Can everything in the employee’s paycheck be used for the PPP or should anything not be included in the total?
Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees.
For each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the covered period, capped at $15,385 per individual. Also excluded is Qualified sick or family leave for which a credit is allowed under §7002 or §7004 of the FFCRA, payments to independent contractors and compensation of an employee whose principal place of residence is outside the US. The employer’s share of FICA taxes should be excluded.