SBA Revises Guidance on PPP Loan Forgiveness, Updated Application Released
On June 11th, the Small Business Administration (SBA) released a revised Interim Final Rule covering the PPP Loan forgiveness process based on the new legislation included in the PPP Flexibility Act. This revision can be found here. The initial PPP Loan Forgiveness Application was released by the SBA on May 20th with the first version of the Interim Final Rule issued shortly after.
On June 17th, a new Loan Forgiveness Application was released along with an EZ Application to reflect the changes made by the PPP Flexibility Act including the option to elect a 24 week covered period. This Journal of Accountancy article provides details on the new Loan Forgiveness Application and it’s updates from the original. For more on the PPP Flexibility Act, read our article: Paycheck Protection Program Changes on the Horizon.
Having trouble understanding the ins and outs of this new legislation? Haefele Flanagan can assist you with developing the best strategy to balance bringing back employees against associated costs and forgiveness. We can help you navigate the SBA guidelines and applicable laws to maximize your benefits. This includes preparing loan forgiveness calculations in an efficient, effective, and accurate manner.
Contact us to discuss any questions you have regarding the Paycheck Protection Program, the Loan Forgiveness Applications/Calculations, or anything else related to the current COVID-19 legislation and your business.
Visit our COVID-19 Resource Center for the most up-to-date information and resources related to COVID-19 policies and legislation.