PPP Loan Frequently Asked Questions June 6, 2020 (60% calculation, FTE, EIDL Grant)

Today I’m answering frequently asked questions about the PPP loan.

What is up with this divide by .60 thing? Some other guy is saying that you should divide by .60 to calculate PPP forgiveness amounts and that doesn’t seem right.

Do you really lose PPP loan forgiveness if you don’t have at least 60% expenses used on payroll? Indeed you do, however, key senators are looking to change that. Also, I’m sure most people will not have an issue reaching that amount.

Are expenses paid with forgiven PPP loans deductible? At the moment, no.

How does the EIDL grant effect the PPP loan? The EIDL grant does affect the PPP loan forgiveness amount.

How does the FTE calculation work for the PPP loan? This is a lot to unpack so I would just watch the video.

Can you pick any 8 weeks out of the 24 week covered period? No! You elect either 8 weeks or 24 weeks for all of your calculations.

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PPP Playlist:
https://www.youtube.com/playlist?list=PL_NsTNDu5AJfIvbNI6pqiCNN6Xx-GMAmV

EIDL Playlist:
https://www.youtube.com/playlist?list=PL_NsTNDu5AJe7GgKLSPl8TgwoLJygX_lh

COVID-19 Playlist:
https://www.youtube.com/playlist?list=PL_NsTNDu5AJd0-oafYxfqXBmZk9EmSiwF

This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

https://youtu.be/dzSKI-N_Ee8

Видео PPP Loan Frequently Asked Questions June 6, 2020 (60% calculation, FTE, EIDL Grant) канала Nguyen CPAs