Expert Insight: Cares Act, PPP Loans, EDIL Loans, Tax Credits
On this week’s Expert Insight our special guest is Certified Public Accountant and former IRS agent, Vardan Pogosian. In this video, he shares everything you need to know about PPP loans, EIDL loans, what business owners should know when applying for forgiveness, and the effects the pandemic has left on taxes and accountants. With a decade long experience with the IRS, Vardan shares exclusive insight about these important matters.
Vardan Pogosian, CPA
Former IRS Agent
Pogosian & Company, CPA
500 N. Central Avenue, Suite 200
Glendale, CA 91203
7:10 General criteria for PPP forgiveness
13:00 PPP for sole proprietors
16:50 Advice for maximizing forgiveness for business owners
21:00 What is full time equivalent?
23:20 How does losing one full time employee affect loan forgiveness?
27:30 Can I add a family member to my payroll to make up for the shortfall?
31:40 How does forgiven PPP loan reflect on year end taxes?
35:50 Are sick leave payments counted in the payroll forgiveness amount?
45:00 Is there a personal guarantee with the PPP loan for a shareholder?
47:40 Proof of sole proprietorship
49:00 What should one know about the basic terms of EIDL loans?
52:00 Are EIDL loans personally guaranteed?
55:10 Restrictions of EIDL loans and how businesses can spend the loan
58:00 Will there be audits on business loss sufferings?
1:00:00 Will SBA audit all EIDL loans?
1:00:00 FFCRA for tax credits
1:00:05 Is that tax credit visible on payrolls?
1:00:07 What are qualified sick leave wages?
1:00:08 Qualified sick leave wages?
1:17:00 What is an NOL?