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Reminder: Employers have Obligations for Paycheck Protection Program Loan Forgiveness
If as an employer you received a Paycheck Protection Program (PPP) loan and want to ensure that declined rehire offers are not counted for the full time employees (FTE) retention test, you must: (a) provide the employee a written offer to return to work at the previous level of hours and compensation during the covered period or alternative payroll covered period, (b) retain records documenting the offer and its rejection, and (c) notify the state unemployment insurance office of the rejected rehire offer within thirty days of the rejection.
To review additional guidance regarding forgiveness of PPP loans, view our May 27th post “Additional Guidance Now Available Concerning Paycheck Protection Program Loan Forgiveness.”
If you have questions about this legal alert or another employment law question, contact Tracy Armstrong or any member of the Wilentz Employment Law Team.
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