New Loan Forgiveness Information For Paycheck Protection Program
The Treasury Department finally released long-awaited details on loan forgiveness for the Paycheck Protection Program (PPP), releasing two interim final rules on Friday evening before Memorial Day Weekend. The rules address requirements for loan forgiveness as well as outlining PPP loan review procedures and related borrower and lender responsibilities.
Of interest is the loan forgiveness requirement guidance which totaled 26 pages in all. Much of the guidance overlaps the previously released application, although many issues are addressed. Alternative methods for determining the eight-week loan period, bonus and hazard pay clarification, non-payroll costs clarification, calculation for forgiveness when employees refused to be rehired — these are just some of the topics discussed in the guidance. To read the loan forgiveness requirements in full, they can be found here.
AmericanHort, in partnership with K·Coe Isom, conducted a webinar on May 20 focused on PPP loan forgiveness as well as tax breaks. You can view the webinar recording at the AmericanHort Coronavirus Resource Center.