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Originally Posted by Dallas Chief
Great article. I was wondering what to do about the professionals on our staff that made more than $100k and I think the article cleared it up. My banker doesn't really know anything that granular. (shocking!)
I was alarmed at the statement in the article about these not being funded for 3-4 weeks. That's really no different than a regular SBA loan, the only difference being is the shorter application and less vetting. That will be too little too late for a lot of businesses. We may be OK, but I know others that won't. Sucks.
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For those above $100K: in the formula, you add in all the payroll, but then back out the amounts over $100K....For instance (an overly simplistic example), let's say you have 1 employee who made $110K. You would count the $110K as your payroll, but then back out $10K to get it down to the $100K limit.
As far as usage goes....theres a number of scenarios, but you'll want to make sure you get total loan forgiveness on the PPP and even on the EIDL portion that you roll into it....that's for another post