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Asked a question 6 months ago

The SBA guidelines issued 4/2 clearly state (page 10, item g) that the below must be subtracted from Payroll Cost. This cant be true that you have to subtract FICA and Fed w/h for the period 2/15-6/30/20 from 2019payroll???g. Is there anything that is expressly excluded from the definition of payroll costs? Yes. The Act expressly excludes the following: 11 i. Any compensation of an employee whose principal place of residence is outside of the United States; ii. The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary; iii. Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees; and iv. Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).

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