgiveness?

52:55 $15k cap of debt forgiveness for independent contractors

53:50 Calculating owner compensation and owner-employees

SPEAKERS

Koontz & Associates, PL | Jo Ann Koontz & Jackie Durham https://www.koontzassociates.com/

Koontz & Parkin, CPAs | Marina Parkin https://www.koontzparkin.com/

Sabal Palm Bank | Kathy Collums SVP of Sabal Palm Bank | [email protected]


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