|
We have a 200 employee medical practice. Waiting for a board call today, but our CEO said late Friday afternoon he was able to secure our PPP loan with Frost, who we have a great relationship with, they hold the mortgages on all of our properties.
My question is how is 2.5x monthly payroll supposed to get us through the end of June, including paying rent and other eligible expenses, when the payroll numbers have to be adequate for forgiveness? Are we supposed to cut everyone's pay? We have many employees living paycheck to paycheck who can't afford a cut. We've already had to cut everyone making over $100k to that level (all of the providers basically), except we're still paying our CEO in full, since he's the only one really doing any work right now, although I wish he would voluntarily cut his salary for now.
|