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)
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.