![]() Payments to independent contractors cannot be included in the payroll costs. The 60/40 ruleĪt least 60% of your loan must be used for payroll costs. ![]() All payroll that your employees incur over the 8 to 24 week period is eligible for forgiveness, even if the actual payout date falls outside the covered period. You do not need to adjust your payroll schedule. This is not necessarily the date on which you signed your loan agreement. 8 to 24 weeks of expense coverageĮxpenses eligible for forgiveness are those that are incurred over the 8 to 24 week period, starting from the day you receive your PPP loan from your lender. The following conditions will also apply: 1. Worker protection expenditures-any personal protection equipment or property improvements to remain COVID compliant from Maonwardsįurther reading: How to Spend Your PPP Funds (Updated for 2021)Īll expenses that fall under the above listed categories are eligible for forgiveness.Supplier costs-any purchase order or order of goods made prior to receiving a PPP loan essential to operations.Property damage costs-any costs from damages due to public disturbances occurring in 2020 and not covered by insurance.Operations expenditures-any software, cloud computing, or other human resources and accounting needs ( like Bench).Utilities-as long as service began before Febru( here’s what’s included in utilities).Rent-as long as the lease agreement was in effect before Febru( here’s what’s included in rent).Mortgage interest-as long as the mortgage was signed before February 15, 2020. ![]()
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