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.

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