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I have read through the PPP loan requirements, but I'd just like someone to confirm if I am correct in my understanding of it.
I work in NYS in the tourism industry. No surprise I lost my job in March, and I thought the business shut down for good. Much to my surprise, I was called back this month on the 8th of Sept. When I asked my employer why we were called back (Because unfortunately there is still no business), he said he was required to because he took out the PPP loan and needs to have it forgiven.
From what I have read, we would need to have been called back before June 30th, and for a period of at least 8 weeks? Am I correct to assume that this loan will not be forgiven? We will only have been employed 3.5 weeks before the PPP loan period runs out.
I am trying to make sense of what is going on with the business and if I will have a job come the end of next week.
PPP is a business assistance program. What the regulations initially stated or continues to state has no bearing on how it operates in reality for business. The PPP is constantly evolving and probably has more exemptions, exceptions and waivers. Remember, this is a pro business administration so businesses can ask and get changes to suit their needs. And even if eventually the business is dinged, it has no impact on Unemployment regulations; a refusal is a refusal, PPP regs or not!
PPP is a business assistance program. What the regulations initially stated or continues to state has no bearing on how it operates in reality for business. The PPP is constantly evolving and probably has more exemptions, exceptions and waivers. Remember, this is a pro business administration so businesses can ask and get changes to suit their needs. And even if eventually the business is dinged, it has no impact on Unemployment regulations; a refusal is a refusal, PPP regs or not!
Thanks for the reply!
No one that works here refused. We all came back to work when asked. (:
I'm just trying to figure out if my employer will get his PPP partially forgiven or not.
If he doesn't, I doubt he will be able to pay us or continue to employ us past the end of this month when the PPP runs out. Those of us back at work are just trying to weather the storm and hope for the best. We aren't sure what is going on, and higher-ups don't tell us.
Right now, every business with PPP is probably asking for for a waiver or forgiveness. Most will get it. Heck, even businesses that have committed known fraud with PPP have still receive forgiveness. So long as there are living and breathing individual taxpayers, there's no need to get a business upset before the election, so forgiveness is like candy on halloween.
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