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re: When did PPP 8 weeks start?
Posted on 5/9/20 at 10:18 am to shawnlsu
Posted on 5/9/20 at 10:18 am to shawnlsu
PPP loan fund my account on 5/1, but my business still closed due to Mr. "wonderful" JBE in commander. All 5 of my employees receiving unemployment benefit & I still have to pay rent. Should I use the PPP fund to pay my employees (even if the business still closed) to take advantage of the 25% fund to pay rent & utilities? Also, if My business allows to open on 5/22, that means I only have 5 weeks left and I can only use 50% of the PPP loan to pay my employees. Does that means I will qualify for 75% of the forgive loan amount? (25% rent + 50% payroll). Any help to clarify this mess is much appreciated. Clear as mud! 
1
Posted on 5/9/20 at 12:46 pm to VanJoe
You are basically in the same situation as me but I never laid anyone off.
You can use the money as a 1% loan. Pay rent for awhile with it. I don’t think there’s any other punishment is there?
The problem with hiring them back is will you be open?
Frankly I’d probably stand still and see what happens. Put the money in a money market and it’s a break even. Then if you are open being them back, use the PPP to pay them or pay it back.
You could ask for up to 2.5X monthly payroll but the only part forgiven is what you actually need. So if your rent, utilities, etc add up to only .25X payroll that’s all that’s forgiven.
You can use the money as a 1% loan. Pay rent for awhile with it. I don’t think there’s any other punishment is there?
The problem with hiring them back is will you be open?
Frankly I’d probably stand still and see what happens. Put the money in a money market and it’s a break even. Then if you are open being them back, use the PPP to pay them or pay it back.
You could ask for up to 2.5X monthly payroll but the only part forgiven is what you actually need. So if your rent, utilities, etc add up to only .25X payroll that’s all that’s forgiven.
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