Quick Update! Unforgivable PPP Payroll Costs
Earlier videos may have mentioned certain costs as forgivable, and this video is here to correct those errors or omissions! Rapidly changing guidance is keeping us on our toes here, and this quick update is here to clarify things like:
- Workers Compensation
- Health Savings Accounts (HSAs)
- Fringe benefits (i.e. accident or disability insurance)
- Payroll processing fees
Some costs are unforgivable, but you may incur them anyway. Until we receive a final list of all the payroll costs that are considered forgivable under the CARES Act and the PPP loan, we need to assume that these costs are unforgivable! Don't get caught thinking you can include these expenses for forgiveness and then get shocked later on down the road!
If you are looking for the PPP Budget Planning spreadsheet, get that here: https://clara-cfo-group-llc.ck.page/d5ef5d9b84
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.