18 Aug PPP Loan Forgiveness Guidance
Paycheck Protection Program: Frequently Asked Questions
There are many questions that still surround the Paycheck Protection Program (PPP) and loan forgiveness. The Small Business Administration (SBA) has released a list of the most frequent questions they receive along with general guidance.
Included in this FAQ:
• Which application should be used if there are no employees in the business?
• Are payroll costs incurred during the PPP Covered Period but paid after eligible for loan forgiveness?
• What contributions for retirement benefits will be considered payroll costs that are eligible for loan forgiveness?
You can find the answers to these questions and more on the Paycheck Protection Program FAQ resource.
Disclaimer: Please note this is based on the information that is currently available and is subject to change.
Please contact your Schmidt Westergard professional if you have questions. We stand ready to help you plan effectively and to navigate through the rules and reporting requirements. In the meantime, we will continue to update you as more information becomes available.
Stay up to date with the latest information related to our findings and how they may impact your business on our News & Events Page.