This weekend, the Small Business Administration issued the Loan Forgiveness Application for the Paycheck Protection Program (“PPP”). Also, the U.S. Chamber of Commerce has issued a helpful state by state reopening guide. Set forth below is more information and links for each.
PPP Loan Forgiveness Application
:
The Small Business Administration has released the Paycheck Protection Program (“PPP”)
Loan Forgiveness Application
. The application provides step-by-step instructions on, and answers some longstanding questions about, how the amount of loan forgiveness – and any applicable reductions – are calculated. Critical points from the document include the
definition and calculation of full-time equivalent (“FTE”) employees
, the
calculation of salary and wage reductions
, and the analysis for
the PPP safe harbor provision
, which excludes employers who hire or rehire employees. The loan application form also includes the
documentation
a borrower is required to provide to the lender for loan forgiveness purposes. You can find the application:
HERE
State Reopening Guide
:
The U.S. Chamber of Commerce has issued a comprehensive state reopening guide. It includes
state-specific guidance
,
sector-specific guidance
(such as for restaurants, schools, office-based businesses, etc.), small-business-specific guidance (like expert advice on supporting your employees through a crisis), and
additional tools and resources
(such as a standardized employee screening questionnaire on COVID-19 related issues, and information from CDC and OSHA). You can find the guide:
HERE