Now that the official forgiveness application has been released, here’s what you need to know about the application process and what documentation you’ll need. As a reminder, borrowers will need to complete this application at the close of their 8-week period. The following components are outlined in the application: (1) the PPP Loan Forgiveness Calculation […]
The SBA and Department of the Treasury have released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions. Most of our outstanding questions have been answered but a few still remain. We’ve put together a summary of what you need to know regarding this additional guidance: Aligning Eight Week Forgiveness Window to Payroll […]
The SBA and Treasury Department announced today, May 13, 2020, the following as it pertains to safe-harbor certification: Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of […]
We’re still receiving many questions regarding the Paycheck Protection Program (PPP). As we continue to await further guidance, here’s what we know: What are the three measurement areas related to loan forgiveness? At least 75% of the loan amount must be used for payroll costs; Employee Full Time Equivalents (FTE) count must be maintained during […]
Treasury and SBA issue new guidance on Paycheck Protection Program UPDATE: Announced on May 13, all PPP loans under $2 million automatically meet good-faith certification. The SBA and Treasury Department has extended the deadline to repay PPP loans from May 7 to May 14. Borrowers now have until May 14, 2020 to decide whether to return PPP […]
