Topics: COVID-19, #covid19, paycheck protection program, SBA loan, stimulus bill, ppp loan
The application and implementation of the Paycheck Protection Program (PPP) has been an extremely fluid process. Navigating these unprecedented times can be somewhat challenging and downright confusing at times. Now that we have heard from Small Business Administration (SBA) on what should and should not be included in the Program application -- we now have more clarity on what expenses we can apply to applications and what are considered accepted payroll expenses.
Some of the items that people have included on their original application, before we got clarification, were payroll reports in total. And so a lot of our clients had reached out to their payroll providers--they got actual reports--and then they just did the two and a half times (2.5x) the total on the monthly average and submitted that as their application.
What we've discovered since then is some of those reports included 1099 vendors, which should not be included. Some of those reports did not include benefits that are includeable as payroll cost—employer paid health insurance, employer paid retirement benefits, state and local taxes were not included in those amounts.
So there's the potential that that calculation could have been short or even over, if you just use something that someone sent you without the actual columnar approach to "this is our monthly average, these are add backs, and this is our new total".
The only constant is change. If we have learned anything during this unprecedented time, it's that new information and.
Meet our client Jeff Unger, Founder and Managing Partner of Stratitia Inc. Stratitia is a professional services.
Topics: COVID-19, #covid19, paycheck protection program, SBA loan, stimulus bill, ppp loan
This has been a busy week for business owners applying for the loans and grants in the wake of COVID-19 shutdowns. For.
Topics: COVID-19, #covid19, paycheck protection program, SBA loan, stimulus bill, ppp loan
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
The nation’s largest ever spending bill earmarks $10.5 billion for the Department of Defense to support healthcare and.
