| The PPP | The EIDL | Random Bookkeeping |
|---|---|---|
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No! Any calculations we make will need to be backed up by official documents:
• Form 941 - Quarterly employment tax filing (Q1-Q4) • Form 944 - Annual Employment tax filing • Form 1040 - Schedule C (sole prop tax return) • Form 1065 - tax return for partnership
Are numbers that we calculate based on our books sufficient for PPP lenders?
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Economic Injury Disaster Loan
What does EIDL stand for?
|
Equity! (Ie. Retained Earnings/CYE)
Which section of the Balance Sheet is directly linked to the Income Statement?
|
|
Live Oak Bank
Yesterday I posted in our team channel, what's the second recommendation for clients that are looking to apply for the PPP? (hint: who are we partnering with)
|
$10K
If the initial application is approved, the SBA will release up to $___ as an emergency grant to the client within days of the applications as long as they meet the initial requirements for this emergency grant.
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Vehicle value -> assets
Monthly lease payments -> draws/distribution
How do you record personal capital auto leases?
|
|
$10 million
What is the maximum loan amount for the PPP?
|
$2 million
What is the maximum loan amount for the EIDL?
|
1. Loan amount
2. Number of total payments 3. Amount of payment
What three numbers do you need to create an amortization schedule?
|
|
Net Profit - only if it is positive
LLCs (Sole prop/partnerships) who don't run payroll can still apply with what number(s)?
|
* Dividends and bonuses
* Disbursements to owners * Repayment of stockholder/ principal loans * Expansion of facilities or acquisition of fixed assets * Repair or replacement of physical damages * Refinancing long term debt * Relocation
Despite the freedom of fund usage as compared to the PPP, there are still a number of ineligible uses of the EIDL loan. Name 2
|
• Form 1040/Schedule C - Sole prop
• Form 1065 - Partnership • Form 1120 - C-corp • Form 1120s - S-corp
What filing structure do these tax returns indicate:
• Form 1040/Schedule C • Form 1065 • Form 1120 • Form 1120s |
|
• BoA
• US Bank • PNC • TD Bank • Chase • Citigroup • Wells Fargo
Name 5 banks that are taking PPP Applications.
|
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