#Bill boss rotary full

#Bill boss rotary full

She maintains two teaching studios and performs chamber music in the tri-state area for her event music company. Monica holds a Bachelor of Science in Music Education from West Chester University, and is a summa cum laude graduate of Yale University where she studied on full scholarship for her Masters. She has served on the Board of Directors of the Association of Fundraising Executives, Big Brothers Big Sisters, and Pennsylvania Resources Council, and is a member of the Southern Chester County Chamber of Commerce.īrenda's Troutman's interest in gardening began at a young age when she started helping her dad in the vegetable garden. As Executive Director of the Kennett Symphony, her strategic vision and implementation has lead the organization through a successful turnaround in all areas of its business. Monica serves as Principal Flute of the Kennett Symphony and is Co-Principal Flute of the Bay Atlantic Symphony Orchestra. Monica Buffington, our speaker and Executive Director of the Kennett Symphony has cultivated a multifaceted career in music including work as an arts administrator, performer, educator, and governance partner. If restrictions can be lifted in the near term, we hope that these funds will allow small businesses to recover quickly.Īgain, thanks to Fenstermacher and Co. With the changes, most businesses should have no issue attaining full forgiveness. Additional documentation is required to be maintained by the borrower, including documentation of Wage/Salary information and documents supporting FTE exceptions. Documentation will need to be submitted to the lender with the application including payroll reports, payroll tax forms, lease agreements, cancelled checks and invoices for payment of utilities, health insurance and retirement benefits. At this point, most lenders are not ready to accept applications for forgiveness. It is essentially the same application without the FTE forms.Īpplications will be submitted through your lender many of whom are expected to create online portals. There is an EZ application form for borrowers who have no employees or did not reduce their FTE count or meet one of the exceptions to the FTE rules. This new exception provides much needed relief for businesses that have had to close or alter their business to comply with government mandates. There is now an additional exception if the borrower was unable to operate at the same level of business activity due to compliance with requirements of certain government agencies for social distancing and other safety requirements related to COVID-19. There is still an exception if the FTEs reduced but were later restored by the date the forgiveness application is submitted. The FTE reduction still applies, however it includes some notable exceptions.It does not apply if an employee's total pay reduced because of reduced hours. The Salary/Hourly Wage reduction only applies if an employee's salary or rate was reduced.The forgiveness amount can be reduced by a Salary/Hourly Wage Reduction or by a Full Time Equivalency (FTE) Reduction Calculation. The owner payroll limitation prevents the borrower from increasing the owners pay in 2020, however there are no similar rules related to family members or other related parties. For borrowers using an 8-week covered period the cap is $15,385 or the eight week equivalent from 2019. The limitation for owners (owner-employees, self-employed individuals, or general partners) using a 24 week covered period is capped at $20,833 or the 2.5 month equivalent of their applicable compensation in 2019. One of the key takeaways from the updated instructions is the individual limitation for payroll costs ($100,000 annualized) increased substantially with the longer covered period ($15,385 for the 8 week covered period and $46,154 for the 24 week covered period). This means failure to have 60% of your loan amount in eligible payroll costs will not cause the borrower to lose all forgiveness. Forgiveness will be prorated so that payroll will make up 60% of the forgiven amount. The interpretation by some that the 60% payroll requirement was a 'cliff' is not correct. Borrowers can choose whether to use the eight week or twenty four week periods. The most significant changes were the extension of the eight week covered period to twenty four weeks and the reduction of the payroll requirement from 75% to 60%. The instructions provide some clarity regarding the Paycheck Protection Program Flexibility Act of 2020 that was signed by the president on June 5th 2020. The SBA has released a new application form for forgiveness of the Paycheck Protection Program (PPP) loans.