Home COVID-19: Resources and Discussions for Small Businesses
Announcement:: Please see our new COVID-19 category where small businesses can engage with other business owners and experts to share best practices, information and other resources that will help us all get through this crisis.

401K and Pension -Defined Benefit Plan

Can we do PPP-1 Amendment: We wish to add in PPP-1 Defined Benefit, please reference question seven on page three of following FAQ:

Paycheck Protection Program Loans Frequently Asked Questions (sba.gov)

Question:
The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all
employee benefits of monetary value?
Answer: No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including:
• employer contributions to defined-benefit or defined-contribution retirement plans;
• payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and
• payment of state and local taxes assessed on compensation of employees.

Tagged:

Comments

  • Brian_SBMBrian_SBM Vice President, Entrepreneurship Administrator admin

    @greencal I'm not sure of the question. If you would like to amend your first PPP loan, then I would suggest contacting your PPP lender. We are not a PPP lender, nor do we represent the SBA.

Sign In or Register to comment.