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You combined a source with a follow-up statement that appears nowhere in that article and is factually incorrect. I don't know where you came up with your made
by coderintherye 6y ago
You combined a source with a follow-up statement that appears nowhere in that article and is factually incorrect.
I don't know where you came up with your made up number of $22,000, but this isn't some big conspiracy, what is forgivable is directly viewable in the SBA's PPP Loan Forgiveness Application: https://www.sba.gov/sites/default/files/2020-11/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29-fillable_0-508_0%202020-11-25%2018.01.22.pdf https://www.sba.gov/sites/default/files/2020-11/PPP%20Loan%2...
- purple_ferret 6y agoThe 22,000 number is off of the original caps per employee. 2.5 months of salary capped at $100,000 = 21,000. I misremembered the number. As for forgiveness, the forgiveness is part of the latest, yet to be passed, bill. My point is that PPP loans were sold as something, and are now being revised to be not that all, for the benefit of employers and not employees. >While until the SBA issues revisions to that IFR the final answer can’t be known for sure, one likely option is that the SBA limits owner-employees to 2.5/12 of their 2019 employee cash compensation and employer retirement and health care contributions made on their behalf, with a likely cap at $20,833 across all businesses. https://www.currentfederaltaxdevelopments.com/blog/2020/6/16/new-24-week-limits-announced-for-employee-payroll-costs-and-owner-income-replacement-for-ppp-loan-forgiveness https://www.currentfederaltaxdevelopments.com/blog/2020/6/16...
- dantheman 6y agoThey were a bad idea from the get go, and calling them loans was a scam - they were handouts.