Paycheck Protection Program Updates

We draw your attention to a couple recent developments regarding Paycheck Protection Program (PPP) Loans:

On August 4, 2020 the SBA updated the Paycheck Protection Program’s FAQs.  These clarify general questions, as well as questions stemming from the Paycheck Protection Flexibility Act.  The link can be found here:  https://www.sba.gov/sites/default/files/2020-08/PPP%20Loan%20Forgiveness%20FAQs%208-4-20.pdf

On June 25th, 2020 The SBA updated the Paycheck Protection Program's FAQ. The link can be found here: https://www.sba.gov/sites/default/files/2020-06/Paycheck-Protection-Program-Frequently-Asked-Questions%20062520-508.pdf

On June 16th, 2020 The SBA issued an updated forgiveness application, which can be found here:  https://www.sba.gov/document/sba-form--paycheck-protection-program-loan-forgiveness-application.

Or you have the option of using the “E-Z forgiveness application", which can be found here:  https://www.sba.gov/document/sba-form--paycheck-protection-program-ez-loan-forgiveness-application-instructions-borrowers-6-16-2020.  **You can use the E-Z form if you were self-employed and had no employees when you applied, or you can certify that you have not reduced your employees.  Click on the link for more details on those requirements.

Paycheck Flexiblity Act updated 6.5.2020

PPP Forgiveness Information Updated 5.16.2020

Safe Harbor for good-faith certification updated 5.13.2020

Taxation of Expenses Paid with PPP Loans 5.1.2020