![]() ![]() The same is true if salaries and wages decrease more than 25% for any employee making under $100,000.The application integrated recent guidance from the SBA which provided that reductions in FTE during the covered period will not result in loan forgiveness reduction if during the covered period, the employer made a good-faith, written offer to rehire an employee who was either terminated for cause or voluntarily resigned or requested reductions in hours during the covered period, which was rejected by the employee. If FTEs and/or wages paid decline, you'll owe some money back. Forgiveness will be reduced if FTEs declines, or if salaries and wages decrease during the covered period. Hire Back and Keep Paying Your Employeesįorgiveness is based on the employer maintaining or quickly rehiring employees and maintaining wages paid. We await guidance as to whether all eligible amounts must be paid or incurred prior to June 30, 2020. Finally, the amount of loan forgiveness attributable to non-payroll costs is limited to 25% of the loan forgiveness amount. Hover over the information icon to see more data in order to pick the look-back period for your business. The amount of the loan that can be forgiven is further reduced proportionately based on the difference between FTEs and wages paid levels during the covered period and the number of FTE and wages paid during a look back period. What we do know now is that at least 75% of the loan amount must be used for payroll costs. Guidance is still forthcoming but there are limitations that may affect how much of the loan will be forgiven. I am sure there is other information not included here as well that is relevant, but fiddling with the numbers on FTEs (Full-Time Equivalent) was very useful for me. ![]() Since some of us are FINALLY getting approved for PPP loans, I found this calculator to be useful. Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.You can promote your business in a relevant reply to a post or comment in other threads. Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts. Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. ![]() You ask a question about starting, owning, and growing a small business and the community answers. R/smallbusiness is a question and answer subreddit.
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