Tuesday Morning Briefing, Forgiveness for PPP Loans and Time to Plan …
I am glad to not only share a beautiful morning sunrise with you, but also the links and important information and guidance regarding the Paycheck Protection Program loan forgiveness process.
New guidance has come out about the Paycheck Protection Program loan forgiveness process, as well as an application form and instructions.
Here is the link to the: Paycheck Protection Program Loan Forgiveness Application with Instructions
Reminders and Updated Guidance:
- Open a separate bank account so that these funds are not commingled
- After transferring the PPP funds into that account, pay only forgiveness expenses from those funds/that account
- Forgivable payroll costs do not include workers compensation and disability insurance. Please DO NOT pay these expenses from PPP accounts and or include them as expenses from the PPP funds.
- Under present guidance Forgivable PPP Payroll Costs are:
- Payroll from payroll service provider up to the limit of $1,923.08 per employee per week
- Group Health Insurance
- Pension payments or IRA match payments/ Employer contributions to employee retirement plans
Please be patient and understanding as the law changes day to day. We will continue to research and keep you up to date of any others changes as they occur. In addition we are able to help guide you through this stage of the loan forgiveness process and are working on this all the time.
The SBA may have sent you an email invitation to create an account with a notification that you are eligible for an SBA loan. We feel this is something to consider as well. The rates and terms are manageable and these additional funds may be necessary as part of your business continuity plan. We will also be available to work with you to determine your options regarding the SBA loan offer.
Here’s the link for today’s NYT morning briefing and
Best of luck through these trying times and stay safe.