Business Briefing: New COVID-19 Relief Bill Information from AICPA
Tuesday, January 12, 2021 (9:30 AM - 10:30 AM) (EST)
Business Briefing on the Covid-19 Relief Package and PPP 2
With expert guest speakers from AICPA and SBA
Please join us on Tuesday, January 12 at 9:30 a.m. as we share timely and relevant information to help you and your business get answers to PPP-related questions.
This virtual conference will take place over Zoom. This event is free and open to all, but registration is required. You will receive the meeting information in a reminder email before the event.
Questions and Answers from the Chat
Question: We were in business prior to Feb 15 but didn’t start payroll until June 1 2020 - any gotcha?
Answer from Kari Hipsak: None that we're aware of. You'll simply have to pick a comparative period that will work given your particular scenario.
Follow Up Question: So we would calculate pay over a 6month period not 12months, correct?
Question: Are there rules to percentage of the total loan amount that needs to applied to employee paychecks verses other expenses?
Question: Can you add tips to payroll expense ?
Question: The verbiage, 'have used' or 'will use' for 2nd draw, what would the proof of 'will use' be. I never did a first draw and now I would like to do both since they RETROACTIVELY made the funds tax deductible
Answer from Kari Hipsak: We need additional clarification on this area.
Question: What is the definition of “PROPERTY DAMAGE”
Question: Can you confirm or clarify if the portal opened for first time borrowers yesterday but second time borrowers it is not open to us until Monday?
Question: What about the ERC tax credit which I did use? Is that tax deductible?
Question: Is the $10,000 EIDL a grant or a loan? Does it have to be repaid? Do you have to take the remainder of the loan?
Question: Do you expect the current quarter (Q1 2021) to become an eligible quarter if there is still PPP2 money available at the end of Q1?
Answer from Kari Hipsak: The program would have to be extended by Congress and if that is the case, they would likely make any adjustments then as well. We'll have to wait and see :)
Kari Hipsak, CPA, CGMA - Kari Hipsak, CPA, CGMA is a Senior Manager with the Firm Services team at the AICPA. Kari spent over 5 years with public accounting firms working with A&A clients in an array of industries prior to joining the AICPA’s Private Companies Practice Section (PCPS). Originally from North Dakota, Kari started her public accounting career in South Dakota and later worked for a firm in New York City. She has been an active advocate for the CPA profession since her time as a student at Augustana University in Sioux Falls, SD. Kari leads PCPS resource creation for accounting and auditing emerging issues. She also manages PCPS IT resources, including cybersecurity. Kari oversees the G400 initiative, acts as the Technical Issues Committee (TIC) liaison, and maintains the AICPA alliance with firm associations and networks.
April Walker, CPA, CGMA Association of International Certified Professional Accountants Lead Manager – Tax Practice & Ethics – Public Accounting
April Walker serves AICPA and Tax Section members by developing and promoting timely and useful tax resources. Prior to joining the Association, she worked in the public accounting field for twenty years, specializing in individual tax, closely held businesses and their respective owners, and not-for-profit taxation.
Patrick Rodriguez, MBA | Senior Area Manager, US Small Business Administration
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