NEBRASKA SOCIETY OF CPAs
NEWS UPDATE
May 5, 2020
PPP Loan Forgiveness Services Matrix
Here's a link to a new resource to help CPAs navigate through various engagements or other services around documenting expenses related to Paycheck Protection Program (PPP) forgiveness. Embedded in the AICPA matrix are links to sample letters and guidance that CPA firms should consider for each type of service and the relationship they have with the client. The document will continue to be updated to reflect future changes.
PPP Loan Forgiveness Calculator Coming Soon!
AICPA will soon be releasing a PPP loan forgiveness calculator. Be sure to check the link below as this page is being continuously updated.
Ineligible PPP Borrowers Granted Safe Harbor Period
to Return Money by May 7
If a borrower applied for a PPP loan prior to the issuance of the interim final rule posted on April 24, 2020, and repays the loan in full by May 7, 2020, it will be deemed by SBA to have made the required certification in good faith.
SBA Issues PPP Guidance on Laid-Off Employees Who Refuse to Be Rehired
PPP recipients calculating loan-forgiveness reductions do not have to factor in laid-off employees who decline a good faith, written offer to be rehired for the same job, pay, and hours. In addition, employees who refuse to be rehired might forfeit continued eligibility for unemployment benefits.
More News!