Any PPP loan experts in the house?

searcher profile

March 30, 2020

by a searcher from University of Virginia in Los Angeles, CA, USA

I have some questions and would love to chat... for example:

"Payroll costs" exclude "the compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period"
- does this mean the entire compensation of that employee is excluded, or just the amount in excess of $100k is excluded?
- if employee salary is reduced to below $100k (prorated) during the "covered period" (Feb###-###-#### June###-###-#### ), can their compensation be included in the LTM payroll cost calculation, even if their salary before the covered period was above $100k?

I have other questions, but if anyone can confidently answer these, I'd love to hop on the phone and chat through some more :) Thank you!

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commentor profile
Reply by a lender
in Yorba Linda, CA, USA
Live Oak Bank is on the forefront of all things PPP. SBA will be issuing procedural guidance this week which will answer many of the detailed questions we all have around the application process. You can sign up to receive our updates here: https://www.liveoakbank.com/paycheck-protection-program-sign-up/
commentor profile
Reply by a searcher
from Northwestern University in Los Gatos, CA, USA
This just crossed my desk for those of you who missed PPP and now hate your bank and/or want to put in more PPP applications to increase your odds of getting it in the next batch, assuming more funding is authorized.

NorCal SBDC's list of lenders accepting PPP application for non-existing customers....
Lendistry.com
United Business Bank
Ready Capital
Radius Bank
Centerstone Lending
T Bank
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