July 23, 2020
When we originally calculated our loan needs, we did not know we should have included seasonal employees and did not use those numbers to calculate our loan needs. Should we still list any seasonal staff payroll info in Table 3 for seasonal employees?
Posted by Armanino Financial Advisory Team
It doesn’t matter what you used as the basis for your loan when you applied. Now, it’s only about how you spent the loan, so include all employees paid during the Covered Period and the baseline periods. Also, you only need to complete Table 3 if you consider yourself a seasonal employer and wish to use that as your baseline period for purposes of calculating the FTE Reduction Factor. If you anticipate using either of the two “standard” look-back periods, use Tables 2 and 4 to enter the hours everyone worked. Just to be clear, you enter the wages of all employees, seasonal or not, in Table 1.