Written by Mariann Cabnesson for ABC50 on April 27, 2020
SARATOGA, N.Y. (WWTI) – Seasonal employer guidance has been updated to ensure seasonal employers can receive equitable financial support when applying for Paycheck Protection Program loans.
Previously, the US Department of Treasury required seasonal employers who were applying to the Paycheck Protection Program to calculate the maximum loan amount they are eligible for using their average monthly payroll costs from months they were not in operation.
The Department of Treasury has issued a new interim rule stating that seasonal employers will be able to elect to determine the maximum loan amount using average monthly payroll from any 12-week period between May 1, 2019 and September 15, 2019.
“The North Country is home to many small seasonal employers who have been severely impacted by the COVID-19 outbreak,” said Congresswoman Stefanik.
“I am proud to work at the federal level to continue to push for parity for our seasonal businesses who will feel lasting economic impacts as we approach their peak season. We must continue to support them and provide clear and reasonable guidance as they apply for important SBA relief funding.”
You can read the full article at https://www.informnny.com/