Just in!!

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.

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