PPP and EIDL Updates and Clarifications

Tuesday, June 16, 2020

Marina Parkin (Koontz & Parkin, CPAs) and Jackie Durham (Koontz & Associates, PL) discuss the latest updates to PPP and EIDL loans including the PPP Flexibility Act modifications, newly available EIDL funds and how the changes to these relief opportunities can impact your business.

PPP Updates and Clarifications

1:19 New application deadline.

2:30 Length of maturity date.

3:04 Deferrment period of PPP payments.

4:38 PPP cover period.

7:00 Loan forgiveness period.

8:51 60% Cliff: Spending 60% of loan on payroll costs.

EIDL Updates and Clarifications

11:05 Refresh on EIDL Loan, new funds open, new wave of approval.

12:22 EIDL Loan, grant clarification and forgivness.

15:36 What are the permitted uses of EIDL?

18:40 What is the EIDL loan intended for?

19:30 EIDL Payroll vs PPP Payroll.

25:45 Real Estate business: Benefit from EIDL?

Questions and Answers

28:45 501c7 included in EIDL?

29:25 Received grant but not the loan. Should I apply again?

31:39 Realtors / Independent Contractors / Sole Proprietors: PPP and EIDL funds.

38:30 Are EIDL grants available?

39:20 If received PPP but EIDL now coming through, do PPP fund usage need to be supplied?

41:57 Can you use 100% of the PPP loan on payroll?

42:47 How do you date your loss of revenue when applying?

43:45 Should you fill out current foregiveness application?


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