A per-employee $10,000 maximum of qualified 2021 wages (Q1, Q2, Q3). That is a potential of up to $21,000 per employee! No Restrictions - No Repayment This is not a loan. While the ERTC was created in the CARES act along with the PPP Loans - this is not a loan, there is no...
you become eligible. The short version is that you can get credit of up to $10K per employee per quarter, less whatever the PPP paid. For many people this will result in a HUGE number. I have a friend that has 48 employees, and saw large reductions in sales. He is looking at a cr...
PPP loan proceeds may commonly be utilized for payroll costs. Payroll costs incorporate gross compensation and wages, tips, holiday pay, furlough pay, severance pay, vacation leave, sick leave, bonuses, and other pay paid to workers, up to $46,154 per worker. Payroll costs likewise incorporate...
000 during 2019 has their compensation slashed by more than 25%, the excess (beyond 25%) will result in a dollar-for-dollar drop in the amount of the business’ PPP loan that is forgivable (unlike the reduction due to employee headcount, which is calcu...
The maximum for each employee is capped at 1.0. In the alternative, a borrower may elect to use a simplified method that assigns 1.0 for employees who work 40 hours or more per week and 0.5 for part-time employees who work fewer hours. How Do I Determine If I Have Reduced My ...
Forgivable cash compensation cannot exceed $100,000 prorated for the covered period. Forgivable cash compensation includes salary, wages, commissions, tips, paid leave and any allowance for separation or dismissal. Eligible non-cash compensation (not capped per employee) includes health insurance ...
Note that forgivable cash compensation per employee is limited to $100,000 on an annualized basis. For an 8-week Covered Period, that total is $15,385. For a 24-week Covered Period, that total is $46,154 for purposes of Form 3508S. Only include compensation of employees who ...
For each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the Covered Period. For owner-employees or self-employed individuals/general partners, the amount is capped at $15,385 per individual. The ...
Form 3508EZ: Borrowers who did not reduce employee salaries by more than 25% and either did not reduce staff / were unable to rehire or find similarly qualified employees OR were unable to operate due to following health guidelines Form 3508S: Borrowers who received a PPP loan of $150,000...
Salaries, wages, or commissions (as noted above, capped at $100,000 per employee); Cash tips or the equivalent (calculated based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); Payments for vacation, parental,...