Quote:
Originally Posted by SAUTO
Couldn’t he have taken out an Eidl then rolled it into the ppp and then hire more “new” help and raise his payroll and still have gotten his ppp forgiven for the full amount?
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That's an interesting question. I don't profess to know the answer BUT:
the loan forgiveness amount is simply the amount you paid in payroll, mortgage interest, utility payments, and rents. So, in theory, this makes sense, because the only real limiting factor is reduction in headcount, which your scenario raises headcount.
However, EIDL and PPP cannot be used for the same purpose, so I'd think you'd have to earmark EIDL funds for the expanded payroll, and PPP for current payroll....again, not sure how or if that would work.
I'll look into it and see if I can get a better answer for you....may take a day or two....