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  • Webcast on PPP loan forgiveness

    This webcast is taught by Don Farmer, CPA. Farmer is a highly regarded tax educator. I have taken courses he has taught, both via webcast and in person. His classes are highly attended. His in person class I took in December had several hundred attendees. The webcast I took last year had over 1000 attendees.
    Maximizing PPP Loan Forgiveness Based on SBA’s Loan Forgiveness Application

    May 29 | 1:00–4:45 pm | Webcast
    June 2 | 10:00 am–1:45 pm | Webcast REPLAY
    On May 15, The SBA released Form 3508 “Paycheck Protection Program Loan Forgiveness Application” which provides detailed guidelines for determining PPP loan forgiveness. This webcast led by Don Farmer, CPA, will focus on helping clients plan for maximizing PPP loan forgiveness and guide you through the completion of Form 3508.

    To address the most pressing questions and concerns, Don customized the content for this program based on questions and conversations that NCACPA members posted on the Connect Online Forum.

    Get the answers to your questions and receive a detailed analysis of the SBA’s loan forgiveness provisions.
    To prevent technical issues and ensure this webcast runs smoothly, our platform provider made the following adjustments:
    • Implemented caching to reduce the amount of database connections and queries the system needs to run, easing the burden on the database.
    • Switched to GraphQL which allows for faster load times so the control panel is not bogged down when loading attendees for large events.
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    th
    quote:
    "It is sad that open-wheel racing has become a buy a ride situation, but it is what it is."

  • #2
    https://www.macpa.org/product/don-fa...ter-nunnallee/
    quote:
    "It is sad that open-wheel racing has become a buy a ride situation, but it is what it is."

    Comment


    • #3
      My banker told me his relatively small bank did over 2,000 of them. Other community banks did well, too, credit unions were involved also.

      Wells turned away almost all of them; I assume they did some big ones but none of the small businesses that really needed the help.

      Comment


      • #4
        It's a great program for companies who can work remotely. Along with that, those companies are usually higher salaried vs rent/utility expenses thus have no issue with the 75/25 rule.

        Not so great for the local brick and mortar who still won't have any sense of revenue after 8 weeks and also usually lower/minimum waged and higher rent and is the opposite of 75/25.

        We'll see if Congress remedies some of those issues with this next Bill.

        Comment


        • #5
          It also does not work for businesses that have a high ratio of mortage/rent to expenses. Absolutely getting destroyed are small B & Bs and hotels.

          Comment


          • #6
            Not following the logic on the complaints. Why is it better for companies that work remotely? It is money to pay employees when companies have reduced or no revenue. It does that regardless of where you work. Nobody should have an issue with the 75/25 rule. The loan amount is based on payroll and is supposed to be used primarily for payroll. In fact the companies with the higher salaried employees will get the worst of it because the loan amounts only accounted for salaries up to $100K. This was not designed as a bailout for companies. It is a lifeline for employees by making sure companies don't have mass layoffs.

            What I have found interesting is the application of the loans to entities that are owned by one individual who takes no salary. Their loan amounts were determined from the Schedule C of their tax returns. What are they supposed to show to qualify for forgiveness?
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            • #7
              Oh, and while we have a know-it-all who scoffed in another thread at the suggestion that some banks are working these apps out of a sense of duty to their communities that is in fact what has happened. The big banks crapped on most people to take care of their preferred customers. Community banks by and large did not.
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              • #8
                TD, you are correct. The big banks took care of their favorites. One of my clients told his Wells Fargo account told him that they didn't care if they made any loans under this program. A friend, not one of my clients, whose business has banked with Bank of America for 30 years could not get BOA to return a call. He got his loan thru First Horizon. He is moving his account. My main business account is with First Citizens, and I can say they did much better processing these loans than most banks. My personal account is with Truist, the merger between Suntrust and Branch Banking and Trust, and after reading the complaints against them on the NCACPA message board, I am tempted to move that account. The only thing holding me back from moving that account is the automatic deposits into that account.
                quote:
                "It is sad that open-wheel racing has become a buy a ride situation, but it is what it is."

                Comment


                • #9
                  Heard the same stories here. My dentist is a partner in a decently sized practice, 2 offices and over 60 employees. Could not get Wells to call him back, got a loan through First. Talked to Wells about giving him a little leeway on his mortgage, no.

                  Another friend owns a small GC outfit, all his jobs shut down. Could not get a call back from Wells, got $110,000 through another small bank.

                  B of A has no branches here, do zero business.

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                  • #10
                    We got ours through Chase on the 2nd round, <$400,000. Have payroll through them and credit cards. No loans(until now).

                    My point on the 75/25, at least here paying like $7 s.f. and up for restaurant/mom&pop consumer space on a main street doesn't work very well.

                    Cash coming in was slow so we needed it and it was a perfect bridge for several weeks while things were sorting out but like when I say working remotely, I'm implying that's billable hours at least for consulting type businesses. Also, businesses like that usually have 60-90 days of AR to help, restaurants have like zero

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                    • #11
                      You're right ... but clients are slow to pay their AR right now because their income is down. I'm doing fine but my AR is as high as it has been in quite a while and I expect it to go up some more.

                      Comment


                      • #12
                        Originally posted by rodneyh View Post
                        We got ours through Chase on the 2nd round, <$400,000. Have payroll through them and credit cards. No loans(until now).

                        My point on the 75/25, at least here paying like $7 s.f. and up for restaurant/mom&pop consumer space on a main street doesn't work very well.

                        Cash coming in was slow so we needed it and it was a perfect bridge for several weeks while things were sorting out but like when I say working remotely, I'm implying that's billable hours at least for consulting type businesses. Also, businesses like that usually have 60-90 days of AR to help, restaurants have like zero
                        Your points are correct but that's not the purpose of the PPP.
                        Center Grove Trojans
                        2008 5A Football State Champs
                        2015 6A Football State Champs
                        2011 Track State Champs

                        Center Grove Jr. Trojans
                        2014, 2015 & 2017 IEFA State Champs

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                        • #13
                          We were the same way, but last couple weeks seems to picking up again. We have a lot of design-build jobs with contractors. Once ALL construction started up again, seem to coincide with getting some receipts

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                          • #14
                            Commercial construction has been interesting. I have engineers that we hire to do inspections prior to funding construction draws. One told us he was refusing to do any inspections until this passed. He also cautioned that construction teams were having a hard time getting crews to work. I have a few construction projects in the works that have never missed a beat but there is a Burger IM being built around the corner and it has sat untouched for at least a couple months.
                            Center Grove Trojans
                            2008 5A Football State Champs
                            2015 6A Football State Champs
                            2011 Track State Champs

                            Center Grove Jr. Trojans
                            2014, 2015 & 2017 IEFA State Champs

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                            • #15
                              Job site visits are interesting right now. Some employees are OK doing it, some are afraid to go. We try to do photos as much as possible. Also, wide range of construction protocols from site to site. We start at 6' social distancing, but when a set of drawings are only 42" wide, that shrinks kind of quick along with not understanding someone behind a mask.

                              Not sure about Indiana, but you know us in California, Newsom did an executive order that COVID related could file workman's comp, ie. we'll assume you got in your course of employment activity and it's up to the Employer to prove otherwise which is virtually impossible. That's got a lot scared and I'm sure one fo the reasons for the less than enthusiastic attitude for a lot of the "white collar" companies to get back into the Office if they don't absolutely have to.

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