Quote:
Originally Posted by saeyedoc
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.
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There may be an underlying assumption that business have some level of liquidity aside from the loans or may not be entirely shut down. Unfortunately, government programs are designed as one-size-fits-all, but rarely does one size fit all. The thought may be that if companies cannot survive with this level of help, does it make sense to support them, or just pay people unemployment? (Rhetorical / speculating - not expressing an opinion)