COVID-19 UPDATE 36
U.S. DEPARTMENT OF THE TREASURY AND THE SMALL BUSINESS ADMINISTRATION ISSUE NEW GUIDANCE FOR CALCULATING LOANS ISSUED THROUGH THE PAYCHECK PROTECTION PROGRAM
The Small Business Administration (SBA) and the U.S. Department of Treasury issued new guidance to assist loan applicants and bank lenders participating in the Paycheck Protection Program regarding calculating payroll costs and maximum loan amounts allowable through the program.
The guidance document is in a “Question and Answer” format and is dated June 26, 2020. Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules. The U.S. government will not challenge lender PPP actions that conform to this guidance and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time.
The new guidance document can be viewed
here
.
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If anyone has questions concerning this notice, please contact us at the UTCA office 732-292-4300.
