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PPP & ERC for Small Firms - Shared screen with speaker view
Jessica Roberts
27:41
Hello, everyone! If you have any questions or comments, feel free to share them here in the chat.
Cathy F Graham
29:21
4/15 my preference
David Norris
33:30
5/15
Lisa Bennich
34:05
6/1
Lisa Bennich
38:26
100% forgiven
Edward McDermott
39:03
100% forgiven
Cathy F Graham
39:35
most all have been forgiven but some banks have stopped accepting applications
Wendy Hudson
39:39
All forgiven. Banks still have not made adjustment for the EIDL advances no longer being subtracted from the forgiven amount.
Charles Terry Jones
41:23
Almost all have been forgiven; however, one bank granted too large of a loan amount to a sole proprietor based on the sole proprietor's 2019 profit; therefore, the full loan was not forgiven.
Wendy Hudson
57:32
For the clients I have filed a 2020 941-X, I used the schedule I created for the second draw PPP loan to compare the income to make sure they are eligible.
Lisa Bennich
57:38
waiting until after due date
Shelly LaGroue
57:38
I haven't done so yet, but I am planning on looking at the employee retention credit. The problem is finding the time. After tax season???
Wendy Hudson
58:21
If the news would stop announcing things, I wouldn't get so much pressure!! ha!
jimmy webb
59:13
We are definitely looking into the ERC. Getting the doc's from employee leasing firms and payroll processors of our clients to determine FTE's, whether or not the client was shut down or partially shut down, etc
Josh Russell
01:00:00
For 2020 though, it still needs to be the 50% decrease correct? We have only found one client (so far) with that large of a revenue decrease.
Wendy Hudson
01:00:44
Unless they had a requirement from the government to reduce their business capacity or they closed them down because they are "nonessential".
Dale Fowler
01:12:58
Also can't use ER
Dale Fowler
01:13:23
Also can't use ERC for EIDL loan in excess of PPP?
Russell McKee
01:19:26
Just to clarify: ERC eligibility a quarter by quarter gross receipts calculation or does one quarter of eligibility qualify the company for the entire calendar year? Does an involuntary shut down automatically qualify non-PPP wages for ERC?
Russell McKee
01:22:18
Would the 2021 quarterly revenue comparison be made against the 2019 time period or 2020 time period?
jimmy webb
01:22:34
If the company qualifies for ERC due to shut down in 2nd quarter, but no shut down in 3rd...does the 3rd quarter qualify as a recovery quarter?
jimmy webb
01:29:09
My example was a partial shutdown for around 6 weeks, (Restaurant) and was able to maintain revenue without a 50% decline.
Jeannine Birmingham
01:31:01
Is it expected that the Senate Parliamentarian will make a decision about the hourly wage today? Soon? If she says no, what will happen with the bill.
Dylon Johnson
01:40:10
You mentioned related party wage limitations with the ERC. Do PPP loans have the same limitations?
Jeannine Birmingham
01:49:46
Thank you Carl! We are always honored and thankful to have you share important, timely, professional information with Alabama small firm members.
lykethia pierce
01:50:13
Thanks Carl!
Cathy F Graham
01:50:53
you get into not deducting the expenses if you do not report the loan even if it has not been forgiven...
Al Ellison
01:51:19
Please share the slides. Thank you!
Shelly LaGroue
01:52:54
I am concerned this tax season will be as bad or worse than last year. :(
lykethia pierce
01:54:04
Perhaps tax filing gaps may increase due to taxpayers not understanding legislation...unfortunately
Russell McKee
01:55:19
are CPA's considered to be in a high-risk group for COVID vacinations?
Cathy F Graham
01:55:41
it would be easier if it was not constantly changing --just as soon as you feel you have it figured out, they change the procedures again
Cathy F Graham
01:57:24
alabama is currently administering to the group 1C is my understanding
Cathy F Graham
01:58:00
This was per Dr Scott Harris this morning
lykethia pierce
01:58:33
Are there any new AL legislation updates related to the pandemic?
Russell McKee
01:59:19
good program, thanks!
lykethia pierce
01:59:41
Thanks!
Shelly LaGroue
01:59:52
Thank you all!
Lisa Bennich
02:00:04
I would like that recording too
Krispin Nelson
02:00:44
knelson@ascpa.org