Treasury, SBA Release New Paycheck Protection Forgiveness Guidance
Late last week, the Small Business Administration (SBA) released additional guidance on loan forgiveness for loans made under the Paycheck Protection Program (PPP) as well as more information on the SBA’s process for reviewing PPP loan applications and loan forgiveness applications. These guidance documents do not change the window for using the PPP loan funds or the 75/25% split between payroll and other expenses. The Journal of Accountancy published an article detailing the implications of the guidance.
NRMCA urges members to consult their tax professionals and attorneys to ensure they are complying with, and utilizing fully, the resources available through these loan programs. View NRMCA’s COVID-19 Resources page for these and other resources.