Education

Thank you for joining us today on our Webinar, Don’t Panic! — Preprare- Payroll Protection Program. In case you missed it: watch the recording below. 

We have included a Coronavirus Emergency Loans: Small Business Guide and Checklist to help you answer questions and guide you in the next steps of the process if you choose to take advantage of this program.

Also, here are a few questions from today webinar that I didnt answer during the webinar but wanted to make sure to address:

Q:   If I pay a provider (locum tenens) as an independent contractor do they count as part of my payroll & does any independent contractor count towards my payroll total?

A:   There is no perfectly clear answer to this …..YOU as the clinic SHOULD add the amount you paid the independent contractor to your payroll average, specifically if they are an independent contractor working at JUST your clinic. BUT in the end the bank will decide how much of their payroll you can use . IT ALSO states that the INDEPENDENT Contractor can file for their own loan (more likely a situation where they travel & work at multiple clinics)

(see more information on the PDF document Coronavirus Emergency Loans: Small Business Guide and Checklist page 3)

Q:   What happens if I have an employee who makes over $100,000 per year salary.

A:   Here is how it reads that they will work with this:

Your employees:   John $110,000 + Jane $50,000 + Deb $40,000 = $200,00 total payroll but now MINUS $10,000 for John’s overage = $190,000 NEW total payroll

Take your payroll $190,000 /12 = 15,833 per month is now your average payroll they will use to figure out your 8 week of payroll requirement & your 2.5 multiplier.

So if you are paying him approx $110,000 per year or 9,166 per month –you can only include 8,333 per month towards your required payroll amount. You can still pay him the larger amount it just only gets credited at the lower amount for your payroll total when calculating the Loan Forgiveness.

(see more information on the PDF document Coronavirus Emergency Loans: Small Business Guide and Checklist page 3)

If US Bank is located in your area, and you’d like to be notified about this program, please complete the US BANK inquiry form: Paycheck Protection Program inquiry form. If you do not have US Bank in your area please be sure to reach out to your local banker to see how they can help you with this process.

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