Skip to main content
Asked a question 10 months ago

For the PPP loan, our bank will need detailed information in order to calculate the average monthly payroll costs for our employees for the past 12 months, as outlined by the SBA. From what I've seen, the SBA guidance on this is not very clear. For this purpose of calculating the loan amount: -What specific period is this - 2019 or March 2019 to February 2020? -We had layoffs Spring/Summer 2019, will the loan amount be based on these prior 12 month values, but forgiveness will be based on more comparable recent periods? - -Do you include employees and contractors on your payroll that make > $100K/yr but only include the $100K and not the excess over $100K (would forgiveness work the same way?)? -Please confirm we would not include companies that provide contract services not on our payroll. -Please confirm we include Employer costs for Medical and Dental premiums paid for employees. -Do we include both State and Federal (or just State) employer payroll taxes? - Do we include rent, utilities, and interest expense on debt? -Do we include accrued interest on convertible debt (what if interest was converted)?

Where am I?

In Multifunding SBA CoronaVirus Support you can ask and answer questions and share your experience with others!

No answers yet.