That's amazing! Glad to know the process works for not just the big players.
Great news! Happy for you!
(will donate once I know when the $1,200 is coming)
oh that's great. Awesome!
Good news. But a clarification question: I believe that PPP loan forgiveness is reduced to the extent that you cut employment for the period Feb 15-Jun 30. If so, won't bringing your employees back only for 3 weeks effectively cut your loan forgiveness to much less than it could otherwise have been?
In particular, if you only bring them back for 3 weeks, won't your loan forgiveness be fairly minimal?
(Maybe the issue is that your payroll in the base period was less than it is (would have been) now?)
That's great! Glad to see this going to good people.
@feet: For full loan forgiveness, we need to (a) spend all the money in the 8 weeks following loan origination, and (b) have employment back up to a certain level by June 30. That certain level is based on the average full time equivalents in the spring of 2019, which for us was around 1.5.
So, yes, our base period payroll was much lower. Unfortunately, our timing was poor. In the beginning of 2020 we committed to hiring two new people because we felt ready to take our programs to new school districts. The CARES act support for businesses uses 2019 as a reference point instead of looking at how many employees we had when covid-19 hit.