Quote:
Originally Posted by MisterF80M3
Kind of confused with the PPP loan. 75% of the loan must be used for payroll if you want the loan to be forgiven.
The question is 50% of my company's employees decided they did not want to come into work when the shelter in place was enforced. Since we are basing the average monthly payroll from 2019 W3. The amount is significantly more than what my monthly payroll is now.
What happens if we cannot use all the $ given to us for the PPP loan?
What happens if we have workers that want unemployment even though we have work for them? $1000 per week is appealing to a lot of people for doing nothing.
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If 75%is not used for payroll than it becomes a 10 year loan at 4% interest