SBA has released the Paycheck Protection Program Loan Forgiveness Application — available here. Costs Eligible for Forgiveness The application provides the following instructions: Eligible payroll costs. Payroll costs paid and payroll costs incurred during the eight-week (56-day) Covered Period (or Alternative Payroll Covered Period) (“payroll costs”). Payroll costs are considered paid on the day that […]
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The Paycheck Protection Program and Health Care Enhancement Act (H.R. 266) passed the Senate on April 21, 2020, and is pending in the House. The following is subject to both passage in the House and signature by the President. A summary of the Act: Increased Funding: The amount appropriated for loans under the Paycheck Protection […]
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Under Section 1110 of the CARES Act, Congress authorized certain advances in the amount of $10,000 to small businesses to assist with the impacts of COVID-19. These $10,000 payments are more in the nature of a grant and are not expected to be repaid by the recipient. Eligible Entities: • Businesses with not more than […]
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Planning Issues for Re-Hiring Employees and Payroll Protection Program Loans It is laudable and noteworthy that the Payroll Protection Program SBA 7(a) loan program accommodates the many businesses that have been crushed by COVID-19 and the mandatory closures in New York and many other states. The impact on employees has also been severe. Over 3 […]
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