With each day there is new development occurring with the Covid-19 crisis. As our member it is important that we continue bringing you the latest news on how it is impacting your business and what you need to do during this time. In these webinars, we decipher legislation and respond to your frequently asked questions. We have archived all of our past webinars here and you will find links to upcoming webinars in this space as they are announced.
Jan. 7, 2012 Webinar - Jeff King Discusses PPP Loans and Latest Coronavirus Relief Legislation
When: Jan. 7, 2021, 2pm EST - This Webinar has ended. Please click below for a video of the presentation or to download presentation materials.
Click Here to View the Webinar
Click Here to Download Presentation Materials
After months of deliberation, Congress enacted and the President signed a $2.3 trillion omnibus spending package, which includes the long-awaited $900 billion coronavirus stimulus bill. The World Floor Covering Association (“WFCA”) has been actively lobbying on behalf of its members and the Act includes many of the relief provisions proposed and supported by the WFCA, including adjustments to and expansion of the Paycheck Protection Program (“PPP”) and tax deductions and credits. Be sure to attend this webinar to hear the key provisions that will impact flooring retailers, contractors and installers.
Some questions came up from the presentation and we would like to share those and the answers from Jeff King here:
Targeted EIDL Grant
Is this EIDL Grant in addition to the $10k EIDL Grant last year, or is this the same one?
It is my understanding that the new law does not establish a new up to $10,000 grant program. Rather, the new legislation clarifies (1) that EIDL grants are not taxable, (2) that businesses who receive them will not be denied a tax deduction for qualified expenses paid for with those funds, and (3) that EIDL grants will not be deducted from PPP for loan forgiveness purposes.
We had received and benefitted from the EIDL grant last year, so we would like to know if we may apply for a new EIDL grant with this new legislation?
I did not see anything in the new law that established new EIDL grants.
Employee Retention Tax Credit
May we apply for this tax credit even though we are also applying for the “PPP Second Draw?”
You can apply for the tax credit, BUT not for wages paid for with the first or second PPP loan funds. The ERTC is extended to wages paid in the first two quarters of 2021. The credit is increased to 70% of wages up to $10,000 in wages. Accordingly, you can get a tax credit for up to $7,000 a quarter per employee retained for a total of $14,000 in 2021 per employee.
How do apply for this tax credit? Do we apply through our banker who will be handling our “PPP Second Draw?”
I suggest you check with your tax accountant on claiming the ERTC. I understand that eligible employers must report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns, which will be Form 941Employer's Quarterly Federal Tax Return for most employers.
I am curious to know if you have information about the voluntary extension of the paid leave available to employees if they are sick / caring for someone who is sick. Also, are the tax credits available to companies who received a PPP loan?
The tax credits are available through March 31, provided the leave meets the criteria for being COVID-19 related:
The 2-week sick leave applies to employees who:
- Are subject to a Federal, State, or local quarantine or isolation order related to coronavirus;
- Has been advised by health care provider to self-quarantine due to coronavirus;
- Are experiencing symptoms of coronavirus;
- Are caring for an individual who is subject to an order described in (1) or has been advised as described in (2);
- Are for their child because the school is closed or child care provider is unavailable due to coronavirus; and
- Are experiencing a similar condition specified by Secretary of HHS.
There are limits and different requirements depending on why the employee is not working.
- Items (1), (2), or (3): Employers are required to pay employees their full wages, not to exceed $511 per day and $5,110 in the aggregate.
- Items ((4), (5), or (6): Employers would be required to pay employees two-thirds of their wages, not to exceed $200 per day and $2,000 in the aggregate.
The 10-week family leave applies to employees who are not working because the employee is caring for their child because the school is closed or child care provider is unavailable due to a public health emergency. Employers are required to pay employees two-thirds of their wages, not to exceed $200 per day and $10,000 in the aggregate.
What about companies who file their taxes and do their books on a fiscal year rather than a calendar year basis? The documentation that the SBA is requesting as proof of a decrease of year over year or quarter over quarter revenue of 25% or greater between 2019 and 2020 as eligibility for a PPP2 loan makes it difficult for a fiscal year filer like us to comply using anything other than our bank statements. Since our fiscal year ends on 9/30, our taxes will either reflect Q4 2018 figures from last year or Q4 2019 figures from this year. Since we are a small firm, we do not produce quarterly statements. I wanted to see if there was any other option you know of other than bank statements that could be used to prove eligibility.
We are trying to get some clarification on this issue. As the regulations currently lead, the loss is measured by comparing the gross income for a select quarter in 2020 to the same quarter in 2019, or the gross sales for the calendar year of 2020 to the calendar year 2019.
I am a manufacturer's rep operating as an LLC with 2 employees (me and my wife). We did get the first PPP loan and it has already been forgiven. We are both currently on unemployment as Covid is drastically reducing our income in the 1st Qtr 2021 and possibly 2nd quarter. We currently cannot show a quarter vs quarter or year vs year 25% loss for the 2nd PPP loan. However, after the 1st Qtr of 2021, we will have significant loss vs Q1 of 2020. My question is, since we are unemployed now thru the middle of March and we cannot show significant loss until after Q1 2021, can we still apply? We are way under the 150k threshold.
Unfortunately, the legislation creating the Second PPP loans specifies that the 25% decrease in gross must be in 2020 as compared to 2019. However, it appears that you would still qualify for a Second PPP loan.
Since you had little or no business in the last 3 quarters of 2020, you can show you had at least a 25% decrease in gross receipts in those quarters as compared to the gross receipts in that same quarters in 2019. Moreover, it sounds like you could show your gross receipts for 2020 would be at least 25% below the gross receipts for 2019. Under the new regulations from the SBA, showing a 25% or greater loss in gross receipts in 2020 as compared to 2019 also qualifies you for a Second PPP loan.
When: Part 1 - Thursday August 27, 2020, Time: 2:00 PM Eastern Time (US and Canada) THIS HAS CONCLUDED. SEE BELOW FOR A LINK TO THE RECORDING OF THE WEBINAR.
When: Part 2 - Thursday September 3, 2020 , Time: 2:00 PM Eastern Time (US and Canada) THIS HAS CONCLUDED. SEE BELOW FOR A LINK TO THE RECORDING OF THE WEBINAR.
When it comes to the installation process, it often feels like retailers and installers are living on entirely different planets. This lack of understanding can lead to an experience that frustrates the installer, the retailer, and most importantly, the customer.
World Floor Covering Association (WFCA) and International Certified Flooring Installers Association (CFI) are excited to co-host a two-part webinar series that will help floor covering retailers and installers strengthen their team dynamics to create an unforgettable customer experience from sales through installation.
This two-part webinar, “The Power of Partnerships, Retailers and Installers Coming Together” will be delivered as interactive webinars that bring together leaders in the retail and installation fields to share their side of the story, address opportunities to improve communications, and effective ways to collaborate for a common goal. Viewers will be able to take part in a Q&A with the panel during the live discussion.
The series will kick off with “What Installers Would Like Retailers to Know” on Thursday, August 27 and the second webinar, “What Retailers Would Like Installers to Know”, is scheduled for Thursday, September 3. The events will be moderated by WFCA chief executive officer, Scott Humphrey and joined by Robert Varden, executive director of CFI. The panel will include several industry retail and installation professionals.
Part 1: Knowledge is Power - What Installers Would Like Retailers to Know - Thursday, Aug. 27th, 2pm EST
Part 2: Knowledge is Power - What Retailers Would Like for Installers to Know - Thursday, Sep 3, 2020 02:00 PM EST
Bring an open mind, your ideas and your questions.
Please join us for both parts of this webinar series. Register for each below.
Part 1: Thursday, Aug. 27, 2020 02:00 PM Eastern Time (US and Canada)
PART 1 Has Ended View the Video Recording of the Webinar Here!
Part 2: Thursday, Sep. 3, 2020 02:00 PM Eastern Time (US and Canada)
PART 2 Has Ended View the Video Recording of the Webinar Her
Combating Covid-19 Webinar Series - July 22
Congress is currently considering a fourth round of major legislation to help small businesses and to stimulate the economy. The various proposals will address PPP loan forgiveness, possible new loan program, and other needed aid for the economy. This webinar walked through the proposals to give you an opportunity to identify what is needed, and explain how you can help to shape this next round of legislation. Make sure your voice is heard.
When: Wednesday, July 22, 2020
Time: 2:00 PM Eastern Time (US and Canada)
What is fcB2B and why is it important to your business?
Lewis Davis, Senior Director of Technology & Research, and several industry manufacturers hosted the first fcB2B educational webinar on July 15, 2020. Not sure what fcB2B is? This webinar showcased how it can help you be more productive and your business more successful.
Topics included:
- Learn what fcB2B is and what it’s not.
- How it helps the retailer and suppliers.
- What part your sales representatives play.
- Questions & Answers
With each day there is new development occurring with the Covid-19 crisis. As our member it is important that we continue bringing you the latest news on how it is impacting your business and what you need to do during this time. In these webinars, we decipher legislation and respond to your frequently asked questions.
Combating Covid-19 Webinar Series - June 26
This webinar featured panelists speaking on the following topics:
- New Rules and Forms for PPP Loan Forgiveness
- New Guides and Restrictions on Testing Employees and Safely Reopening
- Potential Legislation
- Q&A Opportunity
The Friday, June 26th at 11:30am EST has concluded. Please click below to view a recording of the webinar and to download presentation materials utilized.
WFCA held a webinar to explain the impact of the new law on PPP loans.
Congress recently passed legislation that substantially changed some of the rules regarding PPP loan forgiveness. The new legislation includes needed flexibility on how long the loan can be used to cover payroll costs and covered expenses, and on calculation of the amount of the loan that can be forgiven. The new law also, however, raises some issues that have caused some confusion.
The webinar has concluded. Please click below to view the video and download the presentation materials showcased in the webinar.
Topic: Combating Covid-19 Webinar Series
When: Thursday, June 11, 2020
Time: 2:00 PM Eastern Time (US and Canada)
How to be More Productive From Your Home Office
No commute. No managers or co-workers hanging over your shoulder. No one stealing your lunch from the office fridge. Remote work is wonderful. But it's not without its challenges.
Steve Hillis with Empower Partners discussed numerous topics on how you can work remotely and continue to be efficient in your daily responsibilities.
Ask anyone who works remotely and continue as a telecommuter or from home. It's not all rainbows and unicorns. A report from the United Nations International Labour Organization found that while employees are more productive when they work outside of the conventional office, they're also more vulnerable to working longer hours, a more intense work pace, work-home interference, and, in some cases, greater stress.
The webinar has concluded. Click Here to view the Video from the 6/4 Webinar.
Please use links below to view/download PDFS of presentation material used in 4/16 Webinar.
Steve Hillis Presentation Slides
This Webinar is over. Click below to download presentation materials or to watch the webinar recording.
Topic: WFCA Presents a Panel of Industry Retailers Sharing Best Practices on Surviving and Thriving During the Coronavirus Pandemic.
Hear from some of the industries leading Flooring Retailers on how they are achieving success and approaching the future in light of the restrictions created by the Coronavirus. The panel will include Lauren Voit of Great Western Flooring, Jason Fromm of Carpet Spectrum, Inc., and Adam Nonn of Nonn's Kitchen Bath & Flooring. The retailers will speak on how they are handling day-to-day responsibilities and the future direction with their businesses. You'll also have the opportunity for Q&A with the team and WFCA's Legal Counsel, Jeff King.
The challenging and uncertain times that we face will be with us for a while. We all share concerns for our families, loved ones and businesses in the wake of the impact of COVID-19. In these challenging times, we are doing everything we can to support you and the industry. We will need to adapt to survive.
CFI has been serving the installation community for over 26 years and together, we have overcome many difficult times. We are a family, and we’re facing one of our greatest challenges yet. You can rely on us to continue to deliver critical information and to that end, we have put together a webinar, the first of many to come, to showcase some best practices, provide resources, answer questions, and ensure that we all work together to make sure we all get through this.
Webinar Topics:
- PPP and Other Available Loans and Grants
- Unemployment Opportunities for Self-Employed, LLCs, and Sole Proprietors
- Protect Yourself When Your Working
- Q&A
The May 20th Webinar has concluded. Please click here to view the video.
Click here to download Jeff King's presentation.
With each day there is new development occurring with the Covid-19 crisis. As our member it is important that we continue bringing you the latest news on how it is impacting your business and what you need to do during this time. Please join our Legal Counsel, Jeff King, CEO, Scott Humphrey, and CFO, Steve Abernathy who will decipher legislation and respond to your frequently asked questions in our ongoing webinar series. Check here to register for upcoming sessions as well as to view archived webinars and download materials shared in the presentations.
May 15, 2020
When: May 15, 2020 02:00 PM Eastern Time (US and Canada)
Topic: WFCA Presents a Panel of Industry Retailers Sharing Best Practices on Surviving and Thriving During the Coronavirus Pandemic.
This webinar has concluded. Please click below to view.
This webinar consists of important updates on the following, along with a financial update and the opportunity for questions and answers.
- The new legislation adding $320 billion for PPP loans, adding $20 billion for EIDLs, and setting aside $60 billion of PPP loans for small banks and credit unions
- New rules and regulations on PPP loans
- Rules and guidelines for reopening
- Fed Reserve’s Main Street Lending Program, and
- What legislation to expect in the future
The webinar has concluded. Click Here to view the video from 4/30 Webinar.
Please use links below to view/download PDFS of presentation material used in 4/16 Webinar.
Jeff King's Presentation Slides
This webinar consists of important updates on the following, along with a financial update and the opportunity for questions and answers.
- Recognizing the various SBA loans available
- Understanding the expanded unemployment benefits available to you and your employees
- Identifying certain precautions you need to take to protect your business
- Updating the opportunities under business interruption insurance
- Explaining potential new legislation
Topic: Combating Covid-19 Webinar Series
When: Thursday, April 16, 2020
Time: 11:30 AM Eastern Time (US and Canada)
The webinar has concluded. Click Here to view the video from 4/16 Webinar.
Please use links below to view/download PDFS of presentation materials used in 4/16 Webinar.
The Webinar is over. Please check back soon for the next scheduled webinar. To view recordings of the presentations, please see below.
Thursday, April 9th @ 2:00pm. Eastern Time (US & Canada)
Thank you for joining us today. If you missed the webinar, or would like to see the video, Please click the link below:
View the video from the Webinar.
To review all of the information the WFCA has communicated regarding Covid-19 click here.
Presentation Materials:
To view or download Jeff King's presentation materials on understanding the Coronavirus Response legislation from today's webinar, click here.
The Webinars are over. Please check back soon for the next scheduled webinar. To view recordings or materials utilized in the presentations, please see below.
Wednesday, April 1st @ 10:00 a.m. Eastern Time (US & Canada)
Thank you for joining us today. If you missed the webinar, or would like to see the video, Please click the link below:
View the video from the 10am Webinar.
Wednesday, April 1st @ 2:00 p.m. Eastern Time (US & Canada)
Thank you for joining us today. If you missed the webinar, or would like to see the video, Please click the link below:
View the video from the 2pm Webinar.
Presentation Materials:
To view or download Steve Abernathy's presentation materials on economic impact, click here.
To view or download Jeff King's presentation materials on understanding the Coronavirus Response legislation, click here.
To view or download a sample application for the Paycheck Protection Program from the SBA, click here.
To review all of the information the WFCA has communicated regarding Covid-19 click here.
