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

Our total actual payroll was $550,000, but after excluding salary portions greater than $100,000 the “eligible” payroll reduces to $525,000. Can we use the PPP funds to only pay the eligible portion while using company funds to pay the balance to ensure the maximum forgiveness amount?

Posted by Armanino Financial Advisory Team

Without knowing the loan amount, this is a difficult question to answer. The net result of the caps is that you are, in effect, using company funds to pay the balance for the highly compensated employees.

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