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re: PPP Payroll Allocation
Posted on 4/22/20 at 3:03 pm to Spock
Posted on 4/22/20 at 3:03 pm to Spock
quote:
I'm not sure this is correct. The language I'm looking at says "for any employee who did not earn during any period in 2019 wages at an annualized rate more than $100,000, the amount of any reduction in wages that is greater than 25% compared to their most recent full quarter."
I have been under the assumption that any employee that was employed in 2019 needs to be paid atleast 75% of their 2020 first quarter wages otherwise the forgiveness is reduced dollar for dollar. The question then becomes what to do with the employees who worked in 2019, but quit for some other reason other then COVID?
Let me clarify.
You need to pay your employees you currently have working for you.
If you paid them in 2019 and they are working for you in 2020 you need to pay them.
If an employee who worked for you in 2019 decides not to come back to work, and you hire a new employee to take that employee's place, you need to pay the new employee.
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