There have been numerous updates to the Paycheck Protection Program (#PPP) since it was introduced. The latest occurring last week, from the SBA and Treasury departments.
One of the clarifications the SBA made we are talking a lot about is the classification of FULL-TIME versus PART-TIME employees on #payroll.
There are 2 ways you can go about this.
- You can classify every full-time employee as a 1.0 credit towards the PPP program. You can classify every part-time employee as a 0.5 credit towards the PPP program.
- You can classify every full-time employee as a 1.0 credit towards the PPP program. You can classify every part-time employee by taking their number of hours worked during a given week, dividing that number by 40, and rounding to the nearest tenth.
*You cannot exceed 1.0 credits for any full-time or part-time employees.
If you are looking for some ways to keep up with the changes, or better understand them, here are a few nice Links I have been sharing:
As always – let us know if there are any questions we can assist with!