COVID-19 Update May 26, 2020

Seems like the government likes to issue information on Friday afternoons, especially before a 3-day weekend. I sent out a copy of the documentation released by the SBA for both employers and bankers over the weekend. Here’s a link to it again, if you want to read the whole thing. It includes some FAQs regarding the forgiveness application.

Linked below are 2 articles that share similar interpretations of these new documents: one by our National Association, NAPEO, and one by one of the law firms we utilize.

Please reach out if you have any questions concerning these new guidelines. Keep in mind that Congress is about to pass some adjustments to the rules for the forgiveness of PPP loans. That means you’ll want to consider anything you are preparing today as nothing more than a good practice run because the rules are likely going to change.

Today downloads:

• SBA Docket Number SBA-2020-0032 – This is the new SBA release offering guidance to businesses for PPP loan forgiveness.
• SBA Docket Number SBA-2020-0033 – This is the new SBA release offering guidance to lenders regarding fees and audits of PPP loans and forgiveness requests.
• Payroll Protection Program Update: Forgiveness Application and Guidelines – this is the Ford-Harrison law firm’s assessment of the new documentation released for PPP forgiveness.
• Summary of Paycheck Protection Program Loan Forgiveness Guidance – this is the NAPEO assessment of the new documentation released for the PPP forgiveness prepared by the Groom Law Group.
• Coronavirus-Related Unemployment Insurance – An excellent article released by GNO, Inc. about unemployment and the rules that every employer needs to know.

Hope you are having a great start to your shortened week!