Integrity HR Management

As clients are beginning to be funded, we want to remind you what has been released from the US Treasury regarding the PPP program:

The loan terms will be the same for everyone, regardless of the amount of the loan or the bank used to obtain the loan.
The loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made AND employee and compensation levels are maintained.
It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months
Any business with 500 or fewer employees may apply
You are only allowed to take out one PPP loan. You cannot apply for multiple PPP loans.
You can use the loan for payroll costs (including benefits), interest on mortgage obligations incurred before 2/15/20, rent under lease agreements in force before 2/15/20, and utilities which were in service before 2/15/20.
Payroll costs include:

Salary, wages, commission, or tips (capped at $100,000 on an annualized basis for each employee);
Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
State and local taxes assessed on compensation;
For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

Loans can be up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. This will be capped at $10 million.
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utility payments over the 8 weeks after getting the loan.
You will owe money when your loan is due if you do not maintain your staff and payroll

Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
Your loan forgiveness will be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019
You have until 6/30/20 to restore your full-time employment and salary levels for any changes made between 2/15/20 and 4/26/20.

To request loan forgiveness, you will need to submit a request to the lender servicing your loan. The request should include documents that verify the number of full-time employees and pay rates as well as payments on eligible mortgage, lease, and utility obligations. The lender will have 60 days to make a decision on forgiveness.