Further explanation of the Payroll Protection Program

Tonda Rush

The Small Business Administration and the Treasury Departments have updated their FAQs about the Payroll Protection Program.  Several questions that have arisen for newspapers are covered again here.

  1. Publishers may not include their independent contractors in their payroll calculations.  These contractors must apply as separate businesses.
  2. The portion of an employer’s share of FICA contributions is NOT included in payroll cost calculations, but the employee’s share IS included.

See the current government FAQs here:
 
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

Also, please be aware that although many banks have said they expect their allotment of PPP funds will soon be exhausted, Congress is working on additional funds for this program. Today’s Senate vote for additional funds failed.  More action is expected next week.