Limits for individual workers
The total sum of money settlement entitled to forgiveness might not meet or meet or exceed a professional ranked yearly salary of $100,000. What this means is the most you are able to claim for cash payment is $46,154 for just about any employee that is individual the 24 week covered duration selected (or $15,385 in the event that you choose the 8 week duration).
The maximum will be prorated if you apply before the end of the covered period. This implies in the event that you use following the sixteenth week (for instance), the utmost you are able to claim for money settlement for just about any individual employee will likely to be $100,000/52 x 16 days = $30,769. Qualified payroll prices are limited by workers whoever major place of residence is the usa. Payments to independent contractors are maybe perhaps not qualified.
Limits for owner workers, one-man shop, and partners that are general
Settlement for owner workers, one-man shop people and basic partners are also qualified to receive loan forgiveness centered on particular PPP settlement formulas, and centered on their business kind.