PPP FAQs

Watch Hunt’s latest video on PPP Updates, EIDL, and forgiveness info

WHAT WE KNOW ABOUT THE FORGIVENESS APPLICATION

EIDL LOAN UPDATE

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What We Know

When applying for the PPP, there was not a lot of guidance about who to count for employees. By looking at the forgiveness application, the SBA is not making you go off what you originally applied for, they are allowing you to recalculate your beginning and ending FTE.

You can count all employees whether they make over or under 100k per year. You just can’t pay them more than $15,385 during the 8-week period (doesn’t matter how much per week, as long as it doesn’t exceed the $15,385 across the whole 8-week period.) 

They are allowing small businesses to choose an Optional Alternative Payroll Covered Period if it better coincides with your regular pay period to ensure you will have 4 pay periods during the 8 weeks. 

If you offered a job back to someone who was previously laid off, but they declined because they are making more money on unemployment, or for any other reason, make sure you have a copy of the written job offer and declination. Then you will not be penalized for that person, even though your FTE decreased, because you did everything in your power to get them back.

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