Posted on May 29, 2020 by email@example.com in Uncategorized
Member Roundtable Zoom Calls
Two member roundtable discussions are scheduled for next week via Zoom. Join in the conversation!
Paycheck Protection Program Updates
Interim Final Rule
On May 22, the Small Business Administration issued its interim final rule on loan forgiveness, which expanded on and clarified some items in the loan forgiveness application released on May 15.
Notably, the interim final rule includes bonuses and hazard pay as forgivable cash compensation. The rule further clarified that payments to furloughed employees are included in payroll costs, which allows borrowers to pay employees even if the employees are not able to perform their day-to-day duties due to lack of economic demand or public health considerations. Best to check with your lender or accountant for how these rules apply to your specific business.
PPP Reform Bills
The U.S. Senate has introduced a separate PPP reform bill, S. 3833, that would give businesses up to 16 weeks to use the loans instead of eight weeks, among other changes.
The Senate has indicated it will likely vote next week on S. 3833. Following that, a compromise bill will have to be negotiated between the House and Senate before a final vote.
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