July 23, 2020
If we use the 24-week Covered Period, we should be more than able to justify 100% forgiveness of our loan amount with our payroll costs only. Can we then reduce our application paperwork and submit only payroll costs, not interest nor utility costs?
Posted by Armanino Financial Advisory Team
Yes, but it’s unlikely your paperwork will be reduced much. You will still have to list your staff, one at a time, to show that you did not reduce wages. You will also need to provide FTE calculations, unless future guidance indicates otherwise.