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.
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?
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
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]