Yes, this is fine.

It is mandated by CARES Act.

You must spend the money within the 8 weeks when funds are deposited into your account.

CARES Act does not say no to give a raise to your staff.

Employer portion should not be included in the calculation according to the CARES Act.

There are two categories, average FTE through 2019, and the second category is for businesses like restaurants that just started in December, but that’s prior to Feb 15th. Which the average FTE are based on the average of Jan & Feb.

The funds still need to be spent within 8 weeks, you can hire a new person in order to be forgiven before June 30th

Just the difference.

Yes, it is based on prior financial information; however, you can update the information on the cash flow runway on what your current inflow/outflow will look like. The version that was shown was for members of OneSelfClub, however there is a free version at www.OneSelfClub.com/resources/cash-flow-runway-tool

Yes

Yes, you would have to maintain average FTE. You can’t force people to return to work, so you have all the way till the end of June to hire the number of people who quit in order to be forgiven. It doesn’t have to be the same people to be hired.

Yes you’re able to do that, it isn’t mandated. It’s a strong recommendation that you monitor the funds to make sure you spend 100% of those funds.

Yes, you would have to return the balance.

Yes, it is mentioned by CARES Act. Parking and uniforms is treated as a company expense, but not part of payroll costs.

Yes, Absolutely.

Yes, everyone will want more hours so they can get paid more.

Absolutely, that is part of compensation.

There isn’t any additional requirement; we recommend that you try every bank you can get to. Some get approved by multiple banks, the golden rule is one person each business owner gets one approval. Only accept one, don’t accept multiple.

As a Sole Prop, there should not be company owners because if you are a sole prop there should only be one owner. Afterwards it should be easy, you get the check, put your name, then memo that says, “owners draw”.

Yes, absolutely. This is the best and easiest criteria, all you have to do is write a check, your name, and write owner’s draw. Even if you have no customers, the government wants to pay you to stay in business.

No, they are not considered part of your payroll. They have their own PPP to apply for.

You don’t have to change the payroll date, you could create an additional pay period to utilize the funds throughout the eight weeks.

Yes, it is part of utilities. 25% is rent, utilities, interest payments, and we believe insurance is actually part of the equation.

They have a minimum, so the salary per person is capped at 100k. So yes, you’re not supposed to cut salaries beyond 25% or 100k yearly since this is how much we can get forgiveness that is applicable for eight weeks. Remember the two rules of the PPP, you have to make sure to utilize the funds within eight weeks for payroll purposes. Second, you have to maintain the average FTE before PPP funds are approved when you apply for the PPP program.

No, dividend distribution is not on payroll.

They don’t want you to double dip, so the PPP forgiveness will be offset by the amount that you utilized from the EIDL. For EIDL you utilize it for purposes other than payroll, so for any rent, utilities, interest payments. You can use it for payroll as long it isn’t within the eight weeks you received the PPP since you want to use those funds first so you can ask for forgiveness within the 90 day period upon the expiration of the eight weeks.

Yes, absolutely!

Yes, if it’s your own S Corp then that payroll is for you to pay yourself W2.

Don’t worry, EIDL is for you to pay rent, utilities. Don’t bother using it for payroll, just use PPP for payroll.

If you’re S Corp, don’t worry about the 8/52 rules as they’re not applicable to you.

Yes, absolutely. Cut yourself a check today.