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Posted on 4/1/20 at 10:27 am to Spock
i just used 3/31/19 to 04/01/20.
Posted on 4/1/20 at 11:13 am to Spock
From the official application instructions:
For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.
For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.
Posted on 4/1/20 at 11:32 am to jazzfestdad
Can one pick the origination date of the loan? As we are shut down as a business, it would be better for our employees to use unemployment ($875 per week per employee) until 5/1 and then use the PPP funds for the next 8 weeks.
Or, will the loan originate whenever they want and the funds magically appear, starting the 8 week timeclock?
Or, will the loan originate whenever they want and the funds magically appear, starting the 8 week timeclock?
Posted on 4/1/20 at 12:19 pm to eyepooted
Anyone know how it'll be viewed for Owner/ Operators?
Me and my business partner don't have payroll - we just take monthly draws. Will monthly draws be viewed the same as payroll? No employees - just us two.
Me and my business partner don't have payroll - we just take monthly draws. Will monthly draws be viewed the same as payroll? No employees - just us two.
Posted on 4/1/20 at 1:10 pm to lsugerberbaby
quote:
Anyone know how it'll be viewed for Owner/ Operators?
Unless it's W-2 income then I don't think it counts.
Posted on 4/1/20 at 1:39 pm to Spock
Nah. We're K-1.
I can't imagine we're the only ones that operate like this for a small business.
I can't imagine we're the only ones that operate like this for a small business.
Posted on 4/1/20 at 2:04 pm to lsugerberbaby
i have a similar situation. set up as an s-corp and i pay my wife and myself w-2 salary that is less than $100k a year to each of us but the K-1 puts us over $100k each so not sure how that will affect us with the PPP loan
Posted on 4/1/20 at 2:12 pm to VABuckeye
quote:
Employee Retention Credit
I looked at it, but it's kind of worthless with everything else they're handing out. I can't take the credit and also the PPP loan.
Posted on 4/1/20 at 2:37 pm to Jerrysworld
quote:
set up as an s-corp and i pay my wife and myself w-2 salary that is less than $100k a year to each of us but the K-1 puts us over $100k each so not sure how that will affect us with the PPP loan
I'm in this exact situation, so any insight would be appreciated.
Posted on 4/1/20 at 4:21 pm to medtiger
I understand you can't use the EIDL and PPP, it is either or, however if you only applied for the EIDL and haven't taken the loan, are you now excluded from the PPP?
Anyone know?
Anyone know?
Posted on 4/1/20 at 4:51 pm to Tigerholic
quote:
I understand you can't use the EIDL and PPP, it is either or, however if you only applied for the EIDL and haven't taken the loan, are you now excluded from the PPP?
Anyone know?
My understanding is you can use them both, the EIDL simply can't be used for the same thing as the PPP or else it won't be forgiven or turned into a grant.
Posted on 4/1/20 at 5:29 pm to baldona
I have some clients that applied for the EIDL because it was the highlighted link at the top of the SBA website, but they really just wanted the PPP. Doesn't seem like there's a way to cancel their EIDL application, so I'm at a loss on how to help them now 
I have a feeling this will be a common problem
I have a feeling this will be a common problem
Posted on 4/1/20 at 6:10 pm to Spock
quote:
How is everyone calculating the average monthly payroll? YTD 2019? 3/1/19 - 2/29/2020?
2/1/19 - 1/31/20
Posted on 4/1/20 at 6:13 pm to Jerrysworld
quote:
i have a similar situation. set up as an s-corp and i pay my wife and myself w-2 salary that is less than $100k a year to each of us but the K-1 puts us over $100k each so not sure how that will affect us with the PPP loan
For an S-Corp it will use only payroll. Your distributions will not count.
For a partnership, it will use guaranteed payments that are subject to se tax and nothing else.
For sole props, they will use the net income from schedule C.
Posted on 4/1/20 at 6:57 pm to Spock
I used 4/1/19 to 3/31/2020 but also calculated using 2019 (as a back up) as well as they might want to try to tie it to 940, etc. 2019 is in the instructions but i've also seen information that they want it tied to 12 months rolling numbers. CONFUSING.
How is everyone calculating the number of jobs on the PPP app?
1) Based on the number of employees?
2) FTEs
3) What time period are you using to calculate FTEs?
Thanks,
Ken
How is everyone calculating the number of jobs on the PPP app?
1) Based on the number of employees?
2) FTEs
3) What time period are you using to calculate FTEs?
Thanks,
Ken
Posted on 4/1/20 at 9:21 pm to kaaj24
Number of employees. I think FTE is only applicable for purposes of the forgiveness portion. Although we’re around 250 employees so well under the 500 limit either way.
Posted on 4/2/20 at 9:38 am to eyepooted
PPP question:
Do student internships count in either the payroll calculation on the front end OR (more importantly) the FTE calculation on the backend?
We normally only have interns during the academic year and not during the summer. Which means we might be down two students (possibly counting as 1 FTE) during the 8-week loan period which in a small office could take a huge chunk out of our forgivable loan amount.
Any insights?
Do student internships count in either the payroll calculation on the front end OR (more importantly) the FTE calculation on the backend?
We normally only have interns during the academic year and not during the summer. Which means we might be down two students (possibly counting as 1 FTE) during the 8-week loan period which in a small office could take a huge chunk out of our forgivable loan amount.
Any insights?
Posted on 4/2/20 at 9:34 pm to eyepooted
My company has 40 headcount in US and under $20 MUSD annual revenue. However, we have a foreign parent and headquartered in Europe. I think that means all of the good SBA options are not eligible for us.
Which also means we may not survive this situation and end result of 40 layoffs.
Which also means we may not survive this situation and end result of 40 layoffs.
Posted on 4/3/20 at 9:07 am to VABuckeye
quote:
Who else expects this to be a giant clusterfrick?
It's only been a couple of hours since it went live and it's already a clusterfrick. I get why because this thing was rammed through, but damn if it isn't stressful.
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