Guidance to clarify several PPP issues and questions
|The Small Business Administration (SBA) have provided guidance on PPP issues as they provide more information and answer questions. This article will cover the following topics:|
- Calculating Maximum Loan Amount by Business Type
- IFR regarding Calculation of Payroll Costs of Certain Fishing Boat Owners
- IFR Additional Eligibility Revisions to First Interim Final Rule regarding Felony Convictions
- Updated FAQ’s
Calculating Maximum PPP Loan Amounts by Business Type
|The Small Business Administration (SBA) have provided guidance to assist businesses in calculating payroll costs to determine the amount of a Paycheck Protection Program (PPP) loan for which they may apply. Follow the link below to learn more.|
Calculating PPP Payroll Costs for Certain Fishing Boat Owners and Operators
|This interim final rule (IFR) provides guidance in calculating payroll costs on a PPP loan application submitted by fishing boat owners or operators that hire at least one self-employed (or independent contractor) crew member. Follow the link below to learn more.|
PPP Eligibility Revisions to First IFR Regarding Felony Convictions
|The First IFR stated that a PPP loan would not be approved if an owner holding equity of 20 percent or more had a felony conviction within the last five years. On June 12, 2020, the First IFR was amended reducing the timeframe to one year if the felony did not involve embezzlement, bribery, fraud, or a false statement in a federal financial assistance or loan application.|
Frequently Asked PPP Questions
|The SBA and the Treasury Department offer additional guidance to specific borrower and lender questions regarding the implementation of the PPP, established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This guidance is offered as a FAQs document that is updated regularly with the most recent questions and answers at the end of the document.|
|$225 million has been allocated to the Department of Community and Economic Development for COVID-19 relief to small businesses. These funds will be distributed through Community Development Financial Institutions (CDFIs). For a complete list of CDFIs, follow the link below.|
|For detailed explanations of issued federal or PA guidance, please follow the link below to visit CGA’s COVID-19 Business Resource Page.|
If you need additional guidance or clarification, please contact a CGA Business Law Attorney.
For assistance or counsel on reopening your business, please contact a CGA Labor and Employment Law Attorney.
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