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PPP & EIDL Loan Update - Shared screen with speaker view
Pat Thompson
Originally, SBAS allowed an S corporation shareholder to add health insurance and retirement plan contributions to the amount to be forgiven. The instructions on the loan forgiveness application indicates business owners can not add health insurance and retirement plan contributions because it is already in the wages. These amounts are not in wages during the year. The health insurance is added to the wages at the end of the year. Should we discuss this with SBA?
Can we apply a second time?
Margaret Levin
I applied for EIDL at the very beginning online, I do not have a copy of that application (just a large number was given at that time that I did a screen shot of) so I cannot see what I filled out. I was told in a letter that I was denied, but somehow I am still eligible for the first 10,000 that they were offering?
Talgat Shokanov
Submitted the EIDL loan reconsideration request mor than one month ago. To date heard nothing back from SBA and no way to check the status on this request. What is current EIDL reconsideration review timeline?
Eileen Casella Rider
Is there any danger in waiting to file our forgiveness to see if congress makes changes?
Ronda Sciolto
My EIDL loan was denied. I only received an email with no explanation. Can I reapply if I id not received a letter with explanation?
Steven Brannigan
Has SBA clarified whether or not capped wages (100k plus) are increased for PPP loans that go beyond 8 weeks?
Christopher D'Ovidio
I received an EIDL. Can I use it to pay taxes? If yes, can I use it to pay 2018 taxes, 2019 taxes and 2020 taxes
John Daniels
How can I go about retrieving copies of my EIDL documents. I have tried to log onto SBA at several links and cannot create a profile or login with application # data. Very frustrating; but I assume that volume at SBA might be part of my problem but shouldn’t be (I don’t think).
Teri Terrien - SCORE Rhode Island
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Margaret Levin
Where can you get a copy of the initial EIDL application? It was the one that you put in for both the $10,000 advance and actual loan itself?
Christopher Brook
Can you use this to State and IRS payroll taxes as part of the "payroll" forgiveness?
John Daniels
Have been approved
John Daniels
and received
Kathleen Finn
sorry I came late... have you talked about PPP yet?
John Daniels
thank you
Margaret Levin
I have not been approved.
Eileen Casella Rider
Did you answer this? Is there any danger in waiting to file our forgiveness to see if congress makes changes?
Margaret Levin
Thanks I have my confirmation number
Sarah Glover
I was able to go back into the portal after completing the loan. I went under PDF & it sent the info to my ibook. Then I printed total form from ibooks.
Are the expenses paid for with forgiven PPP proceeds still deductible on a company's taxes?
Anthony Ricci
Do you think for PPP loans greater than 150K, say 155K the business owner can repay 5K and the use the quick approval process?
Kathleen Finn
did you cover ppp forgiveness for seasonal employees?
Pat Thompson
Since IRS disallowed the expenses paid from a PPP loan that is forgiven what does a 6/30/20 year end taxpayer do with the expense disallowance? The loan has not been forgiven but is expected to in the next fiscal year.
A number of clients seeking to sell their business have been told by their banks that they must obtain forgiveness or repay their PPP loans prior to closing. The timing is not ideal given the time it takes to receive forgiveness. Any thoughts on solutions for sellers with PPP loans?
Christopher Brook
Is the Payroll tax from IRA and the State something we can use the PPP loan to pay and get forgiveness on?
Teri Terrien - SCORE Rhode Island
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