RRF
Any business with a NAICS code beginning in 42 is considered a wholesaler and would have to provide documentation to show they have what percentage of their receipts from onsite sales?
33%
PPP
Paycheck Protection Program
When does PPP End?
May 31st 2021
The maximum loan available to a borrower on a Second Draw PPP Loan is?
2,000,000
This form is an Individual’s Income Tax Return; self-employed, with or without employee’s, report their income using this document; the net profit is considered the owner’s compensation. Answer:
IRS Form 1040 Schedule C or F
What date did the Restaurant Revitalization Funds Open Up to the Public?
May 5th 2021
RRF
Restaurant Revitalization Fund
What system can borrower’s monitor their loan status in?
CAFS
The Borrower may not have more than this many employees, Including full time and part time employees.
300
Which form is an Employer's Quarterly Federal Tax Return; lists each employee paid during the time-period referenced on the document. Very small businesses may opt to report annually and will use a different form?
941
The SBA may provide funding of up to ___________ not to exceed __________ total for the applicant and affiliate businesses.
5,000,000 10,000,000
FTE
Full Time Employee
Which of these types of businesses are not eligible for a First Draw PPP loan?.
A)Tribal Business C) A housing Coopertative
B) An entity that is primarily D) A Temple
engaged in Lobbying
B (Under the Economic Aid Act Any business concern or entity primarily engaged in political or lobbying activities, which shall include any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents is ineligible for a PPP Loan.)
Which expense is not an eligible payroll expense?
Wages paid to 1099 workers.
This form is a Corporation’s Income Tax Return and is specific to S-Corporations); it is also used to verify the amount of retirement and health insurance contributions at the time of loan approval
1120-s
For the RRF program, the “di-minimis” rule is:
5% or $25,000 whichever is less.
EIDL
Economic Injury Disaster Loan
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020, may:
Reapply for a First Draw PPP loan if they previously returned some or all of their First Draw PPP loan funds, or: Under certain circumstances, request to modify their First Draw PPP loan amount if they previously did not accept the full amount for which they are eligible
True or False: In calculating the maximum loan amount to which a sole proprietor, an independent contractor, a farmer, or a rancher is entitled the maximum loan amount is based on net income of the applicant as shown on their 1040 Schedule C or Schedule F.
True
This is a Business Income Tax Return; in the case of Partnerships, Schedule K-1 is filed by each Partner and shows their share of income earned by the business; this amount is considered the Partner’s Cash Compensation. Schedule K-1 is used to verify the cash compensation earned by the partner to substantiate loan approval.
1065
Applicants are required to deduct what from their award amount.
All of their PPP Loans.
NAICS
North American Industry Classification System
How do you calculate First Draw PPP Loan Amounts on Schedule C Sole Prop prior to April 21, 2020 and after April 21, 2020?
If before April 21, 2020 use Gross Profit line 7 on Schedule C, /by 12 X 2.5 = gross Max Loan Amount. If after April 21, 2020 use Net Profit Line 31 using same calculation.
Which business is entitled to a maximum loan based on 3.5 times its average monthly payroll?
A borrower with a NAICS Code beginning with 72 that indicates that it is the hospitality business is entitled to a maximum loan amount based on 3.5 times its average monthly payroll. This multiple is only available for Second Draw Loans.
Please fill in the blanks:
Borrowers Application Form:
Loan Forgiveness Application:
Lender Application Form:
SBA Form 2483
SBA Forms 3508, 3508EZ, 3508S
SBA Form 2484