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Archive for the ‘COVID-19’ Category

Monday 06/22/2020

New PPP Forgiveness Applications

The SBA released two new applications for PPP forgiveness, as the follow-up to the PPP Flexibility Act that recently passed in Congress. The SBA developed a simplified application, the EZ application, which is three pages, and the regular application is now five pages. To use the EZ application, you must meet one of the below […]

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Monday 05/18/2020

Applying for PPP Forgiveness Instructions

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 […]

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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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