The Morning Briefing and New News on the PPP Loan Calculations…
In this video, I talk about how the Economic Injury Disaster Loans & Emergency Economic Injury Grants can help your business.
I remember the joke that “Ask an accountant how much is 1+1”, and they say “what would you like it to be”. It sounds like the new Non-Joke “what is my average monthly payroll cost” and we say “what day is it” …
Please watch my video, which I recorded just the other day and read the full blog post (which follows below) which is another update about the Paycheck Protection Program loan calculations.
On Tuesday April 7, 2020 we received yet new information/guidance on what payroll related costs, benefits and taxes where allowable as “average monthly payroll costs”. This is a major factor used to determine what your business’s Paycheck Protection Program (PPP) loan request could be. Needless to say with the magic of multiplication the cut off levels and includable factors could be quite significant.
Please be reminded that these are your applications and we can help you where possible, but are not allowed to apply on your behalf.
We are attending yet another seminar this morning and continue to work through the process to help you.
We are also recommending that if you submitted applications last week contact your banker to see if you can amend that application in light of the new guidance.
Here is the link to the FAQ regarding guidance to the PPP
And now for the NYT morning briefing…
Best wishes for you, your family, friends and staff in these hard times.
Please get in touch with us if you have a question.