TREASURY ISSUES GUIDANCE ON PPP LOAN FORGIVENESS
June 10, 2020
On May 16, 2020, the U.S. Department of the Treasury issued new guidance and an application form, available here, regarding loan forgiveness for the Paycheck Protection Program (PPP) under the CARES Act. Borrowers who were approved for a loan under PPP can now begin applying for loan forgiveness. There are step-by-step worksheets attached to the application to calculate the various PPP loan forgiveness reductions, which will vary depending on whether the borrower met the 75% payroll spending requirement, reduced its workforce, or reduced employee salaries over the spend period.
If you have any questions about the PPP loan forgiveness program, or need assistance applying for loan forgiveness, please let us know.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Andy Orr (aorr@eckertsemans.com or 202-659-6625).
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