Back in April of 2020, I shared some how to’s related to applying for the SBA PPP loan. Since then, the rules governing both the application process and the loan forgiveness criteria have been amended multiple times.
I recently conferenced with a business contact of mine who is heavily involved with monitoring business legislation, educating legislators on the perspectives and needs of small businesses, and figuring out the ins and outs of regulations once they’re passed by city, state or federal governing bodies. Her contacts have advised her to not apply for loan forgiveness until near the end of her forgiveness application window because the ever-evolving SBA PPP loan guidelines changes have for the most part been positive for small businesses, and waiting could allow her to benefit the latest amendments at that time.
But this strategy might not be the best for you. Therefore, it is absolutely vital that you remain in contact with your company’s leadership and tax and legal advisors to make sure you’re proceeding in the most beneficial way possible for your company.
To help you navigate the latest and greatest updates, here’s a round-up of SBA PPP Loan information.
From the Department of the Treasury or the Small Business Administration
June 16, 2020 – Updated Loan Forgiveness Application EZ Version – for certain borrowers who require less documenation/calculations, e.g. certain self-employed or those with zero employees
June 16, 2020 – Updated Loan Forgiveness Application – supposedly more “borrower-friendly”
May 27, 2020 – FAQs about PPP Loan
May 15, 2020 – Loan Forgiveness Application
April 20, 2020 – Interim Final Rule Eligibility Criteria from the Treasury Department
From the Internal Revenue Service
April 30, 2020 – Deductibility of expenses paid with PPP funds
May 26, 2020 – SBA rules on using PPP loan funds for bonuses
May 22, 2020 – Be prepared to be scrutinized for years
The SBA PPP Loan program is a complicated work in progress. As I mentioned earlier, it’s critical that you get updates from your tax and legal advisors as to how to best proceed.
Bookmark this page to check back for updates!