The SBA released the Payroll Protection Program loan forgiveness application and we believe it is something you should look at sooner than later to determine if you are going to need help with filling it out. It has the potential to be a complicated process depending on your particular situation and we are here to help if you need us.
Currently there is no deadline for this loan forgiveness application and we feel there is still more guidance to come. We wanted to get some of this information out to you now for consideration.
We have included the link with the application for you along with an article by one of our favorite CPAs. He writes for Forbes and we feel he did a great job in breaking down the application with what we know now.
A couple items to note – owner compensation cannot exceed eight weeks’ worth of 2019 compensation for the forgiveness portion; this is new along with the fact that you can choose an alternate start date of your 8 weeks for the payroll portion of the forgiveness if your payroll is biweekly or more frequent. This could allow for some more forgiveness.
As you look through this, remember we are here to help – and we feel you should spend some time with this form. What is turned-in to the banks needs to be true and accurate to have your best chance at the most forgiveness you are eligible for.
Please let us know as you have questions or concerns and if you are planning on wanting assistance in filling out the form.
Forbes Article
Have a great day!