$500 a week? That's about $12.50 an hour, and that does not include the 7.65% employer match, among many other things. Payroll is much more than $500 per worker per week.
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I think we are all pretty clear that the $16M and cash on hand will only cover the current payroll. What we don't know is whether ED will pay out more aid once the holding period is over. Another string had someone saying that they finally had the documentation that ED had requested (as of yesterday). There may still be some time. For employees whose schools are sold, you may transition to the new system. If you have a job waiting, take it. But please don't quit while things are still so uncertain.
The average per person per payday is closer to $2000.00 factoring in employers share of taxes and such. Could be ever higher if you include health coverage. Even at $2000.00 multiplied by 12,0000 employees would be $24,000,000. That's a lot of cash to come up with every two weeks.
$16M isn't enough for 6/27. It's cash on hand plus $16M is enough for 6/27 payroll.
I thought it was clear that $16M was only enough to cover 6/27 salary. That is what I read. Maybe the poster thought others were under the impression there would be money left to tide the company over and thus calling everyone who chose to stay for now stupid because clearly that is not the case.
I believe the poster was using that figure for illustration. What I saw is that they were showing that even given an unrealistically low salary...the cash CCI has will be all gone sooner rather than later.