On June 17th, the Small Business Administration (SBA) released a revised, and hopefully a final, forgiveness application for the Paycheck Protection Program (PPP), including a new EZ application that appears many business owners may qualify for.
Also, just the day before, the SBA issued a new Final Interim Rule with guidance for determining payroll costs and owner compensation forgiveness under the new 24-week covered period.
These new rules and procedures were in response to the Paycheck Protection Flexibility Act of 2020 that became law on June 5. The biggest changes in that law being the extension of the eight weeks to a new 24-week covered period, and a reduction of payroll costs from 75 percent to 60 percent. If you have any questions please contact our office at 518.636.5166.
Click here for the revised PPP Loan Forgiveness Application.
Click here for the PPP Loan Forgiveness EZ Application.