by Tom G. Porterfield, CPA, CFE
It is important that small businesses receiving the Paycheck Protection Program (PPP) loans manage the loan proceeds. For that reason, we are sharing some best practices for managing PPP loans.
Payroll and Full Time Equivalents (FTEs)
PPP loans are forgivable, but reductions in employees, work hours and total payroll decrease the forgiveness. To manage this, recipients determine the baseline FTE and payroll amounts to calculate the forgiveness.
Read the full article here: https://thefranchisewoman.com/2020/07/20/paycheck-protection-program-maximize-forgiveness/