Evan Souliere

20

Thank you for being so helpful during this stressful time!

For the PPP, does payroll need to be actual money paid? We have cases where some owners have been taking a reduced payroll and the balance is being kept in a liability account to be paid when possible. Can we use the total amount?

Edit: To clarify, this has been since May 2019, so the reduced payrolls have not been related to COVID-19 until now.

We have an existing 7(a) loan with our bank that appears to meet the criteria for subsidy under section 1112 of the CARES Act. We've reached out to our bank for some guidance on how to gain some assistance under this provision, but they're not as familiar with stuff like this, so I'm wondering if someone here may understand better how it works and what our next steps should be.

Thank you!