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For those using their PPP funds to pay staff, my bank's spreadsheet pointed to a potential stumbling block.Under the PPP terms, you have to pay your employees at least 75% of what they earned during Q1 of this year. This is accounted for on an employee-by-employee basis.So even if your total payroll is equal to what you were paying before the loan, if you have one employee that asks to work less hours and comes under that 75% threshold, you won't be forgiven for that part of the loan.
For those using their PPP funds to pay staff, my bank's spreadsheet pointed to a potential stumbling block.
Under the PPP terms, you have to pay your employees at least 75% of what they earned during Q1 of this year. This is accounted for on an employee-by-employee basis.
So even if your total payroll is equal to what you were paying before the loan, if you have one employee that asks to work less hours and comes under that 75% threshold, you won't be forgiven for that part of the loan.
