ALL ABOUT WORDS
What does acronym PPP stands for ?
Paycheck Protection Program
TRUE or FALSE
Certified Public Accountants (CPAs) can be count as TPP (3rd Party Payroll) .
TRUE
Accountants/CPA can be count as TPP.
Adobe Chat – Chantel Knight dated 11/10/2021.
YES or NO
Are we able to accept payroll reports that are not in PDF format but in Excel where "things" can be changed?
YES
We accept Excel payroll, whether TPP or company prepared.
HMM- Adobe Chat -Francis Tiburcio (9/7/21)
YES or NO
Do you need additional information to confirm TPP if only the name is listed?
NO
Borrower is certifying the information so if the name of the TPP is on the statement we do not need any additional information. All third party statements are acceptable as TPP including CPA.
FAQ#26
Maria Celeste S. Asis is our current Team Leader in PPP Forgiveness aka TL Ces. What is her Middle name?
SEMPIO
Maria Celeste Sempio Asis
This is a term that include housing provided for a member of the clergy by their congregation/governing body
PARSONAGE
PPP Forgiveness Procedure Review
Page 45 Defined Terms
TRUE OR FALSE.
When a Forgiveness Review achieves a Pass, do u still need to complete the remaining Non-Payroll costs?
FALSE
YES OR NO
Can we include the social security deduction from payroll in the retirement plan?
NO
Social Security deductions should be part of gross cash compensation and already included.
FAQ#22
YES or NO
Is proof of payment required for 941 or other tax forms?
YES
Anything other than a third party payroll report requires the proof of payment (cancelled check or bank statement showing payment made)
FAQ#19
Current Manager of TL Ces in CCB BB Operation Manila Team. Who is she?
MAYOR N. MANUEL
What Attachment Level do you usually attached FRUT in APSTAR ?
CREDIT REQUEST LEVEL
The FRUT is attached in APSTAR at the Credit Request level for all Forgiveness Review Requests. Before attaching it, ensure it has been saved.
PPP Forgiveness Procedure Review -Page 28
TRUE or FALSE
We can used State Quarterly Unemployment Tax form in FRUT payroll tax tab for our review in replacement for 941 Federal tax form If the borrower did not submit it?
FALSE
The Borrower is required to provide Federal Tax Forms (941) if Third Party Payroll processor documentation was not provided.
YES or NO
Payroll cost certified by the borrower is $518,089.37. Payroll costs as per the TPP payroll summary report is $470,443.77, there's a variance of $47,645.60. Healthcare benefits are separate but through payroll along, we're able to reach forgiveness. Do I still need to review the healthcare benefits because of the variance?
NO
If you've already reached forgiveness amount requested. No Need to review that anymore.
HMM - Adobe Chat - Christa Lusk ( 9/2/21)
YES or NO.
Is the employer paid health benefits and retirement included in Third party payroll Document acceptable as a stand alone document with no proof of payment ?
YES
As long as we verify that the portion of employer's is paid and anything paid by an employee is not eligible or already included in gross payroll calculation.
FAQ#14
The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020, providing $349 billion funding for the Paycheck Protection Program (PPP). Paycheck Protection Program Flexibility Act (PPPFA) expands loan eligibility under the Small Business Administration’s (SBA) 7(a) program with the intention of assisting businesses impacted by the Coronavirus pandemic. Q# who signed it?
DONALD TRUMP
This is a term that includes Cash compensation, State & Local payroll taxes, Non-cash Healthcare and Non-cash Retirement.
ELIGIBLE PAYROLL EXPENSE
TRUE or FALSE
An Employee Handbook expense be claimed under operational expense.
FALSE
Do not include it, Operation expenses are fees. It’s not an operational necessity.
Adobe Chat - Annette Khreis / Alicia Mary -7/30/21
YES or NO
Is WeWork or Substituate (Membership Driven Office Space) eligible as Landlord and would be eligible as Rent Expenses?
NO
Not eligible- Most of the WeWork agreements are Membership Agreements (where a Membership Fee is paid), rather than Lease Agreements where rent is paid. Additionally, the WeWork agreements include an express statement that the agreement does not create a landlord-tenant, or lessor-lessee relationship between the parties.
FAQ#31
YES or NO
Are software services of a third party processor like Vfficient considered as company prepared payroll?
YES
Vfficient is a software that the PEO Human Capital offers, so yes use as borrower prepared.
Adobe Chat - Annette Khreis 11/01/2021
Do we need 941s during covered period for Schedule C or K-1s?
A. No, if they don't have employees.
B. Yes, if they have employees.
C. All of the above.
D. None of the above.
C. ALL OF THE ABOVE
With no employees - Use the 2019 tax return Schedule C/F or K-1's only and no proof of payment needed.
With employees - Need 2019 tax return Schedule C/F or K-1's for the Owner income and TPP or summary, proof of payment, and federal tax forms for the entire payroll period
ADOBE CHAT REMINDERS
What does the acronym CARES stands for?
C.A.R.E.S.
Coronavirus Aid, Relief, and Economic Security Act
TRUE or FALSE
The borrower needs to provide projected Federal Tax forms if the payroll date range in a quarter has not ended even if they already submitted a company prepared payroll summary report that includes taxes.
FALSE
If the Payroll Date Range is in quarter which has not ended, the Borrower may provide a company prepared payroll document that includes Taxes OR projected Federal Tax forms.
FRUT - Payroll Tax Tab
YES or NO
Are contracted union employees or independent contractors eligible to be on payroll?
NO
Please look at page 25 (29/99) of the deck. its says non eligible payroll costs: Payments to independent contractors.
Adobe Chat - Chantel Knight
YES or NO
Is Insurance documents can be count as Supplier cost ?
NO
Only health, disability, and life insurance can be included under payroll. No other insurance. See the note at the bottom of the payroll tab on the FRUT.
Adobe Chat - Annette Khreis - dated 10/6/2021
Which of the following cannot be used to connect the dots?
A. Bank Statement showing the 3rd Party Payroll Amount for the Covered Period & a Payroll Summary Sheet without the 3rd Party Name. Can be used as TPP.
B. 2 Payroll Summaries (one has the 3rd Party Payroll Name, the other is company prepared) - there's a letter of explanation regarding the company name change
C. Phone Bills were paid to the employees directly. The statements were named after the company. Bank Statements with proof of payment. We can use as proof of utility payments.
D. All of the above
A
We cannot use the Bank Statement to link the Payroll Summary and deem it as 3rd Party Payroll.
Adobe Chat - Annette Khreis dated 10/29/2021