The MFGMONKEY’s Podcast

MFGMonkey Episode 6.3 with Jordan Butler & Rich Brown: Payroll Protection Program Revisited

May 1, 2020

Welcome to MFGMonkey Episode 6.3 Jordan Butler and Rich Brown are back with new Information on the PPP(Payroll Protection Program). This week we talk about the issues companies are facing regarding unemployment  

  • PPP money is now gone
  • how sole props, independent contractors, and eligible self-employed individuals can use the money and get forgiveness
  • growing realizing I have that those companies with employees being laid off on what they think is a temp basis who make $25 per hour or lower (Could be higher than that for some), who take unemployment benefits AND the CARE Act $6000 weekly for 4 months may have zero desire to return to work for 4 months. They will make more siting on their couch playing the latest games and watching Netflix.
  • What is the rule for compensating employees whose salary is to remain above the $100,000 annual pay level for the measured 8 week period ($15,385 = 8 weeks of pay at $100K rate)? 
  • Is higher pay allowed? 
  • Tracking of payroll and expenses once in the 8 week cycle and how to maximize the forgiveness opportunity to convert the loan to grant by keeping payroll over 80 percent of the applicant average level to avoid penalty.
  • utilizing all allowable expenses up to 25 percent to reach the total of the loan i(Which is 2.5 months of average payroll)
  • Growing realizing I have that those companies with employees being laid off on what they think is a temp basis who make $25 per hour or lower (Could be higher than that for some), who take unemployment benefits AND the CARE Act $6000 weekly for 4 months may have zero desire to return to work for 4 months. They will make more sing on their couch playing the latest games and watching Netflix.
  • Funding was just today exhausted on PPP loans approved. There is no more cash until  congress allocate more.

If you have any questions, comments, or topics you just want to hear about let us know. 

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