May 18, 2020
Over the weekend, the Small Business Administration (SBA) finally published the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application.
You can download the application here: SBA Paycheck Protection Program Loan Forgiveness Application
The 11-page application is comprehensive and addresses a large number of the questions you’ve been asking us about payroll periods, employees who quit or refuse to return to work, etc.
The application will be submitted to your bank (not the SBA). Your bank will be providing you with specific instructions for applying for forgiveness.
We are here to help!
Do you need assistance with computing your loan forgiveness? We are here to help if you need us.
Have you considered how your business should measure employee productivity during the pandemic? It’s a tricky question that warrants a thoughtful approach.
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.