Paycheck Protection Program:
Loan Forgiveness Application Released and Full-time Equivalent Defined
The Treasury and SBA have released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application can be found here. The loan application provides the long-awaited calculation for averaging full-time equivalent (FTE) employees: The FTE count is based on a 40-hour workweek. The FTE will be calculated for both the borrower’s chosen reference period, as defined by the application, and for the 8-week period borrowers are using their PPP loan. Some important things to keep in mind:
- Borrowers cannot apply for loan forgiveness yet; and
- The application may be revised in the coming weeks as the Treasury and SBA receive feedback.
MBA’s team is carefully reviewing the application and its schedules so we can best advise our clients in the days ahead. Please stay tuned for additional information.
Temporary Workforce Resource
As employers ramp up business, many employers are struggling to fill open positions. If you are an MBA client, MBA highly recommends you contact our preferred temporary workforce vendor, Career Experts, Inc. Career Experts can assist you in filling those open roles and even has a special offer for MBA clients. More information can be found here.
The coronavirus has created many issues for employers to navigate. You can find MBA’s updates on these issues by going here. MBA will continue to update you as the coronavirus pandemic continues to impact employers.