Monday, June 15, 2020

What Are the Payroll Protection Program Rules on Payroll?

The Application confirms the PPP rules on payroll. Payroll includes cash compensation, employer contributions for group health insurance and retirement plans, and state and local taxes assessed on employee compensation. Under PPP rules and the Application, payroll doesn’t include compensation in excess of $100,000, qualified sick leave under the Families First Coronavirus Response Act or federal income taxes and FICA withheld from an employee. 

Have Questions About the Payroll Protection Program?


If you have questions about the Payroll Protections Program legislation, or need advice about your business, please contact us today at (734) 665-4441. 

Monday, June 1, 2020

What Are the Payroll Protection Program Loan Forgiveness Rules?

The Application confirms the public rules on PPP forgiveness. Loan forgiveness depends on how the loan proceeds are spent over an 8-week period. To qualify for forgiveness of the entire PPP loan, at least 75% of it must be spent on payroll, while up to the remaining 25% of it must be spent on mortgage interest, rent, and utility payments incurred before February 15, 2020.
Read more here!

Have Questions About the Payroll Protection Program?


If you have questions about the Payroll Protections Program legislation, or need advice about your business, please contact us today at (734) 665-4441.