- How long do you have to apply for PPP forgiveness?
- What is the 24 week period for PPP?
- Are PPP loans still available?
- Can I give my employees a raise under PPP?
- Can I use all of my PPP loan for payroll?
- Is cell phone considered a utility?
- Should I wait to apply for PPP forgiveness?
- Can I apply for both PPP and Eidl?
- How do I prove payroll for PPP?
- What counts as payroll costs for PPP?
- What are the rules for PPP?
- What qualifies for PPP forgiveness?
- What does PPP mean for employees?
- Is fuel considered a utility for PPP?
- What is considered transportation for PPP loan?
How long do you have to apply for PPP forgiveness?
Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination..
What is the 24 week period for PPP?
If 24 weeks, it begins on the date the loan proceeds are disbursed and ends 24 weeks (168 days) from that date. Alternative Period – Borrowers with a bi-weekly or more frequent payroll schedule may elect the Alternative Period.
Are PPP loans still available?
Paycheck Protection Program loans are still available, even as businesses reopen. UPDATE: On July 1, Congress approved an extension of the Paycheck Protection Program until August 8, 2020. … Even for businesses now reopening, the PPP is still available as a source of Covid-19 financial relief.
Can I give my employees a raise under PPP?
Can I Use The PPP To Give Employees Bonuses Or Raises? Yes, within reason. … However, wages can’t exceed $100K per person (annualized) and any wage increases or bonuses need to be reasonable—for example, you can’t suddenly raise your employee’s salary from $40K to $100K.
Can I use all of my PPP loan for payroll?
Use it for eligible expenses. For PPP loan forgiveness, you must use 100% of the loan for eligible expenses. Eligible expenses include payroll costs, interest on mortgages, rent, and utilities. And, the SBA requires you to use the majority of your loan for payroll expenses.
Is cell phone considered a utility?
There are a few different utilities that constitute as a utility bill these are, electricity, gas, water, home phone, mobile phone and broadband. All these services are classed as utility bills as they are products that make up the running of your household.
Should I wait to apply for PPP forgiveness?
If a borrower received its PPP loan before June 5, 2020, the PPPFA allows the borrower to elect to use an 8 week covered period. … Guidance May Evolve: Because of the constantly evolving guidance with respect to loan forgiveness, borrowers should consider waiting before they file their loan forgiveness applications.
Can I apply for both PPP and Eidl?
Yes. Borrowers can apply for both the PPP and EIDL, although funds from both cannot be used for the same purpose. The Paycheck Protection Program loan proceeds must be used for eligible purposes according to guidance and some or all of the loan may be forgiven if used properly.
How do I prove payroll for PPP?
Payroll processor reports (several leading payroll processing providers have formed a coalition to work with the SBA on developing custom PPP reports) Payment verification (canceled checks, bank statements) Rent invoices, utility bills, loan statements, and copies of lease and loan agreements.
What counts as payroll costs for PPP?
PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).
What are the rules for PPP?
The loan amount is based on your average monthly payroll cost for 2019. You can receive 2.5 times that amount, to help cover eight weeks of payroll. The funds from the PPP can be used for the following purposes: Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits.
What qualifies for PPP forgiveness?
To qualify for PPP loan forgiveness, the SBA set up various requirements that must be fulfilled. … At least 60% of loan must be used for payroll costs. While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic.
What does PPP mean for employees?
Paycheck Protection ProgramThe Paycheck Protection Program (PPP) This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs.
Is fuel considered a utility for PPP?
Traditionally, “utilities” normally means electricity, water, gas, and sewage only. But as you can see, the PPP adds the additional categories of telephone, internet, and transportation costs.
What is considered transportation for PPP loan?
The CARES Act allows for transportation costs. The only SBA guidance we have as of now on this point is for self-employed individuals. This guidance states that gas used for driving a business vehicle is a forgivable use of PPP loan proceeds.