You will be able to get FAQs and recordings at JewishTogether.org
I do not believe that the CARES Act, guidance or application give a date by which a borrower must apply for forgiveness. However, I have seen PPP notes that include a date - for example, within 90 days of the loan origination.
With repsect to bonuses, nothing prohibits including a bonus paid during the 8-week period in payroll costs. The $15,385 cap on cash compensation applies. However, it generally appears that businesses get full forgiveness credit for a bonus to the extent it does not cause all cash compensation paid to the employee to exceed $15,385.
will they be expanding the 8 week period? if so do the expenses still have to fall in a 8 week period?
is there any guidance on organizations that contract with federal state and local agencies? if the org. bills a federal state or local agency, would using ppp in addition to billing; be double dipping?
The payroll expense portion is AT LEAST 75%, right?
We have an employee leave us in January of their own volition, unrelated to covid. We have not yet hired a replacement. They would increase the average FTE of the reference period and therefore affect our forgiveness ratio. We did not include their salary in our loan application. Would they fit into this safe harbor rule of voluntarily resigning or no because this was before the covered period?
What if we pay some employees weekly, and some monthly? Can we check both boxes?
There are 2 conflicts between Payroll calculation in PPP Loan application and the PPP Loan forgiveness calculation. I'll email Joy GOldstein on this, wjo I exchenaged emails with last month, since my question is a bit lengthy. Is Joy still the point person for questions?
We have a different pay period for hourly employees and salaried employees and neither matches our covered period. We are unsure how to provide payroll reports matching the covered period. We pay 26/year so it sounds like we can’t use the alternate payroll period.
What if our standard full-time week is only 35 hours? SO all show at 35/40 FTE on Sch. A Worksheet? Or do we simply consider 35 hours = 1 FTE?
We have hourly employees at the same hourly rate, but working significantly less hours. Are we okay, since hourly employees are calculated by rate instead of hours?
FTE: you just need to compare apples to apples, not apples to oranges, which will raise a red flag on the form.
Yes. This was one of the most favorable/surprising aspects of the guidance. It appears that no reduciton in forgiveness for a reduction in compensation if you keep the hourly rate the same even though less was actually paid becuase of a reduction in hours.
Thank you Eric!
Thank you, everyone!
This was very helpful. Thank you to all involved!
Many thanks to panelists and JFNA staff for all your hard work on this.
Thank you very much
Thank you JFNA!
Thank you for all the information and efforts
Many thanks for this great community service!
a huuuuuge yasher koach!
So valuable. Thank you for the consistent support.