April 3rd Video Conference additional answers
A question was asked about figuring seasonal employee salaries: Some clarification from Chris:
For purposes of calculating “Average Monthly Payroll,” most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.
Question from Bob Foley: Yesterday some banks took applications for PPP I understand that the form has changed. today should we reapply to those banks again.
“I was asked if someone that completed a PPP application with their bank would need to complete the new updated form and I said, “no, but they may need more information” I was just informed that the new form may be required…stay tuned, but please tell the group that their bank will know if that is the case.”