WebJun 1, 2024 · o Compensation is capped for owner-employees as follows: For all PPP loans (except 2nd PPP loans to borrowers with NAICS codes starting with 72), owner compensation is capped at the lesser of (i) two-and-a-half months of the owner’s average compensation or (ii) $20,833. (If an individual owns multiple WebQ: Will the maximum amount for owner compensation be forgiven for a period of more than 8 weeks, but less than 24 weeks? Will it need to be pro-rated? Or, does a borrower need to wait 24 weeks to apply for forgiveness to get the maximum owner compensation forgiveness? A: Yes, it is pro-rated if a borrower chooses a time frame of less than 24 …
PPP Salary Limitation Clarification and Revised Application
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WebAug 19, 2024 · Owners who opt for the eight-week period can pay their employees, and themselves, up to a maximum of $15,384.62, which works out to an annualized salary of … WebMay 28, 2024 · In that IFR, the SBA confirmed that PPP loans could include “owner compensation replacement.”. However, the IFR also included a new cap on forgiveness … WebIf your company lost revenue due to COVID shutdowns, but you kept employees on your payroll, you may be entitled to an Employee Retention Tax Credit (ERTC) payout, even if you took out the PPP loan. When PPP was originally announced, businesses had to choose between this and ERTC, but a change in congress has meant that companies are now … hideyoshi baka and test