Average salary poland ppp
As such, it is permissible for borrowers to use more than 25% of the PPP loan proceeds on eligible non-payroll costs (although the monies eligible for forgiveness will be reduced such that the payroll costs are at least 75% of the amounts requested for forgiveness).Įligible Payroll and Non-Payroll Costs May Be Paid or Incurred During the Covered Period ( Except for Employee Benefits, Withholding Taxes and Payments to Owners) The Application clarifies this 25% eligible non-payroll costs requirement only pertains to the forgiveness amount and calculation. Prior to the release of the Application, ambiguity existed as to whether eligible non-payroll costs (mortgage interest, rent, lease payments and utilities all existing prior to February 15, 2020) must not exceed 25% of the forgiveness amount, or rather, if non-payroll costs must not exceed 25% of the entire PPP loan proceeds. This amount is consistent with the requirement to limit an employee's compensation at an annualized rate of $100,000.Įligible Non-Payroll Costs Must Be 25% Or Less of the Forgiveness Amount
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The cap also applies to self-employed individuals, partners, members and independent contractors. The Application places a cap of $15,385 for each employee’s gross salary, gross wages, gross tips, gross commissions, paid leave (vacation, family, medical or sick leave, not including leave covered by the Families First Coronavirus Response Act) and allowances for dismissal or separation paid or incurred during the Covered Period. To apply for forgiveness of eligible costs during the eight-week period starting from the PPP loan disbursement date (the Covered Period), the borrower must complete this Application and submit it to its lender along with certain supporting documentation.īelow are the key takeaways from the Application:Ĭap of $15,385 Compensation Per Individual
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Available here, the highly anticipated Application provides important guidance, including detailed forgiveness calculation instructions and answers to other substantive questions. Small Business Administration (SBA) recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application).