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 […]
Paycheck Protection Program Safe Harbor
Yesterday, the SBA issued additional guidance regarding the required good-faith certification concerning the necessity of PPP Loan requests. The guidance contained the following safe harbor: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification […]
Paycheck Protection Program Loans
Over the last two weeks, many employers across the US have applied for Paycheck Protection Program (“PPP”) Loans, and some have even started to receive the funds. Below are important items for employers to remember to ensure that they qualify for the maximum level of loan forgiveness. Timing: 8 WeeksThe amount of forgiveness of a […]
Coronavirus Relief & Your Retirement Plan
If your company sponsors a retirement plan, know that the Sweeping stimulus bill recently signed into law includes many retirement plan relief provisions which could impact you or your employees. Highlights of the major retirement related provisions can be found below. Distributions Coronavirus – Related Distributions Employers now have the option to amend their […]
