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Message
re: Those who received PPP funding
Posted on 4/17/20 at 4:57 pm to RedStickBR
Posted on 4/17/20 at 4:57 pm to RedStickBR
We are having clients runs special payroll to make sure it is covered. Our firm is also having to do that as we are semi-monthly and we would lose our 4th payroll if paid on the usual date.
1
Posted on 4/17/20 at 4:59 pm to YF12
quote:
I have already had a few people just straight up admit they are going to stay on unemployment because they are going to be getting over 20 bucks an hour when you throw in the Federal 600 dollars
If those people are doing that when they have a job to work they are committing fraud. They have to certify weekly they are actively seeking employment and willing to work. If they are turning down hours to sit on their arse I hope it comes back to bite them.
Posted on 4/17/20 at 5:03 pm to LSUFanHouston
I think June 30th is just the date you have to get your fte numbers back. A grace period if you will. I don’t think there is any obligation to keep them employed through that date.
One thing I haven’t seen answered is in relation to ER retirement match. If a persons comp is over $100k it is capped. But if I contribute 4% of comp to an employee’s retirement, is that also capped in relation to their salary?
I envision a lot of gaming with bonuses and retirement plan co tribute on a.
One thing I haven’t seen answered is in relation to ER retirement match. If a persons comp is over $100k it is capped. But if I contribute 4% of comp to an employee’s retirement, is that also capped in relation to their salary?
I envision a lot of gaming with bonuses and retirement plan co tribute on a.
Posted on 4/17/20 at 5:13 pm to BamaAlum02
When calculating the loan amount, the retirements and healthcare contributions were still able to be counted even for employees who made over 100k. I would assume the same holds true for the forgiveness calculation.
Posted on 4/17/20 at 6:54 pm to BamaAlum02
quote:
They have to certify weekly they are actively seeking employment and willing to work. If they are turning down hours to sit on their arse I hope it comes back to bite them.
That rule no longer applies here in LA. And all they have to do is say they are taking care of someone quarantined, have a kid out if school, or say they're worried and unemployment pays.
This post was edited on 4/18/20 at 7:19 am
Posted on 4/17/20 at 6:58 pm to BamaAlum02
quote:
June 30th is just the date you have to get your fte numbers back.
Every webinar I have listened to from attorneys & CPAs have said the exact same thing. But, they are also saying it's at the banks discretion so you should check to see what your lender requires.
Same webinars have specifically said the only exclusion is the salary over $100k. All other benefits are allowed health, local tax, retirement match.)
quote:
envision a lot of gaming with bonuses and retirement plan co tribute on a.
SBA will be paying very close attention to this. The only "bonuses" that is known to be allowed is hazard pay. But, I'm sure you'll need to make sure EVERYONE gets hazard pay and you don't just cover your C-level people.
Posted on 4/17/20 at 7:01 pm to RedStickBR
quote:
However, your actual payroll will only end up being (35 FTEs x 40 hours per week x $15/hour x 8 weeks) = $168,000
Is your actual payroll going down because those five employees are no longer working because of loss of business or do you just have less employees now than you did last year? If you have less employees now because five are unemployed, you would pay them too and be back to 40, right?
Most of our employees are drivers who had time cut to 20hrs per week and filed unemployment. We are planning on paying them at least full time hours and submit their names to unemployment office, so they are off unemployment.
To me as long as you are paying at least 75% of what you get to payroll and bringing FTE # back to what it was, you should be good right?
I did consider paying those people that are staying home maybe a little less than 40hrs and the people that are putting themselves at risk by being at work a little extra.
Posted on 4/17/20 at 7:14 pm to YF12
I don’t really care what you do with it but you just sound like a massive dick.
Posted on 4/17/20 at 7:18 pm to Weekend Warrior79
quote:
SBA will be paying very close attention to this. The only "bonuses" that is known to be allowed is hazard pay. But, I'm sure you'll need to make sure EVERYONE gets hazard pay and you don't just cover your C-level people.
Bonuses for highly comped won’t make sense because you’ll be capped anyway. You’ll see the annual Xmas bonus accelerated to May/June. I haven’t seen anything disallowing bonuses. There are parameters that prevent you from decreasing employee comp by 25% but nothing about going the other way although most assume the increase will also have to be within 25%.
Posted on 4/17/20 at 7:20 pm to Weekend Warrior79
quote:
That rule no longer applies.
It still does in Alabama which is where I assumed the poster I was replying to was located due to his fandom.
Posted on 4/17/20 at 7:21 pm to Spock
quote:
When calculating the loan amount, the retirements and healthcare contributions were still able to be counted even for employees who made over 100k. I would assume the same holds true for the forgiveness calculation.
Agree that is how it should be but there are several changes from loan to forgiveness (employee count, time period).
Posted on 4/17/20 at 8:06 pm to BamaAlum02
Can someone break down exactly how the eight week calculation works? So I ran payroll on Monday and then later that day was funded for PPP. So should that payroll have been deducted from the 75% of my PPP monies or does it begin the next time I run payroll which would be in another two weeks?
Posted on 4/17/20 at 8:19 pm to YF12
quote:
YF12
What a real POS. You are no better than the Central pastor begging for people to give him their stimulus checks.
There will be businesses that close permanently because of greedy pricks like you.
But, God doesn't forget.
This post was edited on 4/17/20 at 8:20 pm
Posted on 4/17/20 at 9:34 pm to YF12
quote:
I am a CPA
Not an ethical one, it would appear.
Posted on 4/17/20 at 9:38 pm to JumpingTheShark
quote:
You HAVE to maintain your FTEs or you’re going to get fricked on the forgiveness. Before anyone asks, FTE is not the same as a point in time headcount.
I’m unsure about the forgiveness calculation. I haven’t been able to find any definitive guidance from SBA. When you say maintain, do you mean maintain the same number of employees that you had and claimed on the PPP application, or are you supposed to compare to a previous time period, like avg 2019 employees?
Posted on 4/17/20 at 9:45 pm to YF12
quote:Disgrace to CPAs
Call the local SS and report me. I am a CPA. I am gaming the frick out of this.
Posted on 4/18/20 at 7:18 am to BamaAlum02
quote:
still does in Alabama
Good call, I'll edit to clarify to not accidentally give out false info.
Posted on 4/18/20 at 7:24 am to LSUlove
My understanding is that since your 8 weeks starts the day your funds hit your account, that payroll could be used towards the forgiveness portion. The timing of whether you can use it is the day the funds actually leave the account.
For example, my opinion, they won't see you made the payment at 10am, but the monies weren't there until 3; therefore, you can't use it.
For example, my opinion, they won't see you made the payment at 10am, but the monies weren't there until 3; therefore, you can't use it.
Posted on 4/18/20 at 7:28 am to rlp
quote:
maintain the same number of employees
You get the option to choose the average FTE for the period of 1/1/20 - 2/29/20; or 2/15/19 - 6/30/19 and compare that to the FTEs on payroll as of the required date.
I don't know if the requirement is as of 6/30/20, or the last payroll under the 8 weeks
Posted on 4/20/20 at 12:54 pm to BamaAlum02
quote:
We are having clients runs special payroll to make sure it is covered. Our firm is also having to do that as we are semi-monthly and we would lose our 4th payroll if paid on the usual date.
Thank you for this! We'll consider doing the same thing. Do you know if you can also do things like:
(1) Pay rent forward, i.e. pay not just current month but next 2-3 months so that amount can be forgiven (assuming the non-payroll items don't exceed 25% of total)
(2) Pay bonuses to employees if you have any $ left within the payroll portion that you want forgiven? We have some employees who've stuck with us through this and we'd love to bonus them out with these funds if we can.
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