Is there a reduction in loan forgiveness relating to salary and wages?

FAQ Answer

The amount of loan forgiveness shall be reduced by the amount of any reduction in total salary or wages of any employee during the covered period that is in excess of 25 percent of the total salary or wages of the employee during the most recent full quarter during which the employee was employed before the covered period.  An employee described here, is any employee who did not receive, during any single pay period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000.

Tipped Workers – an eligible recipient with tipped employees may receive forgiveness for additional wages paid to those employees.

FAQ Weight