Borrowers still don’t have all the details on how the PPP loan forgiveness will be calculated. This has created a breeding ground for myths that further confuse business owners.
Join our certified HR experts as they debunk the Top 7 PPP Myths:
Myth #1: PPP funds can be used to pay employees’ retro pay.
Myth #2: Part time employees don’t have to be included in the full FTE calculation.
Myth #3: PPP funds can be used to pay independent contractors/1099s.
Myth #4: PPP funds can be used to pre-pay rent and utilities.
Myth #5: The covered period ends on June 30th for PPP loans.
Myth #6: As long as the employee does not make 100k annually, the $15,380 cap does not apply.
Myth #7: The PPP loan coverage period begins when businesses are able to reopen.