On Thursday, May 28th we discussed the latest Paycheck Protection Program regulations on how borrowers can seek forgiveness for payroll costs, loan forgiveness caps, salary/wages and commission payments for furloughed employees, non-payroll costs and more.
Stay tuned for our next webinar as we plan to do a step-by-step walkthrough on the forgiveness application.
Register for full COVID-19 webinar series: https://bit.ly/koontz-covid19
Download the presentation: PPP Regulation Updates Webinar | May 28th
2:25 When do I need to submit the PPP loan forgiveness application? How should I prepare?
7:20 PPP Loan Updates Agenda.
8:19 Payroll forgiveness cost.
10:10 Payroll forgiveness costs examples.
10:57 I'm not on a bi-weekly payroll or traditional payroll, how will my payroll be foregiven?
13:08 Furloughed Employees: Salary, Wages or Commission Payments to Furloughed Employees and Bonuses.
14:34 Loan forgiveness caps.
21:10 Alternate payroll period clarification.
22:17 Forgivable non-payroll costs.
25:46 Calculation and clarification of full-time employee.
30:00 Calculating full-time employees head count and reduction of full-time employment.
34:15 A reduction in employee's salary or wages in excess of 25%.
38:10 How do you round up or down full-time equivalent employees?
41:03 Safe harbor exemptions & exceptions to reductions.
48:22 SBA Review of eligibility, use of proceeds and forgiveness.
53:40 FAQs 60/40 Owners vs 50/50 owners compensation, self-employment and showing usage of funds.