Paycheck Protection Program Loan Forgiveness
Recently, there have been a number of new developments in
the Paycheck Protection Program (“PPP”), not surprisingly unresolved questions
remain. A crucial one is whether and how a borrower may submit a loan
forgiveness application before the end of the new twenty-four-week period in
which loan funds may be disbursed.
The PPP continues to challenge and sometimes befuddle
borrowers who now seek forgiveness of their loans. While we may lament the complexity of the
forgiveness process, it is what it is, and it is necessary for borrowers to
carefully consider and apply the applicable rules. In an article posted on SKO Insider, I consider
and (hopefully) explain a number of the limitations imposed upon loan
forgiveness, particularly limitations imposed by changes in the borrower’s
total number of employees as compared to the pre-loan period, or changes in
employee compensation since that same period.
This article also explains a number of regulatory safe harbors that have
been created with respect to those limitations.
The article is titled How to Seek Paycheck Protection
Program Loan Forgiveness; HERE IS A LINK to the article.
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