Throughout the Covid-19 crisis, we've provided helpful tips and useful information for our small business owners who have been impacted by financial turmoil and uncertainty. We continue to receive questions regarding the Paycheck Protection Program and loans that have been accepted as a result. Many business owners are wondering if they may be eligible for loan forgiveness.
We’re enclosing an overview of the program, specific forms and instructions from the SBA as to applying for forgiveness, and an Excel worksheet for the same purpose (see links, below). This information is current as of May 28th. However, it is important to note that the House passed legislation that would extend the time period over which the loan proceeds must be spent from 8 weeks to 24 weeks, and reduced the amount that must be spent on payroll from 75% to 60%. There is some bipartisan support in the Senate for this, but the final revision has yet to be signed into law. You should rely on the attached data for now.
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