COVID-19 Relief Programs: PPP Forgiveness Update
By Whitney Harper
Now that the first (and hopefully not the only) round of PPP Loans has been funded, many PPP Loan recipients are trying to determine the amount of their loan that will ultimately be forgiven. Although the existing rules regarding forgiveness (and reductions to forgiveness) are sparse, they do provide guidance that employers need to understand. We expect additional guidance to be issued soon, but in the meantime, we have updated our fact sheet to reflect the most current information. (Updates are in green so you can easily identify them.)
Access the updated fact sheet here.
Immediate Action Items:
- If you’ve received a PPP loan in the first wave, you’re on the clock – track expenses and watch headcount and pay during your 8 week period. See the guidance in our updated fact sheet regarding triggers for reductions to forgiveness.
- Be in communication with your banker if you did not receive a PPP loan in the first wave but are still interested in the PPP loan. Although additional funding has not yet been appropriated, if and when it is, it will go quickly. Talk to your banker about what you can do now to be ready to apply quickly if another wave opens.
As always, you are welcome to call your ADVOS lawyer with any questions you have about these programs or about other aspects of the FFCRA and CARES Act. We’re in this together and are on-call for you.
We’ll keep you posted as new information is released.
In your corner,
Whitney (+ the ADVOS team)