Definitions
Paycheck Protection Program
What does PPP stand for?
8-weeks or 24-weeks depending on the PPP disbursement date
What is a Covered Period?
An accepted alternative method to signing a form online
What are e-signatures?
What is Line 9?
Payments made to your employees during the covered period
What is Cash Compensation?
Cutoff date for first PPP coverage period.
What is June 5, 2020?
Payroll Tax Filing, Current Lease Agreement, Utility Invoices, etc.
What are documents needed to apply for PPP Loan Forgiveness?
Received annual compensation of $100,000 or more for any pay period of 2019
What is Table 2?
Mortgage Interest, Utilities, and Rent/Lease
What is Non-Payroll?
You must pay monthly installments before the maturity date of the loan
What if my loan is not forgiven?
Type of Employee that is not eligible to be included in a borrower's Payroll Costs
What is Independent Contractors?
Average FTE during the Borrower's chosen reference period
What is Line 11
The average number of hours paid per week divided by 40
What is FTE?
What is FHB Document Checklist?
Borrower must retain PPP documentation for this amount of time after the date of the loan is forgiven or repaid in full.
What is 6 years?
(SBA representatives have the right to access these files upon request.)
Sum of Lines 1, 4, 6, 7, 8, 9
Inability to operate at the same level of business activity as before February 15, 2020 due to federal, state, or local government ordinances
What is Safe Harbors?
The borrower did not reduce annual salary or hourly wages of any employee by more than 25%
What is a requirement to use Form 3508EZ?
YES!
Can 100% of my PPP loan be used for payroll?
The employee earns >$100,000 in the covered period, but earns <$100,000 during the reference period
What is Table 1?