On Friday, May 15, the SBA released the much anticipated application for PPP loan forgiveness. The application and instructions can be found here. The application will be submitted by the borrower to their lender.
This new guidance does answer some questions that have been asked since the program was rolled out like “How do I calculate the reduction in FTE’s?,” but there are still some questions that we don’t have an answer to yet, such as “What are transportation utilities?”
If we can assist you in explaining the programs’ provisions, analyzing the potential benefits or helping you with gathering the needed information, please call any Sponsel CPA Group Team member or our colleagues listed below.
This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.