Interim Final Rule on Loan Forgiveness for PPP Released
The Small Business Administration (SBA) and the U.S. Treasury have released an interim final rule, Paycheck Protection Program Requirements - Loan Forgiveness.
The rule speaks to the Loan Forgiveness Application released and repeats the changes within the application. Changes are in regards to payroll costs, alternative payroll covered period, definition of a full-time equivalent employee, salary/hourly wage reduction determinations, available safe harbor and on exceptions to the FTE reduction provision.
Read the guidance here.
Live Stream: Don Farmer's Maximizing PPP Loan Forgiveness Based on SBA's Recently Released Loan Forgiveness Application
On June 3rd, 2020 GSCPA will host a live stream with Don Farmer breaking down this newly released guidance.
Detailed coverage of the just-released SBA Interim Final Rules for PPP Loan Forgiveness, including guidance on:
- Loan forgiveness calculation for self-employed individuals, partners, and S corporation or C corporation shareholder/employees
- Whether bonuses or fringe benefits paid during 8-week testing period are included in qualified payroll costs
- How to treat furloughed worker who rejects a rehire offer
- Can we pre-pay rent and utilities during the 8-week testing period
- Detailed discussion of the wage reduction and FTE reduction rules
- How to determine if qualified costs are paid or incurred during the 8-week testing period