| SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application Release Date: Friday, May 15, 2020 Release Number: 20-41 Washington—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cyclesFlexibility 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 The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.Click here to view the application and instructions. |
| PROGRESS, NOT PANIC 2020 SBDC VIDEO SERIES Ready for Business: Strategies to Reopen YourSmall Business The Covid-19 pandemic may have put your business on hold but you can still work ON your business even if you can’t work IN it. In the tenth video of our new Progress, Not Panic 2020 video series, Certified Business Advisor Kevin Hammond interviews Rick Slark of Rick Slark Consulting. In this video Kevin and Rick will discuss the reality of the current small business economy and provide advice for small business owners preparing for the reopening that is now underway. Follow the link below to view the video and get the documents. Progress, Not Panic Video Series sbdccolumbus.com/events/progress PROGRESS, NOT PANIC 2020.TUESDAYS & THURSDAYSVideo Release Days |
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