On May 15, the Small Business Administration (SBA) released the anticipated Paycheck Protection Program (PPP) Loan Forgiveness Application, which included long-awaited clarifications of key provisions and documentation requirements that were previously unclear.
Join McDermott’s virtual conference on Friday, May 22, to hear about the latest updates concerning critical components of the SBA loan forgiveness process. Our multi-disciplinary panel will cover the most pressing issues, including:
- New direction regarding the definition of FTEs, and how this may impact FTE calculations depending on “part-time” workforce numbers
- Expansion of guidance regarding employees who do not want to return to work
- Time period for forgiveness, including the addition of a new alternative forgiveness period
- Eligible payroll and non-payroll costs and their effect on forgiveness
- Details regarding documentation that borrowers must submit to lenders, as well as other key documents borrowers need to retain for the foreseeable future
For more information, and if you have any questions, please contact Amber Anderson.
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