It seems like one of the conditions of the new stimulus package is that small business maintain their workforce. Does anyone think that means business who've recently laid off employees will bring some or all of those employees back?
My understanding is 2/15/19 to 2/15/20 so no. I've seen some conflicting information on some details but I doubt you're going to be able to artificially inflate your payroll now just to maximize your loan.claym711 said:
What period are they using to calculate a business' payroll costs? Can small businesses hire right now and have those payroll costs compensated?
LOYAL AG said:
You're going to borrow 2.5x your average monthly payroll, rent and utilities. Then 8 weeks later you're going to show you used those funds to pay for payroll, rent and utilities during these difficult times. IMO, no you don't have to rehire Sally, Joe and Sue but you do have to have payroll expense and probably activity roughly equivalent to them in order to have the loan forgiven.
AgLA06 said:LOYAL AG said:
You're going to borrow 2.5x your average monthly payroll, rent and utilities. Then 8 weeks later you're going to show you used those funds to pay for payroll, rent and utilities during these difficult times. IMO, no you don't have to rehire Sally, Joe and Sue but you do have to have payroll expense and probably activity roughly equivalent to them in order to have the loan forgiven.
Maybe I'm reading it incorrectly. I read it that you could borrow for payroll, rent, and utilities, but loan forgiveness was only for the payroll portion of the loan. Anyone see anything different?
I think it is only average monthly.Quote:
annual salary of covered employees
Do you have to have losses to have them forgiven?aglaw01 said:
Pretty sure that any amounts paid as (a) payroll, (b) mortgage interest (on the business property, not any property), (c) rents (same), and (d) utilities, can be forgiven. So more than just the salaries. But you also have to actually pay those amounts.