PPP Loan – Updates and Resources

If you’ve received a PPP Loan, you are eligible for loan forgiveness for the amounts spent on authorized expenses over the appropriate time period.

In general, the PPP Loans used for payroll costs include:

  • Salary, wage, commission or similar compensation (with Salary capped at 100K),
  • Payment of cash tip or equivalent,
  • Vacation, parental, family, medical or sick leave ,
  • Allowance for dismissal or separation,
  • Payment required for the provision of group health care benefits, including insurance premiums,
  • Payment of any retirement benefits,
  • Payment of state or local tax assessed on the compensation of employees, (Loan proceeds can be used, as we understand from recent SBA guidance, for paying the employee-withheld taxes attributable to payroll, but not employer-withheld taxes), and.
  • Housing stipends and allowances.

For our contractors, this means that PPP Loan forgiveness will only apply to the following on our wage rate sheets:

  • Wages
  • Vacation
  • H&W
  • Pension

Please also keep in mind that upon a forgiveness review, the reviewer is going to look to see that you spend the money on the same category of expenses that you used to calculate the original loan amount.

Recent Posts

WPCCA Webinar: How Technology is Transforming the Construction Industry

Technology is driving dramatic changes throughout the construction industry and every company is being affected. There is growing use of established software solutions while a host of emerging technologies and digital processes are rapidly gaining traction. Users are learning to…

February 29, 2024

WPCCA Microsoft Project Level 1 Course – Lesson 1

Join us for our first lesson of Microsoft Project Level 1 Course taught by Microsoft Certified Professional, James Law. This lesson will provide training on getting started with Microsoft Project. Attendees will learn how to identify project management concepts from…

February 27, 2024

HubSpot Platform Demo and Q&A

Join us learn more about HubSpot– a holistic customer platform that makes it easy for an entire company to work together — from marketing and sales to customer service. HubSpot provides an all-in-one solution. This demo will focus on their…

February 15, 2024

WPCCA Economic Outlook Webinar: The Good, The Bad, & The Ugly

Has the Federal Reserve successfully engineered a soft landing?  Or, is the confluence of geopolitical conflict, a presidential election, rising consumer debt levels, and still high interest rates conspiring to produce economic downturn in 2024?  It is difficult to know…

January 30, 2024

Clarity On State Law & Drug Testing In The Construction Industry

In 2022, Governor Newsom signed legislation (AB 2188) making cannabis users a protected class of employee. AB 2188 contained a delayed implementation date and took effect on January 1, 2024. The measure prohibited employers from discriminating in hiring, firing or…

January 29, 2024