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CORONAVIRUS RELIEF ALERT — CARES Act Alert #13: SBA Releases Paycheck Protection Program Loan Forgiveness FAQS

| Aug 6, 2020 | Firm News |

The Small Business Administration (SBA) released 24 Frequently Asked Questions (FAQs) consolidating answers about the loan forgiveness process for those who borrowed Paycheck Protection Program (PPP) funds.

PPP LOAN FORGIVENSS FAQs

The covered topics include details as to what is eligible for payroll and non-payroll costs, along with various scenarios that still allows part of your loan to be forgiven if you are not able to transform your entire loan into a grant. We encourage all PPP borrowers to consult with this document prior to submitting your loan forgiveness application to your lender.

 

The links to the PPP loan forgiveness application forms (including the EZ form) and loan application instructions are provided here:
PPP LOAN FORGIVENESS APPLICATION FORM INSTRUCTIONS

 

We will continue to monitor any legislative changes to the PPP, including the loan forgiveness process.

To explain key relief for 501(c)(3) nonprofits and small businesses in the $2 trillion CARES Act (complete text) and subsequent funding laws, we published our CARES Alert #1 (Help for Small Businesses & 501(c)(3)s via the PPP); CARES Alert #2 (Get Ready to Apply); CARES Alert #3 (PPP vs EIDL), CARES Alert #4 (Treasury Guidance), CARES Alert #5 (SBA’s Interim Final Rule), CARES Alert #6 (IFR on Affiliation & Religious Nonprofits); CARES Alert #7 (FBO Guidance), CARES Alert #8 (Unemployment Benefits, including FBOs); CARES Alert #9 (Safe Harbor Guidance – Just in the Nick of Time); CARES Alert #10 (Fixes to the PPP); CARES Act Alert #11 (New EZ PPP Loan Forgiveness Application) and CARES Act Alert #12 (President Signs Extension of PPP Loan Application Deadline).


Our CARES Act Team is available to help you navigate these difficult issues, including the unique issues faced by nonprofits, religious organizations, and churches. For assistance, please contact  one  of  our  designated attorneys:  Nancy LeSourdMatthew SzymanskiScott Ward, or Derek Gaubatz. Our CARES Act Team also includes our non-attorney consultant Phil Eskeland. Mr. Szymanski and Mr. Eskeland bring experience from their past service, respectively, as the chief of staff and the deputy chief of staff of the Small Business Committee of the U.S. House of Representatives, including during the legislative response to 9/11.