Updated: May 27
SBA and Treasury Released File Rule on Loan Forgiveness & SBA Loan Review Procedure. Includes:
✔ Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
✔ Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.
✔ Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
✔ Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
✔ Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
👉 Save Time & Money, Use Our Forgiveness Simulator and Documentation Tool MyPPPForgiveness.com 👉 Get an Instant Answer - Chat with our experts MyPPPForgiveness.com Now! The most comprehensive tool to swiftly calculate and document your PPP Loan Forgiveness claim. #ppploanforgiveness #sba #paycheckprotectionpayment #ppp #coronavirus #PPPUpdate #SmallBusinessStrong #paycheckprotectionprogram