yes, you may "hire" a new employee and they are eligible to receive compensation that the gov will forgive to you. the max to my understanding would be 100k annualized over an 8 week period so around $16,666. very creative.
you can only count "employees" whom you contribute payroll taxes for. I tried to add an independent contractor who does five figures a month in IT work for me, and it was vetoed. It looks like the focus is maintaining quantifiable JOBS, but not necessarily incomes.
people are really getting paid $37 a barrel to take oil. Short oil, and I wrote about this before (a few weeks ago), but wowzas oil actually has a negative value. No demand and producers are paying you to take it. Expected sub-$20. Damn.
It's actually a ten week period so it's actually $20,832.50,
BUT while new hires can be counted when it comes time to have your loan forgiven, you can NOT tell the SBA that you are going to hire 10 new employees at $8,333 month and get a loan for 208,325.00, to qualify for the loan you have to have payroll records etc to prove you are actually making a payroll not simply promising to do so in order to get the loan. Nice try though.
I posted about the potential for this to happen a while ago. The futures contract will expire tomorrow and then most likely the price of oil won't be negative again at least unless demand stays where it is at for months. You can make money in any market. Scary shit though for the economy given how integrated all of the sectors are.
And the gubment is quantifying jobs by hours worked by all FICA employed during 1 of 2 time periods, chosen by employer. A Full Time Employee (FTE) is considered 30 hrs on clock; and two at 15 hrs equals 1 full time employee. So, I’m going with a 40 hr employees equals 1-1/3 FTE. I fired 2 just before the shit hit the fan, so I actually selected the “slowest” time frame for my “comparable” period. May have to hire 1 person for 8 weeks (10?) just to be able to use 75% for payroll to get the other 25% for rent and utilities.
Heard they may consider a 50/50% thing. Makes sense for restaurants and hotels that are going to p’bly need more of a ramp up period to get close to the number of FTE’s they used for the time frame used to get their “comparable period”. The gubment didn’t exactly share the procedure for determining “forgiveness” until after companies applied. I suspect people are going to get paid for making sail boat fuel!
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