See Slide #19 – Relief Example where this Q is addressed. This is a part of the loan application instructions and has been confirmed by Interim Final Rule issued on however borrowers should still consider their ability to meet payroll cost requirements before reducing employee hours. No, this would not be considered a reduction.
If an employee’s hourly wage has not been reduced, but the hours worked has been reduced, would that be considered a Salary/Hourly Wage Reduction in Table 1 of the Schedule A Worksheet? If you missed the event you can download the slides and watch a recording from the virtual event. Coming out of the events we had many questions which we’ve addressed in the FAQ below and attached above. VonLehman held several events this week where we walked attendees through the PPP loan forgiveness application process. They also announced they will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The SBA recently released the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan.
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