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.”
The postings on this blog were created for general informational purposes only and do not constitute legal advice or a solicitation to provide legal services. Although we attempt to ensure that the postings are complete, accurate, and current as of the time of publication, we assume no responsibility for their completeness, accuracy, or timeliness. The information in this blog is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this information without seeking professional legal counsel.
This blog may contain links to independent third party websites and services, including social media. We provide these links for your convenience, and you access them at your own risk. We have no control over and do not monitor the content or policies (including privacy policies) of these third-party websites and have no responsibility for, and no liability with respect to, their content, accuracy, or reliability. Unless expressly stated, we do not endorse any of the linked websites or any product, service, or publication referenced herein or therein. We will remove a link to any site from this blog upon request of the linked entity.
We grant permission to readers to link to this blog so long as this blog is not misrepresented. This site is not sponsored or associated with any other site unless so identified.
If you wish for Wilentz, Goldman & Spitzer, P.A., to consider representing you, please obtain contact information from the Contact Us area of this blog or go to the firm’s website at www.wilentz.com. One of our lawyers will be happy to discuss the possibility of representation with you. However, the authors of Wilentz blogs are licensed only in New Jersey and/or New York and do not wish to represent anyone who viewed this site in a state where the site fails to comply with all laws and ethical rules of that state.