PPP forgiveness application question

[BirdDawg1980]

I'm completing the forgiveness application and have run into a problem. Our loan amount was calculated on the average number of employees and payroll for the 2019 calendar year. This is the calculation recommended by our bank. On the loan application, it asks for the number of employees at the time of the loan application (4/15) and my bank filled that in with the average number for 2019. We were already down by 15 employees at that time. I'm having a problem signing the forgiveness application until this gets corrected or someone can confirm that I have nothing to worry about.

Any suggestions?

 

[HotRod99]

Total amount of loan?

 

[BirdDawg1980]

Total amount of loan?

Why does that matter?

 

[BirdDawg1980]

Total amount of loan?

It's over the minimum of 50K if that's why you're asking.

 

[magnolia93ugagrad]

It's over the minimum of 50K if that's why you're asking.

Hopefully this helps you I found on a bank website....

1. If my original loan application has the incorrect number of employees listed, what should I do?
   Borrowers cannot adjust the numbers that were entered on their original PPP loan application. Borrowers should enter the correct number of employees when completing the forgiveness application and upload the appropriate documentation to support their eligible payroll and non-payroll expenditures, as well as FTE calculations.

 

[MRDAWG]

I'm completing the forgiveness application and have run into a problem. Our loan amount was calculated on the average number of employees and payroll for the 2019 calendar year. This is the calculation recommended by our bank. On the loan application, it asks for the number of employees at the time of the loan application (4/15) and my bank filled that in with the average number for 2019. We were already down by 15 employees at that time. I'm having a problem signing the forgiveness application until this gets corrected or someone can confirm that I have nothing to worry about.

Any suggestions?

Call your banker and get an appointment with him. Go mask to mask.

 

[MaconDawg67]

I'm completing the forgiveness application and have run into a problem. Our loan amount was calculated on the average number of employees and payroll for the 2019 calendar year. This is the calculation recommended by our bank. On the loan application, it asks for the number of employees at the time of the loan application (4/15) and my bank filled that in with the average number for 2019. We were already down by 15 employees at that time. I'm having a problem signing the forgiveness application until this gets corrected or someone can confirm that I have nothing to worry about.

Any suggestions?

If you used the funds for the expenses specified you have nothing to worry about. If you took the EIDL advance, your PPP forgiveness will be reduced by that amount.

 

[BirdDawg1980]

Thanks