Reply To: Got PPP loan for my salon booth renter. Confused! Please help!
BTC STYLIST FORUM › READ THIS FIRST! Welcome! › Got PPP loan for my salon booth renter. Confused! Please help! › Reply To: Got PPP loan for my salon booth renter. Confused! Please help!
The guide lines for PPP are very clear on line. Min 75% use for payroll, must maintain same FTE (full time employees) count that you had at time of closing. Balance must be used for rent and utilities.
PPP forgiveness amount is prorated based on how close you come to the 75% rule. If your payroll is 50% that 50% is forgiven and you owe the rest. When its all over give back what ever you have not spent.
Although your salon is not open, You can still use the PPP to pay your people while salon is closed (that’s what PPP is for) and to get them off unemployment. So now you can also pay rent and utilities while closed. this is how the PPP is supposed to be used. To help KEEP YOU IN BUSINESS