Marina Parkin (Koontz & Parkin, CPAs) and Jackie Durham (Koontz & Associates, PL) provide an in depth example of completing the PPP forgiveness application long form. This deep dive covers payroll costs, non-payroll costs, calculating employee compensation for wages, additional expenses and more.
1:43 Senate legislation updates: Paycheck Protection Small Business Act
4:15 EIDL loan recap: Who is entitled to loan and what expenses should EIDL funds be used for?
15:18 Paycheck forgiveness application long form example
18:46 Schedule A worksheet - Payroll costs, nonpayroll costs and employee count.
23:50 Calculating payroll for employees.
27:32 Additional expenses example: health insurance and retirement fund.
29:20 Difference between contribution for owners and employees.
32:57 Owner's payroll compensation.
34:44 Adjustments for full time equivalency and salary/wage reductions.
42:27 Potential forgiveness amounts.
45:54 Certifications for paycheck forgiveness form.
50:33 Questions: EIDL funds usage, home office for loans and deduction, funds in unique bank accounts, time limit for EIDL funds, ramification if employee quit.