Zoom Logo

SCORE Briefing on the New Relief Bill and Its Impact on the Paycheck Protection Program (PPP) - Shared screen with speaker view
Richard Schultz
With my PPP loan and some additional grants that came in I think I would need to return my EIDL loan, how do I do that? Thank you.
alex Bungener
What if you are a sole-proprietor with only ME as employee?
Kristen Gossler
I received a small PPP loan in April. Can I get more PPP money? and is there total forgiveness under 150,000?
Rhonda Alexander
Review impact to taxable income again please.
Christine McLacken
Cannot see the slides.
Sean Pendergast
No one can
Elianna Bresler
Can you put his email in chat please
Alyssa Boss
Can you slow down a little bit?
Teri Terrien, SCORE Rhode Island
As you can see we had trouble with slide sharing. Rest assured, we will provide you with the slide deck as well a recording of this webinar.
alex Bungener
So can I take any 3 month period in 2019 that is 25%+ higher then the equivalent months in 2020 to qualify for the 2nd PPP loan?
Teri Terrien, SCORE Rhode Island
As you can see we have a lot of people attending today. If we can’t get to your question today and you need help, please visit us at www.ri.score.org and click on request a mentor on the home page.
Charles Calabrese
can an auto lease be counted towards valid expenses?
Christopher D'Ovidio
You indicated that the newest and latest forgiveness application will NOT require documentation- just a certification. Please clarify. When will this application be released?
Breda McCarty
I received a small PPP loan and a larger EIDL loan with no advance. What am I eligible for in this round?
Christopher D'Ovidio
How do you demonstrate the 25% reduction in revenue?
Carol Moore
Hello, Bill - did you say that with this new bill we now don't have to subtract the $10K EIDL advance from our PPP forgiveness amount that we are asking for? Thank you
Elianna Bresler
can we have Bill Cunningham’s email address again
Elianna Bresler
I heard him say you no longer have to subtract EIDL advances also
Rhonda Alexander
Is the 100K earners pro-ration only on the 2nd draw PPP funds?
Anita Bille
Still waiting for lender to start accepting initial PPP forgiveness applications. Is this normal?
Rick Lataille
Can we apply for 2nd PPP though the same bank that we did for the 1st PPP?
Teri Terrien, SCORE Rhode Island
If you have questions for Bill Cunningham, please visit www.ri.score.org and request a mentor. Bill or another certified SCORE mentor will attempt to answer your question.
Elianna Bresler
Thank you
Joseph Farmer
Do we have any guidance from RI as to how they are going to treat the forgiveness?
Kathleen Giordano
If I received a PPP loan the first time around plus an EIDL loan then I apply & am given a 2nd PPP loan - will I need to return the EIDL money?
Ben Kaplan
How do we calculate the new amount. Will it be using the same time period as the first PPP
Laurie Lewis
So now the PPP loan is not classified as Income?
Harmony Oschefski
will they consider forgiving the EIDL loans or could you use the ppp to pay it?
Elianna Bresler
As a sole proprietor (w 1 w-2 employee)who got a PPP, I warn anyone newly applying you may have to persist. Both your financial institution you work through (you have to have one) and the SBA are not very knowledgeable about the deals of sole proprietorship. I had to scan and submit FORTY FIVE pages of documents. But was successful. Also you must have a separate business checking account and decent finance records like schedule C taxes.
Trinice Holden
Do we know if there will be another grant thru the EIDL?
Elianna Bresler
Is the restore RI grant taxable??? Since it is only for expenses, it is balanced by the deductible expenses, but if we could not count it as income, AND do deductions, like PPP that would be even better. Restore RI came through commerce department.
Ben Kaplan
How long do we have to use the new PPP. 24 weeks?
Melissa Travis
Please clarify the question on vehicle loans- the answer was not correct. You can add the interest payments only on both Mortgage or Vehicle Loan (strictly used for business), including any business mortgage obligation on real or personal property, which can include interest on an auto loan for a vehicle used for business purposes. Payments of principal are not permitted in any scenario
Melissa Travis
Also, it cannot be a new vehicle purchase, the vehicle must be purchased prior to.. the date is not clear -for PPP1 was Feb 15th
Elianna Bresler
WHAT!!! RI is going to TAX my PPP income if it is forgiven? In which year, if it is not forgiven till Jan?
Carol Moore
Hello, What insurance payments that can be used in the PPP forgiveness application - can we include Workers comp payments, general liabilty payments along with medical & dental premium payments? Thank you.
alex Bungener
Cann we just apply for the same amount as our 1st PPP loan?
Breda McCarty
so low income communities have new EIDL grants advances in this round? My business is in a low income community, we are down more than 25% but we did receive a EDIL loan not an advance in round 1. We also received a PPP in round 1
Carol Moore
I amw with a MA corporation, is the EIDL grant amount taxable on our taxes? Thank you
Mark P
health insurance for 2% shareholders of pass through entities is still not forgivable, correct?
Alvin Snyder
Can I include the company's Errors and Omissions insurance toward PPP expenses?
Michael Cesino
still not understanding the timeframe for 25% revenue decrease. Can you provide a few examples ...start date, end date.
Elianna Bresler
Say again- did I hear right- RI considers PPP money taxable??
Breda McCarty
Hi Sorry, I think my question got missed. if you don't mind, I'm trying to understand. I think you said low income communities have new EIDL grants advances in this round? My business is in a low income community, we are down more than 25% but we did receive a EDIL loan, not an advance, in round 1. We also received a PPP in round 1. Are we now eligiable for the advance in round 2 of the EIDL?
Anita Bille
Thank you!
Elianna Bresler
Thank you
Kathleen Giordano
Thank you, much appreciated!
brian leavitt
Thank you all