Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

Do we not need to be concerned with the number of employees that went on our loan application?

Posted by Armanino Financial Advisory Team

Only to the extent that the number of employees you listed on your loan application should match the number that you put on your forgiveness application on the line “Employees at time of loan application”. Any calculations you did for your loan application are not relevant to your forgiveness application because they focused on “average 2019 monthly payroll”, which is not used anywhere in the forgiveness application. Now, the focus is on FTEs, not employees, with one exception: FTE Reduction calculation criterion #1, which states “If you have not reduced the number of employees or the average paid hours of your employees between January 1, 2020 and the end of the Covered Period,” you can be exempt from the FTE Reduction Factor.

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