Archive for May, 2020

Monday 05/18/2020

Applying for PPP Forgiveness Instructions

In June, the SBA released two applications for PPP forgiveness: the Revised PPP Loan Forgiveness Application, and the EZ PPP Loan Forgiveness Application. 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 or […]

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Highlights from SBA Guidance on Forgiveness

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 […]

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Wednesday 05/13/2020

PPP Loans Under $2 Million Automatically Meet Good-Faith Certification

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 […]

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Monday 05/11/2020

PPP Frequently Asked Questions

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 […]

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PPP Repayment For Safe Harbor Date Extended to May 14th

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 […]

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