PPP_Slidespdf
PPP_Slidespdf
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  1. The CARES Act: Payroll Protection ProgramPart 2WEDNESDAY, APRIL 8TH, 10:00AM*WEBINAR*
  2. AgendaWelcomeIntroductions ◦VMS◦Joe Faris, CPA (Accountalent)Payroll Protection Program (Overview)Q&A with JoeNext Events, Resources, Summary
  4. Our Presenter:Joe Faris, CPA (Accountalent)
  5. Paycheck Protection ProgramA Practical, Hands-On Approach to ApplyingJoe Faris, CPAApril 8, 2020
  6. Todays Webinar•Not Intended to be Educational•Intended to be Practical and Hands On•Short Intro•Q&A
  7. Paycheck Protection Program•PPP is part of the $2T CARES Act•$349B earmarked for small businesses to retain their workers•President Trump will ask Congress for an additional $250B•First Come First Serve•Loan amount is about 21% of 2019 Payroll and Payroll Related costs•Loan will be forgivendollar-for-dollar by the payroll andoccupancy expenses incurred in the eight-week period after you receive the loan proceeds.
  8. Paycheck Protection Program•Rough start to the plan•A lot of anxiety due to first-come-first serve•A lot of scams and bad guidance by payroll companies, banks, advisors, etc.•For once, government did a great job•Some cardinal sins:•Sending your application to the SBA•Submitting more than 1 application•Including 1099 Contractors•Paying someone to help you fill out the application •Applying if you do not need it –need to rep “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant”•Waiting
  9. Q&AAlso, feel free to email me at jfaris@Accountalent.com
  10. Thank you for Attending!Survey: https://tinyurl.com/VMSCARES2survey
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