SBA, Treasury release Paycheck Protection Program loan forgiveness app

SBA, Treasury release Paycheck Protection Program loan forgiveness app”

The United States is expected to revise its aid program for small businesses to cope with the economic fallout of the coronavirus outbreak, the Wall Street Journal reported on Sunday. There had been concerns that only expenses that were paid during the covered period would be allowed to count toward forgiveness. We built our Loan Forgiveness Portal knowing that with shifting government guidance in terms of what is considered forgivable, lenders and their borrowers would need an easy-to-use hub where they could properly capture, manage and submit supporting documentation. It is still the case that eligible non-payroll costs can not exceed 25% of the total forgiveness amount. Borrowers who use a biweekly payroll schedule, or a more frequent schedule, may choose to have the eight-week period begin on the first day of its first pay period following loan disbursement, rather than on the date of disbursement.

However, the requirement that 75% of the loan funds be used for payroll has not been changed.

During a press conference in D.C., McCarthy said GOP lawmakers have discussed "a number of fixes" that could be made to the CARES Act, including lengthening the eight-week window for businesses to use their PPP loans.

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The loan forgiveness form and instructions include "several measures to reduce compliance burdens and simplify the process for borrowers", according to a news release from the Treasury Department.

There is no penalty for a reduction in staffing or salary for an employee if the borrower made a good-faith, written offer to rehire the employee during the eight-week period, or if the employee was sacked for cause, voluntarily resigned, or voluntarily requested a reduction of hours.

The Borrower's eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by the SBA through the date of the forgiveness application, and the SBA may direct a lender to disapprove the Borrower's loan forgiveness application if the SBA determines that the Borrower was ineligible for the PPP loan.

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