Are union benefits forgiven with the PPP loan? If so, what is the limit?
May 20, 2020
Thank you for your question.
There is not explicit guidance from the SBA on this. However, the health, welfare, and pension components of union benefit contributions have been accepted as approved payroll expenses by PPP applicants.
The limits of the PPP remain the same: 2.5x average monthly approved payroll expenses, a $100,000 annual compensation calculation cap per employee, and a loan maximum of $10 million.
Eligible expenses incurred over the 8 week period following the loan may be forgiven.