NEWPORT BEACH, Calif.–The National Association of CUSOs (NACUSO) will host a webinar titled “Paycheck Protection Program Loans: A Panel Discussion by SBA-Certified CUSOs” on April 10. The webinar will begin at 2 p.m. ET.
According to NACUSO, credit unions need expertise and answers to meet the loan demand of their business members who qualify for the Paycheck Protection Program. Panelists will answer questions, including:
- What is the procedure to make loans?
- What lenders qualify to make loans?
- How do you become qualified?
- Can CUSOs be borrowers?
- Can credit unions be borrowers?
- Do part-time employees count?
- What are the permissible loan terms?
The panel will include Shane Knighton of Member Business Lending, LLC; Mark Ritter of Member Business Financial Services, Joe Barbato of Milbury FCU and MCU Commercia; Services
For info, go here.
AICPA Praises Clarifications
Separately, the American Institute of CPAs (AICPA) is praising the Treasury Department and Small Business Administration (SBA) for providing further clarity on the application process for the Paycheck Protection Program (PPP), the $349 billion small business relief program that is a key part of the CARES Act. ICPA has made over the past week.
Treasury and the SBA posted an 18-point PPP FAQ with updated information last night. The AICPA said it and its small business funding coalition have been advocating for additional clarity on certain provisions of the PPP, and this FAQ is critically important to help facilitate the funding of small businesses.
The FAQ clarify:
- Using the Gross Payroll approach for both loan application and forgiveness – the guidance also clarifies that employer FICA should not be included
- The $100,000 salary limitation does not include healthcare, retirement benefits, and state and local taxes
- Applicants who use Professional Employer Organizations (PEOs) can provide payroll reports since they cannot produce individual entity payroll tax documents
- Time period to calculate payroll costs for maximum loan amount