On May 15, 2020, the SBA and Treasury Department issued new rules regarding Payroll Protection Program Loan Forgiveness.
NOTE: You need to APPLY for loan forgiveness. It isn’t granted automatically. You have until October 31, 2020 to fill out your application.
Because this pandemic was unprecedented, the SBA/Treasury and others are building this plane as they fly it. So there’s a lot that’s not clear, or where the program rules keep iterating over time.
In this short video, I review 3 key areas the SBA clarified for solo and small firm owners in its recent guidance regarding loan forgiveness:
- Time period for forgiveness
- Exemptions for payroll deduction
- Calculating owner’s compensation
Here is the link to the Loan Forgiveness application and instructions regarding the PPP: https://bit.ly/PPPLoanForgive
It’s a stressful time for all. But even more stressful for those solo and small firm owners who are scrambling to figure out how to find, cobble together, or create the documentation they need to support their application. A good reason to design your business operations to simplify your life. Check out http://Chaos-Proof.com