On Friday, SBA released guidance on PPP loan forgiveness and an application. I’ve attached the application. If you received a PPP Loan, you’ll want to review this carefully with your accountant or financial advisor.
SBA has now provided more information and options including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Advanced Benefit Consulting does not provide legal, accounting or tax advice. We providing public information to assist you. We encourage you to consult with your legal counsel or tax professional before taking action.