Yes. The Act expressly excludes the following:
i. Any compensation of an employee whose principal place of residence is outside of the United States;
ii. The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary;
iii. Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees; and
iv. Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Pub. L. 116–127).
Section 2(g) of April 3 Guidance
- What certifications need to be made for PPP?
- What happens if PPP loan funds are misused?
- How can PPP loans be used?
- What forms do I need and how do I submit an application?
- Do independent contractors count as employees for purposes of PPP loan forgiveness?
- Can my PPP loan be forgiven in whole or in part?
- When will I have to begin paying principal and interest on my PPP loan?
- Is the PPP ‘‘first-come, first-served?’’
- Can I use e-signatures or e-consents if a borrower has multiple owners?
- Can I apply for more than one PPP loan?
- What will be the maturity date on a PPP loan?
- What is the interest rate on a PPP loan?
- Do independent contractors count as employees for purposes of PPP loan calculations?
- Is there anything that is expressly excluded from the definition of "payroll costs" for the PPP?
- What qualifies as ‘‘payroll costs’’ for PPP?
- SBA Guidance Lookup
- April 28, 2020 PPP Interim Final Rule, Seasonal Employers
- April 27, 2020 Guidance Memo, XML File Submission Process for Paycheck Protection Program
- April 24, 2020 PPP Interim Final Rule, Promissory Notes, Authorizations, Affiliation, and Eligibility
- April 14, 2020 PPP Interim Final Rule, Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- April 3, 2020 Privacy Impact Assessments
- April 3, 2020 PPP Interim Final Rule
- April 3, 2020 PPP Affiliation Interim Final Rule