Can Companies Who Have Laid Off Employees or Reduced Pay, Qualify For PPP Loan Forgiveness?
Many companies across the nation have unfortunately had to lay off employees or reduced pay to make their financial ends meet. This leaves business owners wondering what their options are as far as how to move forward. We here at Wilson Toellner CPA believe we can all get through this together. Our Mid-MO CPA firm is here to answer one important question many business owners likely have, in this week's blog:
"PPP or the Paycheck Protection Program is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis." Src: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
The short answer to the question listed above is YES, but let's dive into that a little further. According to the PPP – Fact Sheet, you have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
With this in mind, it's important to realize that even though you may qualify for Paycheck Protection Program loan forgiveness, your loan forgiveness may be lower than what you were expecting IF you are employing fewer people or have reduced hours and/or pay in the 8 weeks following funding of your Paycheck Protection loan.
All of us here at Wilson Toellner CPA hope that this blog found you safe and healthy. We understand that this is a trying time for business owners and you may be overwhelmed with all of the information being presented before you. If you are having trouble understanding what your financial options are, the best thing to do is to call a Mid-MO accountant you can count on to guide you through. That is where Wilson Toellner CPA comes in. We are taking great strides in assisting our clients through this crisis. To reach us, please give us a call at one of our four locations across Mid-Missouri. We have offices in Sedalia, Marshall, Camdenton, and Lake Ozark and all phone numbers can be found on our website at www.WTCPA.com. You can also follow us on our social media channels listed below to stay up to date on our latest announcements. Stay safe everyone and remember we are here for you!
Can Companies Who Have Laid Off Employees or Reduced Pay, Qualify For PPP Loan Forgiveness?
"PPP or the Paycheck Protection Program is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis." Src: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
With this in mind, it's important to realize that even though you may qualify for Paycheck Protection Program loan forgiveness, your loan forgiveness may be lower than what you were expecting IF you are employing fewer people or have reduced hours and/or pay in the 8 weeks following funding of your Paycheck Protection loan.
Need Guidance During the COVID-19 Crisis?
All of us here at Wilson Toellner CPA hope that this blog found you safe and healthy. We understand that this is a trying time for business owners and you may be overwhelmed with all of the information being presented before you. If you are having trouble understanding what your financial options are, the best thing to do is to call a Mid-MO accountant you can count on to guide you through. That is where Wilson Toellner CPA comes in. We are taking great strides in assisting our clients through this crisis. To reach us, please give us a call at one of our four locations across Mid-Missouri. We have offices in Sedalia, Marshall, Camdenton, and Lake Ozark and all phone numbers can be found on our website at www.WTCPA.com. You can also follow us on our social media channels listed below to stay up to date on our latest announcements. Stay safe everyone and remember we are here for you!
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Sedalia -- (660) 827-4990
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