Last week, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) loan forgiveness application with instructions for completing the application. Notably, the new guidance introduces an alternative “payroll covered period,” and defines a “Full-Time Equivalent” or “FTE” for borrowers, among others. In the coming days, the SBA and the Treasury Department will release additional guidance and regulations to further assist PPP borrowers and lenders. To view guidance onPrism Group has created a PPP loan forgiveness and access the full loan forgiveness application, click below.guide to ensure that loan borrowers are cognizant of the agencies’ formal regulations surrounding loan forgiveness.
PPP Loan Forgiveness Application
Last week, Representatives Dean Phillips (D-MN) and Chip Roy (R-TX) introduced the Paycheck Protection Flexibility Act, a bill to improve the Paycheck Protection Program (PPP) with the following provisions; allowing loan forgiveness for expenses outside of the eight-week period, striking the restrictive 75%/25% rule on loan proceed use, expanding loan terms beyond two years, ensuring full access to payroll tax deferment for businesses that take PPP loans, and extending the June 30, 2020 rehiring deadline. Read more here.
BILLS OF INTEREST
- Senator Tammy Duckworth (D-IL) introduced S. 3755 a bill to provide for the establishment of a COVID-19 Compensation Fund
- Senator Chuck Grassley (R-IA) introduced S. 3751 a bill to amend the CARES Act to provide the Special Inspector General for Pandemic Recovery with additional personnel authorities
AT THE AGENCIES
U.S. Department of Labor
- The Department announced the availability of $11.5 Million in Worker Safety and Health Training Grants
U.S. Department of the Treasury
- The Department is Delivering Million of Economic Impact Payment by Prepaid Debit Card