I just received my PPP $ in my business account Friday. On 5/4 I plan on hiring all of my employees back that are currently on unemployment. This is the earliest I can hire them as the jobsites we were working on are finalizing protocols to deal with Covid regulations and the work bans are being lifted. So I will have a gap of roughly one week between getting the PPP loan $$ and the date I will put my employees back on the payroll and off unemployment.
My PPP loan was based on 12 months of the prior years average payroll which was considerably lower than my present payroll going forward as we signed a 7 figure project back in January and are getting larger (construction). I should have no problem using up the entire PPP loan in roughly 6-7 weeks of payroll. I have a few questions I'm hoping someone can answer:
Can I have the entire amount of the loan forgiven if I keep the same amount of employees (or more) on the payroll starting a week after I received the PPP loan $$ and have a payroll that equals/exceeds the amount of the loan?
What if an employee refuses to come back to work or can't for whatever reason, can I hire another employee and be forgiven their wages in place of the former employee?
Is an employee not returning to work held against me and does the reason for their not returning matter ?
As the business owner can I include paying myself a weekly wage as part of the payroll based on my yearly salary and be forgiven that $$ as part of payroll expenses? I probably can hit the loan threshold in the 8 week span with or without doing this.
Is rental of a condo which is used strictly for lodging for work an expense that can be forgiven? I have been renting a condo since Jan. in Killington VT where the project is, about 60 miles for me so we stay up there most weeks to work. My lease runs out May 15 and then I have a townhouse that I am renting from May15 til October. Is the rent $$ for both forgiven?
Thanks in advance and the help many here have offered in answering questions is much appreciated as I have been lurking and learning a lot over the last few weeks.