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: 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 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 lev...