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Paycheck Protection Program (PPP) Loan Application Updates

Paycheck Protection Program (PPP) Loan Application Updates

| May 26, 2020
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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.

  1. 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.
  2. 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!

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