July 23, 2020
I want to be sure I enter the “stub pay” portion of the payroll input correctly. My Covered Period ended June 11, 2020. I paid payrolls on June 12, 2020 that covers work performed through June 6 and paid my next one on June 19 covering work done through June 13. Do I enter 80% of the payroll I paid on June 19 since my Covered Period ended during that week?
Posted by Armanino Financial Advisory Team
You have it correct. Despite the fact that the June 12, 2020 payroll was paid after the Covered Period, 100% of it was incurred during the period so you can claim all of it for forgiveness. Similarly, you get to claim the portion of your payroll that was incurred during the Covered Period in your last week (work performed June 7 through June 11, 2020) but not any costs incurred on June 12 or June 13 as they occurred after the end of your Covered Period.