You are asked to separate this group of employees because for each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the Covered Period. For an 8-week Covered Period, that total is $15,385. For a 24-week Covered Period, that total is $46,154.
Articles in this section
- Can I use the SBA PPP Direct Forgiveness portal when applying for forgiveness?
- Which NAICS codes are accepted by the SBA?
- What qualifies as “gross receipts” for my business when I am entering amounts for my revenue reduction?
- If I have two PPP loans in 2021, can my Covered Periods for the two loans overlap?
- I submitted my first draw forgiveness application to Scratch already - why won’t it let me access my second draw application yet?
- What quarters or reference periods can I compare to show I experienced a 25% or more revenue reduction?
- Why do I need to upload documentation to show my 25% or more revenue reduction?
- Which reference quarters should I use to show my 25% or more revenue reduction? Can I use an annual comparison instead?
- What documentation do I need to provide to corroborate that my entity sustained at least a 25% reduction in gross receipts?
- If I have self-employment income and file a Form 1040, Schedule C or F, which of my nonpayroll costs are eligible for forgiveness?