Covid Email Updates

“SIMPLIFIED” PPP Loan Forgiveness

Yesterday, October 8, the US Department of the Treasury provided new guidance and released a third version of the PPP Loan Forgiveness Application, Form 3508S, targeting PPP loans of $50,000 or less.  Borrowers holding PPP loans of $50,000 or less are exempt from any reductions in forgiveness due to:

  1. Reductions in full-time equivalent (FTE)…

New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs

On August 11, 2020, the SBA released additional FAQs for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) program.  Both updates may be found at the following links:

FAQs for Lenders and Borrowers (Questions 50 & 51) – https://www.sba.gov/sites/default/files/2020-08/Final%20PPP%20FAQs%20%28August%2011%2C%202020%29-508.pdf

FAQs about PPP Loan Forgiveness – https://www.sba.gov/sites/default/files/2020-08/PPP%20–%20Loan%20Forgiveness%20FAQs%20%28August%2011%2C%202020%29-508.pdf

Below is a…

PPP Forgiveness FAQs (August 4, 2020)

On August 4, 2020, the SBA released a list of FAQs related to the PPP forgiveness process. Our team has read each of these updates, along with consultation with our independent governing body, and has summarized the key highlights below. There were other clarifying points that have not altered our previous positions and communications to…

PPP Forgiveness Update

Over the past several weeks, we have been recommending to clients who received a PPP loan to sit tight on filing their PPP forgiveness application. This advice stems from the expectation that the SBA will release their next round of FAQs, which should provide answers to several outstanding questions, as well as example calculations for…