June 17 2020 0Comment

New PPP Forgiveness Information (Updated 6/16/2020)

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Click here to download the Paycheck Protection Program Loan Forgiveness Application (06-16-2020)

Click here to download instructions for the Paycheck Protection Program Loan Forgiveness Application (06-16-2020)

Click here to download the Paycheck Protection Program EZ Loan Forgiveness Application (06-16-2020)

Click here to download instructions for the Paycheck Protection Program EZ Loan Forgiveness Application

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