CORONAVIRUS UPDATE

Paycheck Protection Program Loans: Loan Forgiveness Application

The SBA, in consultation with the US Treasury, released the loan forgiveness application form and instructions for the Paycheck Protection Program(PPP) on Friday.

The form and instructions contain guidance/clarification on some of the more puzzling components of the program, including:

(1) Requirement that expenses be “incurred and paid”
(2) computing Full-time equivalent employees(FTE’s)
(3) Reduction in wages clarification
(4) Alternative payroll period option

Please see the attached form and instructions, including highlighted sections that specifically address these key issues.  We fully expect there will be additional guidance/regulations issued with respect to the PPP, so please visit our website, where you can find links to PPP and other Coronavirus resources.

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