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Month: May 2020

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 Form; (2) PPP Schedule A; (3) the PPP
Schedule A Worksheet; and (4) the (optional) PPP Borrower Demo Read More >>

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 Schedule

  • The application introduces a new concept of an “Alternative Payroll Covered Period” for bo
Read More >>

The SBA and Treasury Department announced today, May 13, 2020, the following as it pertains to safe-harbor certification:

  1. 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 PPP loans with respect to this issue:

Any borrower that, together with its affiliates, rec Read More >>

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?

  1. At least 75% of the loan amount must be used for payroll costs;
  2. Employee Full Time Equivalents (FTE) count must be maintained during the 8-week period consistent with your comparable period FTE count;
  3. Employee wages during the 8-week period must not decrease
Read More >>

Treasury and SBA issue new guidance on Paycheck Protection Program
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 funds within a safe harbor period provided by the SBA.

 

Here’s what you need to know:

  • In the recently added Question #43 in the Treas
Read More >>

Late yesterday, the IRS released Notice 2020-32, clarifying how the IRS will treat expenses paid with funds from the Paycheck Protection Program (PPP).

The PPP provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during the COVID-19 crisis. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities is Read More >>