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Whenever trying to get Income Safeguards Program (PPP) loan forgiveness, groups have to compare Complete-Go out Equivalencies (FTEs) due to their Secure Several months (otherwise Alternative Payroll Shielded Months) and you may Resource Period
Below, SST’s positives break apart the tiny Company Administration’s current steps to own figuring an enthusiastic FTE to greatly help make sure a smooth PPP mortgage forgiveness techniques to suit your team.
New Shielded Period is the 8-week or 24-week period starting with the date you received your PPP loan funds. If you received your funds prior to , you may choose to use either the 8-week or 24-week periods. If you received your funds on or after , you must use the 24-week period.
The opposite Payroll Secured Several months begins on the first day of your pay period following the date you received your funds. For example, if you decide to use the 24-week Alternative Payroll Covered Period and you received your funds on Monday, April 20, and the first day of your first pay period following the funding date was Sunday, April 26, then the first day of your Alternative Payroll Covered Period is April 26, and the last day is Saturday, Oct. 10. (more…)