The PPP Loan Forgiveness Form is Out: Next Steps to Ensure Forgiveness for your PPP Loan

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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

Registration: https://zoom.us/webinar/register/WN_lgONgfixSBilIEA3BlxqJw