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Business Briefing: New COVID-19 Relief Bill Information from AICPA

Tuesday, January 12, 2021 (9:30 AM - 10:30 AM) (EST)

Description

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?

Answer from Kari Hipsak: The pay will still come down to a monthly average so the loan amount can be determined as 2.5 X average monthly payroll +EIDL if the borrower wants to refinance in draw 1.

Question: Are there rules to percentage of the total loan amount that needs to applied to employee paychecks verses other expenses? 

Answer from Kari Hipsak: Yes, the 60% payroll expenses still apply.

Question: Can you add tips to payroll expense ?

Answer from Kari Hipsak: Yes, tips are included in compensation.

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.

Follow up from April Walker: We do know that they have said you have to use or will use on or before the expected date of the 2nd disbursement. So, I think we do know that they will not disburse them both together.

Question: What is the definition of “PROPERTY DAMAGE”

Answer from Kari Hipsak: Costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.

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?

Answer from Kari Hipsak: The portal opened yesterday (January 11) for CFIs - Community Funding Institutions. It is expected to open to all next week.

Question: What about the ERC tax credit which I did use? Is that tax deductible?

Answer from April Walker: You cannot use the same costs that you used to calculate the ERC. But you are now allowed to receive PPP and take the ERC.

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?

Answer from Kari Hipsak: There are two programs under EIDL - a loan and the $10,000 grant. The grant does not have to be repaid.

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 :)


Speakers

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

Zoom link sent following registration
Event Contact
Vanessa Watson
919-967-7075
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