New information on loan forgiveness for SBA PPP
May 27 2020
The Small Business Administration (SBA) issued additional guidance for loan forgiveness procedures and, as part of the PPP forgiveness.
On May 15 they provided the form to be completed and submitted to the lender. To continue the support, on May 22 they issued the Interim Final Rule on Loan Forgiveness which includes answers to frequently asked questions that haven’t been previously discussed.
Here is a summary of the key concepts included as part of the SBA’s guidance:
- Alternative Payroll Covered Period
- Eligible Payroll Costs
- Non-payroll Costs
- Average FTE
- FTE Reduction Exceptions
We are available to assist you in projecting your loan forgiveness and completing this process.
Contact us to schedule a call and discuss your next steps.