Loan Forgiveness Decrease Based on Reduction in Salaries For Every Single Worker
You will see a decrease to your loan forgiveness quantity for every single worker – whom attained annualized wages during 2019 of significantly less than $100,000 (or $8,333.33 each month) – by the portion lowering of annualized wages greater than 25per cent in comparison with their newest complete quarter (for example., Q1 2020).
The lowering of loan forgiveness for a decrease in wages could be prevented in the event that debtor restores by June 30, 2020 the exact same wages the worker ended up being earning at the time of February 15, 2020 in comparison with wages compensated between February 15, 2020 and April 26, 2020. Keep an optical eye away for further help with this problem through the SBA.
Loan Forgiveness decrease Based on Use of Funds – Payroll Costs vs. Continue reading “Crucial Assistance With Calculating PPP Loan Forgiveness and Relevant Documentation Demands”