The PPP Loan Forgiveness Form is Out: Next Steps to Ensure Forgiveness for your PPP Loan
On May 15, the SBA released the Paycheck Protection Program Loan Forgiveness Application. The application represents the first significant interpretation of PPP forgiveness rules since the CARES Act. The application clarifies a number of ambiguous issues, including:
- Providing an “Alternative Payroll Covered Period” to coordinate with the borrower’s payroll schedule;
- Providing for certain expenses to be included as forgivable expenses, even if paid after the Covered Period.
- Clarifying that the 75% Payroll Costs test is not an all-or-nothing test.
- Illustrating how to calculate forgiveness reductions due to decreases in FTEs and employee wages.
- Explaining how to calculate the Safe Harbor for businesses that rehire employees by June 30th.
We will be providing a free webinar at 10:00 a.m. EST on Thursday, May 21 that will provide an in-depth discussion of these clarifications along with a sample case study about how to calculate the forgiveness amount on the application. Webinar details and registration are listed below.
Date: Thursday, May 21, 2020
Time: 10 am – 11 am
Fee: No charge