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C IL | You gotta spend the first month’s payroll amount in the first four weeks, so don’t wait too long to act.
It’s a complicated issue. From what I have seen, employers are stuck if they advanced employee wages for the last two weeks of March shutdown based on what was reported regarding FFCRA (refundable tax credits for sick leave/family leave that only actually starts April 1).
IF you have guys on paid leave starting April 1 they get two full weeks of wages then up to 10 weeks of 2/3’s wages, all reimbursable under FFCRA as long as they meet one or the definitions (sick, self-quaranted because susceptible per doctor, taking care of someone sick, kids at home, etc). But only starts April 1.
If your other guys pick up more time to cover, I think you can get made at least partially whole by PPP, but you have to keep overall employee numbers the same and you can’t double-count FFCRA time and PPP time, so you maybe have to hire someone new to cover guy #1 to qualify for full PPP.
Lots of questions left that need answers. Anyone who produces grain whose market has taken it on the chin because ethanol demand has crashed because gas demand has crashed would appear to be able to answer the question regarding COVID effects on business. Any livestock guy smacked around by dumping milk or non-bids for fat livestock would appear the same (no workers at packers).
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SBA PPP loan?
