DISCLAIMER: policies appear to be subject to change. These answers apply as of today (Friday, 4/24/20):
1. How do I PROVE the funds were used for payroll (for forgiveness) Form 941 and state quarterly wage unemployment tax reporting forms Or Payroll processor records corresponding to the 8 week period For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount
- and to whom do I give this proof? To the issuing bank When?As soon as possible after the 8 week period that starts upon disbursement - the bank has 8 weeks to submit (I read that but cannot find it now)
2. If the funds are deposited in the middle of a payroll period, do you count that whole period, or does the Forgiveness start with the next "full" pay period? From the date of disbursement
1. If I work from home and take an office deduction, can I use PPP's mortgage interest allowance? You must have claimed or be entitled to claim a deduction for such expenses on your 2019 Form 1040 Schedule C for them to be a permissible use during the eight-week period following the first disbursement of the loan (the “covered period”). For example, if you did not claim or are not entitled to claim utilities expenses on your 2019 Form 1040 Schedule C, you cannot use the proceeds for utilities during the covered period.
2. If I am self employed w/no employees, and show a loss on my 2019 taxes - can I still get PPP if I took $ from the company to cover my health care costs?
3. If I have an employee who quits during this period when my business is suffering, am I responsible for hiring a replacement to keep the payroll at the same level? Yes if you are going to use their wages as payroll for loan forgiveness.Do I need to get their resignation in writing? I would-just for good business practices. What if they refuse to report for work because they do not feel safe? Can they be fired for that? Failure to show up for work is an acceptable reason to terminate.