Spending your PPP funds on the right things is straightforward enough. But things get more complicated when you don’t keep your headcount and employee pay levels the same. Headcount reduction Let’s say you have three full-time employees and they each made $3,000 per month, meaning your PPP loan amount was $22,500 (3000 x 3 x […]
Category Archives: PPP
On May 15th, the Small Business Administration released the highly anticipated Paycheck Protection Program Loan Forgiveness Application. The application is lengthy, the calculations are complex, and the instructions aren’t the most straight-forward. At first (and second) glance, the application process is quite overwhelming! In order to assist you, we are going to break down the components […]
20
Jun
Jun
This week, Congress passed the Paycheck Protection Flexibility Act of 2020. With this new development come some exciting updates to take note of: The forgiveness period has been extended and is now twenty-four weeks from the date of the loan. 40% of the loan can now be used for non-payroll expenses (the allowed allocation was […]
