June 29, 2020

The Small Business Administration (SBA), in consultation with the Department of the Treasury, issued guidance on June 26 to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses can apply for.

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. Click here to read the guidance.

The last day to apply for a PPP loan is tomorrow, June 30. 

We will continue to update you on new developments. Please visit our  COVID-19 Resource Page  for more alerts.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at [email protected] . I can be reached at [email protected] .  As always, we are happy to help.

 

Stay safe,

Marty McCarthy, CPA, CCIFP

Managing Partner

McCarthy & Company

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).