COVID-19 UPDATE 32
RECENT SBA PAYCHECK PROTECTION PROGRAM RULES ISSUED
WEBINAR SCHEDULED TO DISCUSS THE NEW UPDATE
The U.S. Treasury recently issued several new rules regarding its Paycheck Protection Program (PPP). The new rules state that the SBA can review the following certification information submitted by PPP borrowers:
- Calculation of the PPP Loan amount and use of proceeds
- Borrower eligibility in accordance with the CARES Act at the time of the available rules and guidance to applicants
- Identifies eligible non-payroll costs used from the PPP loan
- Bonuses, hazard pay and salary, wages, and commission payments to furloughed employees are eligible for loan forgiveness, subject to a per employee cap on all wage/salary payments of $15,385 (which equates to an annual salary of a $100,000 prorated for 8 weeks).
- To be eligible for forgiveness nonpayroll costs must be paid during the eight-week period starting on the date that the PPP loan was disbursed or incurred during the period and paid on or before the next regular billing date.
- The SBA will require borrowers to retain all PPP documentation for six years and has the right to review this information.
The new rules provide additional clarification regarding payroll cost eligibility for forgiveness and other aspects of the program.
A webinar has been scheduled for 11:00am on Tuesday, June 2, 2020
with legal, accounting and banking experts to explain Treasury’s new rules as well as other updates issued by the SBA.
Our speakers will be:
·
Jack Callahan CohnReznick
·
Bill McNamara The Curchin Group
·
Bill Ruckert Provident Bank
·
Seth Tipton Florio Perrucci Steinhardt Cappelli Tipton & Taylor
Please be sure to download the Zoom App on your computer or cell phone prior to the start of this meeting.
The device you use should have a video camera and audio capability.
To receive a Calendar Invite with the webinar details, please send your name, company and email to
lauren@utcanj.org
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If anyone has questions concerning this notice, please contact us at the UTCA office 732-292-4300.
