Is back pay paid to employees during the 8 week window a forgivable payroll expense? The wages were incurred well before they received the PPP funds.
A big question many of us have relates to insurance premium expenses (not employee health care plans). First, can workers compensation insurance premiums be added to either the 75% payroll side or the 25% expense side of the loan forgiveness equation? Since it is an integral part of the employee compensation expense (for the employer) and is a direct function of their payroll cost, we would like to think it is forgivable. And second, can any other insurance expense (commercial vehicle, general liability, or umbrella policy) be added to the 25% expense category for loan forgiveness? Since we were told company vehicle gas is an allowable expense in the utilities category, we would hope that the vehicle insurance for essential service technicians is also a forgivable expense. What do you think? Thank you so much for your guidance!
What if your FTE count is reduced because an employee contracted Covid after funding was received and is not able to return to work before June 30th? How does this effect the 75% ratio for forgiveness?
What is the definition of "Loan Origination" as far as the loan forgiveness application is concerned?
In regards to PPP loan forgiveness, what expenses are considered forgivable? If we need a computer program to keep the employees working, does that count? What about Payroll taxes, or is it just straight payroll? Are the expenses related to health coverage that the company pays part of the forgivable payroll expenses?
Are company IRA contributions part of the forgivable PPP loan payroll expenses? Since the flexibility act is now in effect, we have 24 weeks of payroll for forgiveness, correct?
I received my PPP loan and I have used all of it in 6 weeks for my payroll. In hindsight I could easily have asked for twice the amount I applied for but I was a bit extra cautious in asking for a large loan. Can I apply again for additional funds as I can easily show that I am going to use it for my payroll?