July 23, 2020
We will have spent all our PPP money during our initial eight-week period that ends on June 14. Based on this would it be safe to make staff reductions as of June 15? Or do we need to wait until June 30 or December 31?
Posted by Armanino LLP Webmaster
You would be safe to reduce staff on June 15 without impact to your forgiveness calculations. Staff reductions that occur after the end of your Covered Period are permitted.