Additional PPP Regulations
On Friday SBA issued an Interim Final Rule - Revisions to Loan Forgiveness IFR and SBA Loan Review Procedures IFR. The big news is that they answer the question: does a borrower have to wait until the end of the eight- or 24-week covered period before applying for loan forgiveness? The answer is a borrower can apply when it so chooses. “A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period – if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness.” (emphasis added) Elsewhere, however, the new rule states, “If the borrower applies for forgiveness before the end of the covered period, it must account for the salary reduction for the full 24-week covered period (totaling $1,200).” So, the rule is that before applying for forgiveness, make sure staff salaries are restored to at least 75 percent of pre-pandemic pay, staffing levels are back up, and the money is fully spent.
06/03/2020 Senate Passes Small Business Loan Revamp
5/22/20 Interim Final Rules on Loan Forgiveness
5/22/20 Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
PPP Loan Forgiveness Guidance
SBA & Treasury released the long-awaited guidance on PPP loan forgiveness late Friday night. They also put out rules on how SBA will review loans to determine whether borrowers were eligible. The National Council of Nonprofits prepared an analysis of the loan forgiveness rules yesterday.
5/18/20 Schall & Ashenfarb, CPA - PPP FAQ
5/18/20 Schall & Ashenfarb, CPA - SBA Provides Guidance on Loan Forgiveness
5/18/20 Schall & Ashenfarb, CPA - Loan Forgivness Calculator
5/18/20 Loan Forgiveness Application
5/14/20 Nonprofit PPP Loan Forgiveness Update
5/13/20 PPP FAQ
05/06/20 Paycheck Protection Program (PPP) Loans FAQ
Managing Your PPP Loan & Forgiveness 101 Clinics