Pathlete wrote:
No, you can't just take what you need. I asked that very question. You give them your calculations and you 'receive' an amount of money. You present your calculations of what you spent on payroll for the following two weeks and the difference between that number and the amount you 'received' is the principal on a new, 2-year loan.
Of the 100% of funds you request, 75% can be for payroll expenses and 25% for other fixed expenses (rent, utilities, etc.). So right there, you're at 25% due as a loan. Bringing everyone back as FTE's to stand around looking at each other isn't workable even if the money is 'free'. Also, we will have people not come back to work based on stimulus checks, unemployment or just life changes. That's how we get to 50% in our business.
The 25% utilities should be forgiven from what I understand. We are in same boat as you. Have some working some unemployed. Can’t bring everyone back and pay them to do nothing, not fair to those working. We will use what we can to for payroll now. If business not back to normal by 6/30 will only bring back who we need.
If we normally have 60 employees and currently have 30 working, by 6/30 we would only be forgiven 50% of our payroll portion of the loan. But we would have only used 50% of the loan to pay our 30 people so if I’m thinking correctly, we should be covered 100% of the payroll we spent during this time. The remainder of the money we can give back after 6/30. No need to keep it if not needed.
No one we asked has not come to work but I’ve heard some grumbling through the grapevine some would rather stay laid off since they would be making more.
Starting to get annoyed with the women in the office since it’s mostly them I’m hearing about. Next person I hear complaining I’m going to tell them to stay laid off and they can pay their healthcare, since we’ve been carrying it for everyone the past 2 months.
They don’t realize after the $600 is over 7/30, business may nit be back to the previous levels so we may not need everyone back. Those that have stayed working and have appreciated it will have a leg up over those who have not.