The SBA has issued a new Frequently Asked Questions on PPP Loan Forgiveness to help borrowers plan and achieve this ultimate relief.
The updated answers shed light on some of the more significant issues the SBA will be looking at as they consider both loan forgiveness applications and new PPP loan applications, such as:
- Calculating owner compensation by entity type (S-Corp, C-Corp, LLC, self-employed, general partner)
- Calculating payroll costs for partial pay periods
- Eligible cash compensation, retirement benefits and other payroll costs
- Non-payroll costs that are ineligible for loan forgiveness
- Importance of the “good faith” certification
- Confirmation of the 500-employee threshold referring to total number of employees and the forgiveness test referring to full-time equivalents
Learn More During Our Next Webinar
Road to Relief: Where are We Now?
Join us on Thursday, August 13, for the next session in our Road to Relief webinar series as we discuss this guidance in more detail and provide updates on additional funding for EIDL and PPP loans, new stimulus funds for the healthcare industry and our latest recommendations on planning, documenting and maximizing forgiveness.
Date: Thursday, August 13
Time: 11:00a.m. – 12:00p.m. EDT
