Yes, you can

You can apply to the EIDL as well as PPP. You can watch our EIDL webinar at www.xqcpahouston.com/covid19

PPP covers FTE & PTEs. For PTEs, you will need to look at how many hours they have worked in the past 12 months

In the CARES Act pg. 41, it mentions about when you apply for forgiveness, prove your evidence through the 8 week cover period which is February to June 30th.

No

No

This is fine

We’re referring to a loan repayment (i.e. equipment loan), not the PPP loan.

Please apply where your business account is located.

Yes, absolutely

That is completely fine, what your bank is asking you to do is to apply for the $10K emergency fund.

As long you’re maintaining the same average of employees that should be fine.

The forgiven cover period is anywhere from February to June 30th, according to the guideline.

Only one is required as proof but you may upload additional documents. Business tax return and any payroll reports like 941 or W3 for 2019.

To calculate it, you must take your 2019 W2 reports and look at how many employees you have. It depends whether if PTEs are on 20 or 30 hours. When you ask for forgiveness, it will be 75% of your actual payroll cost.

Yes, it is fine as long you’re able to prove that you maintained an average number of employees.

That’s perfectly fine, if you’re a schedule C or a single member LLC, you still technically your draw is actually your payroll.