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How to fill out SBA Coronavirus Disaster Loan Documents with long Q&A - Shared screen with speaker view
Judy Hicks
45:05
As an S-corp with a single employee and low overhead would it be simpler to just file for State/Federal unemployment rather than apply for an SBA program such as PPP?
Lang Motes
48:55
Will this Presentation be available after this Webinar to refer to?
Gabrielle Baumeyer
49:58
Are there penalties or fees if we pay off EIDL within 12 months?
Rokisha Coward
50:36
What is the credit score to qualify?
Dr Buck Willis
51:51
So is SBA making the approval decisions not the bankers?
Dr Buck Willis
52:01
for EIDL
Elsie Siegel
54:34
We contract 50% our labor thru temp agency are these included as payroll expenses/
Judy Hicks
55:49
Is it possible to qualify for the Emergency Grant of $10,000 if that is all you need and you do not need or want an EIDL loan?
Lang Motes
56:09
Are Real Estate Property Partnerships eligible for any of these Loans or Grants?
Chitra Janarthanan
57:32
Real estate agents?
kumayl alikhan
58:13
Dr. Buck - that is partially correct. In theory, if you meet the qualifications that SBA has put forth, the bank you work with should not have an issue approving it
Trina Janowski
58:43
Our facility rent is paid once per year, at the end. Can I include this amount to calculate funds needed for the PPP forgivable portion if we pay it early?
Steve Simons
59:12
Does every employee have to be returned to pay status? If not, is the amount simply reduced by the cost of payroll for the employees not returned to duty due to not having a position for them due to lack of business?
Lang Motes
01:00:09
No, actual Real Estate Improved Properties...like Industrial, Office, Retail, etc.
kumayl alikhan
01:01:36
Steve - the loan that you get will be based on your operational expenses, your loan forgiveness is based on how many employees you bring back
kumayl alikhan
01:02:02
If you’re looking at payroll - you want to use the Payroll Protection Plan for the potential of loan forgiveness
William Dannenmaier
01:02:23
Is gross revenue on a cash basis or accrual basis? Meaning invoiced revenue or received revenue?
Steve Simons
01:04:02
Thank you Kumayl.
kumayl alikhan
01:04:58
Not a problem - here is the link https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Steve Simons
01:05:31
I am working with Amegy Bank on the PPP portion of my assistance.
Evrim Baykal
01:06:00
what if you are a start up that was just launching with zero revenue but start up costs
Steve Simons
01:06:11
They are being as proactive as possible but still parsing the rules and application process.
kumayl alikhan
01:07:17
Evrim - You are eligible but your business has to be established before February
Trina Janowski
01:08:04
Can we do both the forgivable PPP for payroll costs and the $10,000 grant for other covered costs (not double dipping)?
Evrim Baykal
01:08:09
Thank you. I set up my LLC last year, then had start up costs like software, furniture, office space leased, etc.
kumayl alikhan
01:08:18
Steve - same thing here with the businesses I’m working with. Still processing at a faster rate
Nicole Phillips
01:08:37
You might have answered my question but I logged off and back on. What if we aren't paying our staff the same amount because work has decreased? Would that turn the grant into a loan?
Evrim Baykal
01:08:48
But was just gaining clients with no revenue yet
Steve Simons
01:08:49
Trina, it's my understanding that if you use the funds based on their guidelines, then yes.
Chitra Janarthanan
01:09:38
i am a real estate agent. but not as LLC . i have license from the state.
kumayl alikhan
01:10:17
Evrim - you still have operational expenses that would include you
Chitra Janarthanan
01:10:54
yes. thanks.
Trina Janowski
01:11:16
Thank you, Steve.
Evrim Baykal
01:11:20
Ok, great. Thank you. I put $0 COGS bc no revenue yet. Hopefully, that is ok, b/c it wouldn't let me put a negative value.
Katherine Nunn
01:14:11
I am a 1099 contractor with no business name can I still apply for PPI?
Jim Regas
01:15:51
Can I save my work on the app.. and go back to it later?
Steve Simons
01:16:05
Is there an active link to check the status of the application?
Evrim Baykal
01:16:17
Thank y'all so much! Feel better, Lalitha! I will call SCORE if I have further questions. IS there a particular SCORE office that we should call for EIDL related questions, or any Houston office?
Cecilia Bonnickson
01:18:15
Where do I send my completed PPP loan application?
Trina Janowski
01:19:02
Can we apply for the advance grant portion and not more for the EIDL loan?
Priscella Encalade
01:19:16
@Trina - yes
Trina Janowski
01:19:35
Thanks, Priscella
hong phan
01:19:42
Where can we find the forms for EILD Loan? I cannot find them on SBA.gov.
Priscella Encalade
01:19:43
you can return any funds not needed and reduce the amount owed according to her previous stmt
Monique Lampkin
01:19:59
Good question Priscella
Priscella Encalade
01:20:40
Where do we check the app status again? Did she say when the application status slide was shown?
Priscella Encalade
01:20:51
Thanks, Monique!
Priscella Encalade
01:21:38
Are the panelists answering questions?
Pooja Sharma
01:21:58
liabilities question: does 5 year lease on business space count as liability?
Altaf Mawani
01:22:28
Is it possible to get a recording of this webinar?
Keala Tyler
01:23:05
My question hasn't been answered... If we are incorporated in a US state, but wholly owned by a larger UK company, would our US Inc be considered a small business? I know some SBA restrictions have been waived (the Credit Elsewhere requirement). Would our US Inc be recognized as a small business under these new circumstances?This is critical for us because UK relief funds don't apply to our US Inc.
Pooja Sharma
01:23:50
in Scorporation, I am 100% owner... my question: do I need to provide finanacials of my husband who is working some other company. We file jointly
john terry
01:24:11
I’m not an expert on this Keala but I don’t think so
Wanna PIerce
01:24:24
Katherine Did you get the answer to your questions...I am also 1099
Steve Simons
01:24:34
As the panelists are answering some questions, the main part of this presentation is to assist and answer questions specifically related to the application process.
Steve Simons
01:24:48
And how to complete it.
Keala Tyler
01:24:59
Thanks @John Terry
john terry
01:25:19
No problem! I’d say it can’t hurt to apply though
Keala Tyler
01:25:27
True
Pooja Sharma
01:26:15
please please can you put up the forms of 4506 t.. I am struggling with it
Steve Simons
01:27:01
The 4506-T form is very easy to complete and will be provided by your lender.
Keala Tyler
01:27:09
@Pooja: The Houston SCORE site has links to all the forms discussed today - same site where you registered for this webinar
William Dannenmaier
01:27:20
Sales on a cash basis or accrual basis?
Steve Simons
01:27:20
You may can find one online to see what it entails.
Rose Fields
01:28:02
can I apply for the grant for my non profit?
Steve Simons
01:28:14
Yes
Rose Fields
01:28:45
thx
Dr Buck Willis
01:28:45
YOU ALL HAVE BEEN GREAT!Thanks @ Doc Willis
Elsie Siegel
01:29:54
Wonderful presentation and panelist response! thank you!
Gabrielle Baumeyer
01:30:36
So the ancillary forms (413, 1368) are only requested AFTER submission?
Faustina Bravo
01:30:50
Can we get an email of the presentation?
Nicole Phillips
01:31:22
Will the $10k just be deducted from the PPE?
Chitra Janarthanan
01:31:56
My name is Chitra. I am a real estate agent with Keller Williams Realty. How SBI is helping us
Priscella Encalade
01:32:02
Where do we check the app status again? Did she say when the application status slide was shown?
Steve Simons
01:32:22
I applied early and I can confirm no payouts yet.
Shanita Johnson
01:32:23
What happens if you lose your loan application number? My computer died before I was able to capture the information.
Chitra Janarthanan
01:32:31
Can we get this webinar presentation with the voice recorded thro email. will be great.
bob zabierek
01:33:18
If we owe back tax that we are making voluntarily an agreed upon monthly payments and no tax lien has been filed against our name are we still eligable
Chitra Janarthanan
01:33:26
can you put that web address in chat
Dindo Borbon
01:33:51
Can I apply PPP through SCORE?
Steve Simons
01:33:57
No
Albert Chen
01:34:06
I am not injuried during the disaster. But lost all my business (business incomes) as I compile stay at home order. Will I qualify for the grant?
SATISH KALRA
01:34:10
Are Dr. Raman's slides available for download or on line?
Steve Simons
01:35:58
In short, this PPP assistance should not be considered to be any benefit to the business owner other than passing through and retaining your employees.
Chitra Janarthanan
01:36:16
How much loan we can get?
john terry
01:36:57
For the PPP if we use less than 75% of money for payroll is none of it forgiven ? Like what if we use 30% for rent as an example?
Priscella Encalade
01:37:02
banks lending only to their existing customers: are the approved sba lenders only, or all banks?
Priscella Encalade
01:37:08
are they
Priscella Encalade
01:37:33
Yes, very helpful!
William Dannenmaier
01:39:37
nonprofit = church
Dr Buck Willis
01:39:43
When you said "existing relationships" with bank does checking account qualify or a previous loan?
Gabrielle Baumeyer
01:39:43
YES - Churches eligible - per US chamber of commerce
Steve Simons
01:39:50
Gross payrolls are asked for.
Dr Buck Willis
01:40:21
AMEN on thanks to SCORE!
Steve Simons
01:40:23
Yes, thank all the Score volunteers for sure.
john terry
01:40:25
Absolutely thank y’all!
Vincent Webber
01:40:27
yes, thank you for your help!
Chitra Janarthanan
01:40:56
It’s really a great session. Very clear.Thank you so much.
Julian Frachtman
01:42:22
Will Dr Raman be providing her notes / slides? There was a LOT of great material that I would like the chance to review again!
Chitra Janarthanan
01:42:32
me too
Lalita Trehan
01:42:42
Hope you can provide us with the slides afterwards so we can refer to them during the process. Thank you.
Dr Buck Willis
01:44:53
Again what is the loan duration for repayment for EIDL bs PPP? Both a 30-year note?
Vincent Webber
01:44:58
will ppp cover new employees? are new employees considered forgivable?
Steve Simons
01:45:41
2 years for the PPP loan at .5% for any monies not used as intended. 30 years for EIDL at 3.75%
john terry
01:46:54
Thanks steve!
Steve Simons
01:47:33
Payroll tax deferment is news to me.
Eugene Maddox
01:47:34
Where do I apply for the EIDL grant ?
Steve Simons
01:48:13
I would urge all employers to NOT defer payroll taxes.
Steve Simons
01:48:35
That would be very detrimental.
Priscella Encalade
01:49:07
I scrolled through and did not see a response on this
Priscella Encalade
01:49:30
where do we check eidl app status?
Priscella Encalade
01:49:40
screen shown on the application status slide
Steve Simons
01:49:57
You would have to call. They intend to add that ability online but it is not there yet.
Priscella Encalade
01:50:22
Thank you - but there was a computer screen with the status on it that she showed...
Steve Simons
01:50:28
They may offer a portal once you are assigned a case agent.
Fernando Rendon
01:50:37
Are you going to make this webinar available on-demand or share the slides?
Steve Simons
01:50:37
Probably a sample.
Priscella Encalade
01:50:42
Ah - ok...
Priscella Encalade
01:50:44
Thanks!
Steve Simons
01:51:23
Yeah, that makes sense.
Priscella Encalade
01:52:06
PPE - another important topic at this time
Priscella Encalade
01:52:09
(smile)
Steve Simons
01:52:33
If the PPP covers gross payroll costs, you'll need to pay those federal payroll taxes. Holding that back would be a bad thing.
Steve Simons
01:55:35
https://www.sba.gov/tx/disaster returns 4040 error
Liv Ann Boughn
01:56:15
please discuss how the ppp and paying part time subs works. Whose responsibility is it to pay them if they work for multiple companies other than mine? And what if they have TINS but not ss#?
Steve Simons
01:56:35
Oh that's bad
Steve Simons
01:56:59
I though the EIDL advancement was for quick disbursement
Steve Simons
01:57:09
That's what I thought too
Steve Simons
01:58:11
I figured that would just be deducted from the ultimate EIDL loan, not the PPP.
LInh Dang
01:59:11
FOR EIDL and PPP, we started business in January 2019 so we havent filed tax return for 2019 yet. what kind of financial statement we can prepare to show them all of our numbers like sales/revenue, expenses? will they look at monthly bankstatements to see our cashflow?
Steve Simons
01:59:41
Probably and certainly certified interim statements.
William Dannenmaier
01:59:57
Most small businesses are cash.
Lang Motes
02:00:00
Are Real Estate Partnerships that own Properties eligible for EIDL and PPP?
William Dannenmaier
02:00:03
Eat what we kill.
Gabrielle Baumeyer
02:00:12
Any penalty or fee for paying EIDL fully within 12 months?
Jim Regas
02:00:16
Jim Regas10:26 AMIs there a way to save you work on the app and continue later ?
Gabrielle Baumeyer
02:03:17
Are the forms (1368, 2202, etc) only requested AFTER submission or PRIOR?
Dindo Borbon
02:04:15
How about your Credit score is Bad?
Liv Ann Boughn
02:05:57
ok, thank you. got it about subs and ppp. mine aren't applicable
SCORE Houston
02:06:40
I have just uploaded the slides from today's presentation. Go to Houston.score.org. The link is at the top. We will post the recording soon... Raj Mashruwala, SCORE
Elsie Siegel
02:07:17
so the company that relies on contracted labor contracted will not qualify under the PPP?
Monique Lampkin
02:07:20
on the website the recording?
Chitra Janarthanan
02:07:25
real estate agents can apply for EIDL and PPP?
Nicole Phillips
02:07:40
I thought Dr Lalitha just said differently about 1099
Nicole Phillips
02:07:51
I have both W2 and 1099
Nicole Phillips
02:08:32
So we can apply for EIDL to cover our 1099 and the PPP to cover our W2?
Gabrielle Baumeyer
02:08:36
Are the forms (1368, 2202, etc) only requested AFTER submission or PRIOR?
Dindo Borbon
02:09:33
How about bad credit?
Monique Lampkin
02:10:32
great counsel Sir
Steve Simons
02:11:04
Earle that was explained as well as you could.
Steve Simons
02:11:18
YES! Call your banks NOW!
Mariana Sammartino
02:11:27
where will this presentation be available?
Steve Simons
02:11:33
Houston.score.org
Gabrielle Baumeyer
02:13:25
Any penalty or fee for paying EIDL fully within 12 months?
Julian Frachtman
02:14:54
THANK YOU!
Dindo Borbon
02:14:54
How about bad credit will be consider in application
Liv Ann Boughn
02:15:25
thank you, this has been very informative. thank you panelists and Dr. Lilitha, you are awesome!
Dindo Borbon
02:15:36
How about bad credit will be consider in application
Chitra Janarthanan
02:16:13
Dr Lalitha and Benard . you were so awesome.
Chitra Janarthanan
02:16:47
can we get info on all your webinars?
Dindo Borbon
02:17:08
Thank you sir
Chitra Janarthanan
02:17:18
Thanks Earl.. Good to know.
Richard Cardenas
02:17:47
This is Rich, approx. how long will it be before case mngrs begin to contact applicants
Bibiana Fernandez
02:18:10
for apply to these programs is enough to have a US residency? Or must I be US Citizen? as an owner.
Eunice Okogbue
02:19:09
Thank you all so much! I am grateful
john terry
02:19:20
I am a small business owner, I haven’t been paying myself
john terry
02:19:28
to keep cost lost for my business
Mariana Sammartino
02:19:33
please provide specific link
Lang Motes
02:19:41
Thank you all!
john terry
02:19:41
can I pay myself anything or
Faustina Bravo
02:19:43
Yhaks
john terry
02:19:45
ok will do
Elsie Siegel
02:19:58
THANK YOU!
Chitra Janarthanan
02:20:04
Thank you
Faustina Bravo
02:20:05
Thanks
Mariana Sammartino
02:20:24
thank you!!
Vincent Webber
02:20:27
bye