Thread by @asmp

Live tweeting ASMP's Friday Town Hall. @LindseyBest in CA asking @MaddreyPLLC about the problem of jobs shot in 2019 paying in 2020. Maddrey: "This is related to the #W2/#1099 problem. We've read & read & there's no clear guidance. Now we're calling them. We'll get an answer."

Now on to the featured attraction...

First things first...

What's happened since the last ASMP Town Hall?

How can I avoid having #PPP roll over into a loan? I want to make sure I don't have to pay it back.

OK, what about the remaining 25%? And can I use more than 75% of my #PPP funds for payroll?

How do I keep track of the 75/25, how I spend the money, etc, to ensure I don't have to repay the #PPP? It sounds like a huge job.

How much can sole proprietors pay themselves with #PPP money and have it forgiven? (Get ready to do some math, folks...)

If you have excess #PPP money after the calculations above, what can you do with it?

.@tomkennedy "The #PPP comes with some tight restrictions. I feel very strongly that we need unrestricted direct cash payments to small businesses. That's where our #CARESAct lobbying on Capitol Hill is now focused."

Q: "What type of accounting should I set up to keep track of my #PPP money to ensure I don't have to pay the money back?" A: Use any software you're comfortable with, just make sure you're keeping track of money in, money out and what it's spent on."

Q from Mike R: Is the #EIDL $1000 a grant?" A: "Yes. You will not have to pay back the $1000."

Q from Terry B: “If I use my #PPP money to pay my 2019 taxes will I have to pay back the PPP money?” A: Absolutely you will have to pay it back. Don't do it. Figure it out another way. It's tough, but follow the rules to the letter if you don't want to have to pay it back."

.@MaddreyPLLC "What's possibly the biggest mess the #CARESAct created? It's the #PUA. It is terrible and it needs to change. It's a mess that is completely unacceptable."

.@MaddreyPLLC re: #PUA "States are saying it's a federal problem. The feds are saying it's a state problem. Who can fix it? One word: #Congress. They need to act, we're pushing them to act, and we're going to keep pushing them."

#PUA #1099 #w2 @MaddreyPLLC: "Letting mixed workers fall through the crack is a huge problem with the #CARESAct. States say they can't fix it. The Department of Labor says they can't fix it. We say #Congress must fix it."

We're now taking a break for a moment of silence to honor the #greatestgeneration – the men and women who fought, and especially those who gave their lives to save the civilized world 75 years ago.

Now previewing an upcoming formal announcement of the ASMP Foundation Donor's Circle, which will provide $250 direct grants to photographers, assistants, digital techs, anyone associated with the photo and film business. Details to follow...

Q: "I received $1000 through #EIDL. The bank didn't subtract $1000 from my #PPP amount. What should I do?" A: "The EIDL money you got is an advance only. The bank shouldn't have. The PPP should not be impacted by an EIDL advance."

Q: "Can I get a #PPP loan and also get unemployment at the same time?" A: "It depends. If you're a #W2 employee, yes. If you're a sole proprietor, no."

Q: "What #COVID19 language needs to go into contracts as I start shooting again?" A: "It depends. Is the shoot editorial/commercial, studio/location, etc? It's not like a model release. To be safest, contact an attorney and get something written specifically for your situation."

Q: "What #COVID19 language needs to go into contracts as I start shooting again?" A: "MOST IMPORTANTLY, have safety policies and protocols IN WRITING. And make sure EVERYONE involved with shoot has read and agreed to the policy before the shoot."

Q re crew on a shoot: "What are the liability issues and what happens if someone becomes ill after a shoot?" A: "You have to have a policy IN WRITING. You have to keep records as evidence that everyone is complying. You have to dot the I's and cross the T's."

.@MaddreyPLLC "In the new normal, clients are going to want to work with photographers who can make them feel safe by having written, enforceable health and safety policies. Photographers who can do this will succeed in a way that others won't."

Taking your questions, Twitter followers! Mention us and ask away...

Q from Megan B: "I've applied for #PPP and #unemployment. Unemployment will pay me more. Can I receive both?" A: "If you're a sole proprietor getting #PUA money, you'll have to stop taking that if you get the #PPP. But remember that #PPP is not taxable. #PUA $ are taxable."

Q: "If you're a sole proprietor can you write yourself a check then use the money to pay for your personal rent?" A: "If it's your payroll to you, then yes."

Q: "Can I pay property taxes with my #PPP money?" A: No, not unless you want to pay that money back as a loan."

Q: "If only 8 weeks of #PPP is forgivable why did they give us the equivalent of 10 weeks of payroll?" A: "If you had 20, 40, etc. employees you could use the balance to hire new people. If you're a sole proprietor, it appears to not make a lot of sense. But that's why."

Q: "Gas electric water phone and Internet. Are those legit expenses that #PPP money can be used for?" A: "Yes."

Q: "Isn't the $1000 #EIDL a grant?" A: "The EIDL you may have gotten is an advance on a full EIDL loan. Those loans have not been generated yet. If you end up getting the loan, the $1000 is an advance. If you don't get it the advance rolls into a grant. No repayment either case."

Q: "Can I use my #PPP money to pay credit card debt?" A: "No. You can use it to pay the interest on business debt, but not to pay the principle. For a personal credit card, it's pretty well assured that you can't use the #PPP to pay principle or interest."

Q: "What if we got more #PPP $ than we anticipated?" A: "The rules have changed. If you applied w accurate numbers based on the rules at the time you applied, you shouldn't have to pay back the excess. But ask your accountant & talk w your bank. It's the bank's problem, really."

Q: "We're in a partnership. Would the #PPP apply to the partnership or to the individual partners?" A: "Make one application in the name of the partnership, not two in the names of the partners."

Q: "I did receive an #EIDL advance. Can I still apply for #PPP?" A: "Yes. You can and you should." :)

Q: "Are there any updates on the #EIDL loans and when those might be available?" A: "EIDL is currently not accepting applications and we don't know when or if the applications will open back up."

Q: "If we get royalties once a month from an agency and we get #PUA do we have to report the royalties to the #unemployment office?" A: "Yes. That's reportable as earned wages in the week you get it."

Q: "I received my #EIDL advance of $1000. I wrote a check to myself noting it was for salary. Is that enough documentation that I used the money for salary?" A: "Check with your accountant. There's a box in the #EIDL application that certifies you won't use EIDL as you do #PPP."

Q: "Do you need to make xfers from a separate #PPP savings account to our personal checking account as payroll in 8 equal payment or can we do it all at once?" A: "Either should be fine."

Q: "I'm a sole proprietor. My 2019 income was a lot higher than my 2018. Can I use my 2018 income rather than my 2019 income when I apply for #PPP?" A: "Nope. The number you use has to come from line 31 on your 2019 schedule C."

Q: "How do #PPP and #EIDL dovetail with one another?" A: "You can use #EIDL money for pretty much anything but not the same things for which you use your #PPP money. You can use them at the same time but not for the same purpose. You won't have to repay EIDL, you might w PPP."

Q: "Is it possible to share all the URLs from today's show?" A: "Yes! We'll have all those when we put the video up on our #Covid_19 info hub this weekend." asmp.org/asmp-covid-19-…

And that's a wrap for another ASMP Friday Town Hall. Please join us next next week for a special Wednesday Webinar on strategies for rebooting your business as #stayathome orders are lifted. Register now. Have a safe and relaxing weekend, everyone. us02web.zoom.us/webinar/regist…