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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
27264 posts

re: PPP Loan Forgiveness App is finally out
quote:

3) If payroll 1 fell one day after I received the funds, and payroll 5 falls a week after my 56-day period ends (but nonetheless includes some days that are within the 56-day period), can I include all five payroll periods in my forgiveness calculation?


This is our situation. We had a payroll three days after funding and have another payroll four days past exactly fifty-six days.


JohnWicksDawg
Member since Mar 2018
245 posts

re: PPP Loan Forgiveness App is finally out
quote:

This is our situation. We had a payroll three days after funding and have another payroll four days past exactly fifty-six days.
Same.

We pay twice a month.
Had a payroll 8 days after funds disbursed.
Final payroll will contain one day that falls within the 56 day window.
This post was edited on 5/23 at 4:32 pm


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kaaj24
LSU Fan
Dallazz
Member since Jan 2010
411 posts

re: PPP Loan Forgiveness App is finally out
I'm taking the approach that since you paid payroll right after funding. Include it.

Then taking the amount of payroll that was incurred at the end of 56 day/8 week but paid after the 56day/8 weeks. So include the stub period but paid after.


RedStickBR
LSU Fan
Member since Sep 2009
13572 posts

re: PPP Loan Forgiveness App is finally out
quote:

I'm taking the approach that since you paid payroll right after funding. Include it. Then taking the amount of payroll that was incurred at the end of 56 day/8 week but paid after the 56day/8 weeks. So include the stub period but paid after.


This is the assumption I'm operating under. But if we could include the FULL final payroll that falls after 56 days but nonetheless includes some days within 56 days, that would help.


Double Oh
Louisiana
Member since Sep 2008
10098 posts

re: PPP Loan Forgiveness App is finally out
If i payout my whole amount 100% of the PPE within 56 days i should be alright correct? I know its 75% within 8 weeks but im thinking of doing the whole amount within 56 days. Its going to be 4 payouts of the same amount within 56 days. MY PPE was not alot.


cgrand
New Orleans Pelicans Fan
HAMMOND
Member since Oct 2009
21500 posts

re: PPP Loan Forgiveness App is finally out
is anyone else facing a dilemma with retirement contributions?
I included 8 weeks prorated SEP contributions on the advice of our CPA but we do the actual funding at the end of our fiscal year in March. Due to an error on our part way back when we started the SEP we are always one year in arrears on each employees tax year, so we are maxed out for the 2020 tax year and can’t contribute until January

I was thinking about just opening a new money market account at vanguard and stashing the 8 weeks funds there and see what happens on forgiveness review


kaaj24
LSU Fan
Dallazz
Member since Jan 2010
411 posts

re: PPP Loan Forgiveness App is finally out
it's a good question. maybe you could take the position these prorated costs were incurred over the 8 week covered period.....


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