NEWS

IMPORTANT CLARIFICATION ON PAYCHECK PROTECTION PROGRAM LOANS!

April 2, 2020 – In a bulletin we published yesterday entitled PAYCHECK PROTECTION PROGRAM- IMMEDIATE HELP FOR SMALL EMPLOYERS, we discussed the topic of the cap of $100,000 in payroll costs (on an annualized basis per employee) for which an employer could seek a PPP loan beginning tomorrow, April 3. The “Borrowers Fact Sheet” we linked from the Treasury Department correctly sets forth that “payroll costs“ include salary, wages, commissions or tips capped at $100,000 on an annual basis for each employee, PLUS certain employee benefit costs, state and local taxes, etc. Those latter numbers are not included within the $100,000 cap, which again applies only to an employee salary, wages, commissions or tips.

***

Since legal developments pertaining to COVID-19 are constantly evolving, we recommend that our clients call the Kullman Firm attorney(s) with whom they work for the most current guidance on these matters.

Test Hover Card

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Kullman