July 23, 2020
Do we still need to include in our FTE calculation employees that were laid off, terminated or quit prior to March 31?
Posted by Armanino Financial Advisory Team
Yes. Though they will not be counted in your Covered Period (the numerator in the FTE Reduction Factor) because the PPP program did not yet exist at March 31, they will need to be counted in your baseline period (the denominator) of either February 15 through June 30, 2019 or January 1 through February 29, 2020.