The Coronavirus Pandemic continues to affect how you do business; related programs are continually evolving. To keep you up to date on the the CARES Act Paycheck Protection Program (PPP), IPC hosted a complimentary webinar with experts from Independent Rx Consulting. Participants were able to listen as Owen Bondurant and Rich Danhof discussed PPP loan forgiveness application processes, eligible expenses, documentation as well as critical items for loan recipients. Click here to view the recorded webinar and click here to see the presentation slides.

We have compiled some of the most frequently asked questions from the webinar for you to review below. Reach out to us at 800-755-1531 if you have any additional CARES Act PPP questions that you want answered. Check back here often as we add more details and answer additional questions.

Frequently Asked Questions

If i cut my store hours but payed all of my employees their regular salary, can I use the EZ form?

Can you use the EZ Form if you replaced an empoyee with a new employee at the same salary?

If the owner’s salary was below $100,000 in 2019 but now is above $100,000 is it capped at the 2019 number?

How do you apply for forgiveness?

IF you did not recieve the EIDL advance, how do you apply for that?

Can the employer's portion of social security be added to the overall payroll cost?

When does the 1% interest on the unforgiven part of the PPP loan start?

Can you use EIDL for short term debt?

Can you use the EZ Form if you choose an 8 week covered period?

what can we do if we never receive EIDL advance (up to $10,000) ?

Follow this link to the EIDL Loan application. You will fill out the EIDL applicaiton. On the application they ask if you would like to receive advance, select yes. This does not mean you have to accept the full loan.