April 3 - PPP loan forgiveness and benefits
Good Morning! So as I said last night the Paycheck Protection Program (PPP) Loans are live! NECA National just sent you an email on this and we have just posted a new resource section just for the PPP Application process. One thing that apparently national was able to find through the Treasury that I couldn’t is: Do benefits count under your PPP Loan forgiveness?
Based on recent Treasury guidance, to calculate your payroll cost for purposes of the PPP loan, include salary, wages, commissions, or similar compensation; cash tips or the equivalent; payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; and payment of state and local taxes assessed on compensation of employees.
That’s fantastic news! So please, make sure you are contacting your banker and getting your application in ASAP. Good Luck!