Catering boss must read the blue words above

After the introduction of PPP exemption policy, SBA released a new application form for exemption this week Form 3508EZ,Compared with the original version, it is much simplified, only two and a half pages. butYou need to meet one of the following conditionsOnly then can it be used to apply for exemption:

• You are a self-employed individual, independent contractor, or self-employed;

• Compared to the first 3 months of this year, youDid not reduce the annual salary or hourly salary of any employee by more than 25%, nor did it reduce the number of employees or the average working hours(Employees actively refuse to offer/cannot find qualified employees/you will hire employees back by December 12 of this year, except);

• Business was affected by compliance with government health and safety requirements, butYou have not reduced the annual salary or hourly salary of any employee by more than 25%.

If you meet any of the above three conditions,You can pull to the end of this article and click to read the original text.download Form 3508EZApply for PPP loan exemption.

If you do not meet any of the above conditions, you need to usePublished by SBAThe full version of the exemption application form FFA, which is in accordance with the provisions of the New Deal ExemptionThe original Form 3508Revised on the basis of

In the table, everyone is most concerned about how to calculate the number of FTEs. The following circumstances have no effect on the reduction of FTEs:

• From January 1 of this year to the period covered by the loanHave not reduced the number of employees or working hours

• Due to the impact of the government’s resumption of work policy,Unable to maintain the same business level as before February 2

• 如果在2月15日至4月26日之间FTE数量比起2月15日之前有减少，Restore the original FTE number before December 12 of this year

At last week's catering private meeting, we also invitedFanyu Group Commercial Loan ManagerWenda YeeTo answer the catering owners' questions about PPP exemption applications, select the following classic questions and answers for your reference.

Q:

Can I still apply for PPP?

A:

It's ok, you can still apply until June 6. But most of the big banks are now suspended, you can find SBA special loan companies such as Lendio, Ready Capital, Paypal or Internet finance companies.

Q:

Can I pay the state tax and federal tax to pay the salary to employees?

A:

Yes, because taxes are part of wages.

Q:

Does the payroll cost exceed 60% and I can get a 100% exemption? Because my remaining expenses are not as high as 40%.

A:

Salary costs must account for at least 60% of the total loan amount to meet the repayment condition. If the salary cost accounts for 100%, then 100% can be waived.

Q:

Do you have to restore the original employees? Or just meet the FTE number?

A:

It is not necessarily the original team, as long as the number is satisfied and the salary cost accounts for 60% of the total loan. If the boss gives the employee an offer, the employee is not willing to come back, as long as the boss retains evidence of the offer to the employee.

Q:

Must all employees be restored before December 12? If the middle is reduced, can it be restored on that day?

A:

The key question is whether at least 60% of the loans can be spent on salary costs. If everyone please come back, but they did not spend 60% or more of the total loan amount, they can not apply for exemption.

Q:

If I can only get a loan in June, can I use this money to pay for labor in March, April, and May?

A:

No, because the wages for March, April, and May should have been paid early. Count from the beginning of getting a loan.

Q:

Can PPP loans be used to pay the boss's salary?

A:

Yes, as long as it has been issued before, and it can not be converted to more than 10 US dollars / year (not more than $24 in the 20833 weeks covered)

Q:

I used to say that I would spend the money in 8 weeks, but now it is 24 weeks. When will I apply for the exemption?

A:

When to spend it and when to apply. But the deadline for the final application for exemption is within 24 weeks, or before December 12 of this year. However, it is recommended not to wait until December to apply again. You can apply after the application is completed, otherwise you will wait a long time by the end of the year.

Q:

PPP has been applied for, the approved amount is relatively small, what to do if it is not enough? Can I add an application?

A:

No additional application is allowed, and the amount is determined based on the original salary cost during approval. It is really not enough to apply for an EIDL loan.

Q:

What is the relationship between PPP loan repayment amount, EIDL loan, and EIDL Adavance?

A:

If you receive EIDL Advance, the money is free. However, when calculating the PPP exemption amount, this amount should be subtracted.EIDL loanNeed to pay back.

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About "North American Meal Exam News"

"North American Meal Exam News" is the sister number of the North American head gastronomy new media "Eating Food Team". It aims to serve North American Chinese food and beverage practitioners and is committed to building a professional service platform for the North American food and beverage industry. We hope to promote the two-way exchange of Chinese and American catering culture, support Chinese food to go overseas, and serve overseas brands in China.

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