| On Friday evening, the Treasury Department released the Paycheck Protection Program Loan Forgiveness Application which contains instructions for borrowers on how to apply for forgiveness of their PPP loans. The Treasury Department also indicated that the SBA will soon be releasing regulations and guidance. The PPP Loan Forgiveness Application included many items which will help simplify the forgiveness process and reduce compliance burdens. According to the Treasury Department, these include: Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30 Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined The Paycheck Protection Program Loan Forgiveness Application can be found here: Paycheck Protection Program Loan Forgiveness Application |
Large & Gilbert, Inc.: Best Construction Accounting Firm in Atlanta, GA
Welcome to Large & Gilbert, Inc., the premier construction accounting firm in the Southeast. Located in Atlanta, GA, we provide services to some of the areas largest home contractors, builders, and developers. Having specialized in the construction industry for over forty years, we are able to provide our contractors with answers to their questions about tax services, accounting and auditing, business advisory services, and wealth accumulation, just to name a few.
Contact Us
Large & Gilbert, Inc.
6849 Peachtree Dunwoody Road
Building A-2
Atlanta, Georgia 30328
Phone: (770) 671-1533
Fax: (770) 671-1347
info@largeandgilbert.com
