Business Journal Interviews Louisville Partner about Employers Using PPP Loan Money for Employee Bonuses
Employers are exploring the idea of using Paycheck Protection Program (PPP) loan money for employee bonuses, but in an interview with Louisville Business First, Todd Logsdon explains that this may not be the best idea. Todd describes that there is a lot of uncertainty around the loan forgiveness component, and he worries that employers using PPP loans on bonuses may find that the loan won’t be forgiven as it’s considered outside the normal operating costs for the business. He warns employers that “[i]f you’re creating any kind of practice just to make sure you’ve used up PPP funds, I think you’re at risk that that amount won’t be forgiven.”
To read the article, visit Louisville Business First (subscription required).