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PPP Loan Forgiveness: Retirement Plan Contributions for Business Owners Don't Count
Greenspring Advisors 
[Guidance Overview] May 22, 2020 "One of the six areas of spending that qualifies for forgiveness is employer retirement contributions. Thus, many business owners are looking to accelerate company contributions during the eight weeks following receipt of the funds.... However, the 3rd Interim Final Rule clarifies ... retirement contributions for employees ... are eligible to count toward loan forgiveness. But retirement contributions on behalf of owners are not 'covered benefits' and don't qualify." MORE >> |
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