My employer is reversing the 20% pay cut they announced at the beginning of April (noted above). It is due to the terms of the PPP loan they received at the beginning of the month (also noted above).
Apparently the forgivable portion of that loan is reduced by the amount of any payroll reductions made due to COVID-19. So they either pay the amount to employees or they repay it back to the government.
In this case at least, the “Payroll Protection” part of “PPP” seems to be working as designed.