g. Is there anything that is expressly excluded from the definition of payroll costs? PPP III Paycheck Protection Program

FAQ#: 215 published 4-23-2020

PPP III. Temporary New Business Loan Program: Paycheck Protection Program

Effective Date: This rule is effective April 14, 2020.

g. Is there anything that is expressly excluded from the definition of payroll costs?

Yes. The Act expressly excludes the following:

i. Any compensation of an employee whose principal place of residence is outside of the United States;

ii. The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary;

iii. Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee's and employer's share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees; and

iv. Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Pub. L. 116-127).

Reference Resource: SBA-2020-0015-0001

Comment Date: Comments must be received on or before May 15, 2020.

To submit your comment on this topic here: SBA-2020-0015-0001



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