• The SBA has released two new versions of the PPP Loan Forgiveness Application. There is now a short version and a long version. We anticipate that most borrowers will be able to use the short form. In anticipation of this, please forward your CPA a copy of your initial loan application and your loan agreement if we do not already have those items.
• Loan forgiveness can now be calculated based on 24 weeks’ worth of expenses instead of the shorter 8-week period originally required. It appears that while most employers will likely benefit from the 24-week period, there will be cases where the 8-week period could be beneficial. Since the application will not be due until the end of the year (under either time period), unless you notify us otherwise, we will plan on waiting until the 24-week period is up to see which time period will be most beneficial to you.
• The SBA and the US Treasury announced that they will be disclosing information about PPP Loan borrowers to the public. The information to be disclosed includes business names, addresses, NAICS codes, zip codes, business type, demographic data, jobs supported, and general loan amount ranges. Anyone who received a PPP Loan less than $150,000 will not have specific business information released. Your business will be included in aggregated totals by zip code, business type, etc. Those with loans $150,000 or higher will be included in the following ranges: $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.