Jo Ann Koontz, Marina Parkin and Jackie Durham discuss recent legislation (Paycheck Protection Program Flexibility Act), updated comparison between PPP and EIDL, and your questions about PPP.
1:45 Paycheck Protection Program Flexibility Act - What is it?
5:58 When is the loan forgiveness application due?
11:50 Discussing the need for the PPP funds.
15:09 Does the amount of debt forgiveness apply to 2019?
17:58 Schedule C expenses are tied to 2019.
18:28 Discussing paycheck swings: No income from May to June but closing check in July is more than amount received from PPP.
21:50 60 day bank review timeline. When is forgiveness application due?
26:25 Documenting number of employees.
30:18 Can I apply for PPP if already received an EIDL loan? Can I qualify for forgiveness of both loans?
37:15 Will Koontz and Parkin, CPAs complete forgiveness application?