Newsarrow_forward COVID-19 Updates: Guidance on PPP Issues
COVID-19 Updates: Guidance on PPP Issues
access_time Posted on: July 2nd, 2020
Guidance on PPP Issues
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.
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.
PPP Loan details and forgiveness The SBA just released additional guidance on Paycheck Protection Program (PPP) Loan forgiveness in the form of Frequently Asked Questions and answers. The PPP resumed accepting applications July 6, 2020, and will continue until August 8, 2020. The SBA will forgive loans if the funds are used for employee retention and…
Applications open week of August 24 and will remain open for 10 days. The York County Commissioners voted to use a portion of the Coronavirus Aid, Relief and Economic Security (CARES) Act funding to support YoCo Strong Restart Fund, a small business and nonprofit organization grant program. The County allocated $4 million for nonprofit organizations and…
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.
