In response to changes made to the PPP loan program by the Paycheck Protection Program Flexibility Act of 2020 (which you can read about here), the Small Business Administration (SBA) published a new loan forgiveness application, instructions, and other guidance regarding loan forgiveness. This new Final Interim Rule provides guidance for determining payroll costs and owner compensation forgiveness under the new 24-week covered period. PPP loan recipients are encouraged to familiarize themselves with the new legislation and guidance, review the terms of their loans with their lenders, and seek competent legal advice as needed.
Please note this current global emergency and applicable laws, regulations, proposals, guidance, advice, and responses change rapidly. We strive to keep you up to date as much as possible, but this blog article is intended for general informational purposes only and should not be construed as legal advice or opinion. Contact myHRcounsel with questions concerning specific facts and circumstances.
Written by Brittany Nicholls