I step away from my computer for the 1st time this week to have dinner w/the fam & I miss the release of the SBA PPP guidance. (thx @idkshane & @dklynsma for the link). Did I miss all the discussion? #TaxTwitter

Thought 1: updated PPP app says "most Applicants will use the ave monthly payroll for 2019". SBA guidance (pg 8) "aggregate payroll costs from the last 12 mths". So option to use 4/1/19 thru 3/31/20 payroll #'s?

Thought 2: per page 11, need to subtract Fed emplymt taxes imposed between 2/15/20 and 6/30/20 including ER & EE share of FICA and income taxes required to be w/h from EE's. So we take ave monthly payroll from 2019 X 2.5 & then subtract ER & EE payroll taxes & W/H

for a 3 1/2 mth period in 2020? WHAT??? What is the reasoning behind this? Am I just super tired and reading this wrong?