Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- PPP FORGIVENESS
PPP FORGIVENESS
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
B1G R3D ON3
Level 1
04-09-2020
12:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
WHAT HAPPENS IF CLIENTS LAY OFF EMPLOYEES AFTER THE 8 WEEKS AND THE MONEY IS ALL USED UP AND THERE IS NO MORE WORK.
This discussion has been locked.
New comments cannot be posted on this discussion anymore. Start a
new discussion
1 Comment 1
IntuitJim
Employee
04-09-2020
03:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The Paycheck Protection Program (PPP) is a loan that the lender makes to the employer. The loan has a maturity of 2 years @1% interest. If the employer does not qualify for forgiveness, then they must repay the lender. SBA says the employer must maintain the same payroll level in 2020 as 2019, 75% of the PPP proceeds must be used for payroll expenses, and likely, there will be other guidance coming. If your client doesn't believe they can sustain the payroll levels, it may not make sense to take a PPP. Recommend you consider attending Coronavirus webinar tomorrow to see other options (like Employer Retention Credit). You can register here: https://proconnect.intuit.com/training/lacerte/
