I don't even have payroll, but have been enjoying your videos nonetheless! Make sure to let us know when you have more info for Self-employed folks. Thanks Hannah!
Thanks for all the information you provide. A quick question, If I use all the loan money for payroll, all other columns are entered zero on form? Thanks Bolty
I really appreciate you breaking this down for us - thank you. You're always so helpful. Too bad workers comp is not included in the PPP. We are a union contractor and we work out of our area at times and pay our employees "expenses / per diem" to work out of town. Do you know if this can be included in the PPP forgiveness?
Jamie Meyer if it isn’t covered under employee compensation it should be covered under transportation cost. I am also a Union Company. We are part of a multi employer system. I would like to know if the PPP can be used for their entire Union compensation package? For example every hour that is worked $.66 is paid to an apprenticeship fund, $.51 goes to training and $.05 goes to welder certification. Thea are all part of the employee’s compensation and part of the Collective Bargaining Agreement.
@@LS-bs4tx Which one are you going to put travel pay under payroll or utilities? I was wondering the same about those smaller fund fees we have to pay into for training, etc. and was told to include it but be prepared to have to take it back out.
Jamie Meyer I would put travel under utilities. I think we can include the little funds in gross pay. A cash payment that is a part of their compensation. It would be subject to the $100,000 a year cap.
@@LS-bs4tx Thanks. I was planning on putting the smaller funds in with the retirement but maybe putting under gross pay would make more sense. Are you a CPA or are you working with one? Would be curious what a CPA would say about the travel pay and the small union funds we have to pay into. So many unknowns still and it's frustrating.
Jamie Meyer I was going to do the same with the smaller funds until I researched it.. The SBA has an 18 page Q&A updated on 8/11/2020 that somewhat explains it. I’m an accountant and I have worked at a major firm but I do not have my license. Honestly unless a CPA works with a multi employer collective bargaining agreement, they don’t know. I have yet to find one that knows more then I do or probably you do. I had an issue with an audit a few years ago and I couldn’t find an accountant or lawyer that was able to help. I had to research and fix the issue myself.
This was a great video, Thank you so much. So many of my questions were answered. Just one question: deductions on employee side taken for health care insurance and retirement contributions. Are they allowed to be counted for PPP forgiveness on payroll?
Hannah, if I am a 1-person business filing taxes as an S-Corp, is the employER's contribution to the solo-401k (ie. $37,500 for 2020) eligible to be included in payroll costs? Thanks, your videos are great.
Are health benefits paid by the employer included in the PPP cap for wages and compensation. If I have an employee making $20K in gross wages over the 24 weeks and also receives health insurance paid by the employer at $500 a month for 24 weeks. Is the forgivable total $20K + $3K (health) = $23K?? Thanks
Thank you for the true value you provide on many of these topics!
Thank you! That was so helpful! I've watched several videos about the PPP forgiveness and your videos are the easiest to understand.
Glad it was helpful!
Thank you so much for all the great information. You have been alot of help and I've learned a ton. 👍
You are so welcome!
Thank you so much for all these great videos on PPP. Super helpful!!
Glad it was helpful!
As a banker who will be looking at the documentation submitted with PPP Forgiveness Apps, this information is very helpful!
Thank you for the detailed and thorough explanations. Your videos are always educational, informative, and easy to understand. Wish you much success.
Thank you , great information
Incredible - thank you for taking the time to explain everything!
Thanks for watching!
Thank you! Great info. Now I can get my application submitted!!!
Glad it was helpful!
I always look forward to your videos. Thanks for sharing your knowledge!
Excellent Job!!! Thank You!!!
Glad you liked it!
Clara your my SUPER MODEL.
I don't even have payroll, but have been enjoying your videos nonetheless! Make sure to let us know when you have more info for Self-employed folks. Thanks Hannah!
Thanks for watching! I definitely will!
Was wondering if you can provide us with a sample of the final report that need to be submitted to the lender?
Thanks for all the information you provide. A quick question, If I use all the loan money for payroll, all other columns are entered zero on form? Thanks Bolty
Totally fine to have 100% of the loan forgiveness application be payroll costs and include nothing else!
I could not find the QBO clip. What part of the video was it?
I really appreciate you breaking this down for us - thank you. You're always so helpful. Too bad workers comp is not included in the PPP. We are a union contractor and we work out of our area at times and pay our employees "expenses / per diem" to work out of town. Do you know if this can be included in the PPP forgiveness?
Jamie Meyer if it isn’t covered under employee compensation it should be covered under transportation cost.
I am also a Union Company. We are part of a multi employer system. I would like to know if the PPP can be used for their entire Union compensation package? For example every hour that is worked $.66 is paid to an apprenticeship fund, $.51 goes to training and $.05 goes to welder certification. Thea are all part of the employee’s compensation and part of the Collective Bargaining Agreement.
@@LS-bs4tx Which one are you going to put travel pay under payroll or utilities? I was wondering the same about those smaller fund fees we have to pay into for training, etc. and was told to include it but be prepared to have to take it back out.
Jamie Meyer I would put travel under utilities. I think we can include the little funds in gross pay. A cash payment that is a part of their compensation. It would be subject to the $100,000 a year cap.
@@LS-bs4tx Thanks. I was planning on putting the smaller funds in with the retirement but maybe putting under gross pay would make more sense. Are you a CPA or are you working with one? Would be curious what a CPA would say about the travel pay and the small union funds we have to pay into. So many unknowns still and it's frustrating.
Jamie Meyer I was going to do the same with the smaller funds until I researched it.. The SBA has an 18 page Q&A updated on 8/11/2020 that somewhat explains it. I’m an accountant and I have worked at a major firm but I do not have my license. Honestly unless a CPA works with a multi employer collective bargaining agreement, they don’t know. I have yet to find one that knows more then I do or probably you do. I had an issue with an audit a few years ago and I couldn’t find an accountant or lawyer that was able to help. I had to research and fix the issue myself.
Quick Question - what if you use a Payroll Processing Company and they charge a fee (per check) - can that be deducted?
No, unfortunately!
@@ClaraCFO Boo!!
What about self employed without payroll reports?
This was a great video, Thank you so much. So many of my questions were answered. Just one question: deductions on employee side taken for health care insurance and retirement contributions. Are they allowed to be counted for PPP forgiveness on payroll?
Hannah, if I am a 1-person business filing taxes as an S-Corp, is the employER's contribution to the solo-401k (ie. $37,500 for 2020) eligible to be included in payroll costs? Thanks, your videos are great.
Are health benefits paid by the employer included in the PPP cap for wages and compensation. If I have an employee making $20K in gross wages over the 24 weeks and also receives health insurance paid by the employer at $500 a month for 24 weeks. Is the forgivable total $20K + $3K (health) = $23K??
Thanks
How would an employee know if the employer received the PPP loan?
Loans over $150k have been made public.
Of course I have ADP.
The concepts are still applicable! I think paychex and ADP are not too different if i remember correctly.