New FAQs Published on PPP Loan Forgiveness

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New FAQs Published on PPP Loan Forgiveness

The U.S. Small Business Administration (SBA) has published updated guidance for borrowers seeking loan forgiveness for Paycheck Protection Program (PPP) loans. A list of FAQs outlining the latest guidance is available for download from the SBA website by clicking here.

The guidance includes answers to questions such as:

Which loan forgiveness application should I use?
Will I have to pay back any portion of my PPP loan while waiting for my forgiveness application to be approved? (HINT: The answer is "no.")
Are tips, bonuses and hazard pay covered under the PPP forgiveness umbrella? (Yes.)
What specific non-payroll costs may be included?
Is the loan forgivable if I was unable to hire back laid off or furloughed workers?
How much of ownership compensation is eligible?

This guidance, in the form of easily understandable questions and answers, provides a much clearer picture of how to go about applying for PPP loan forgiveness. For assistance with your PPP forgiveness application or more information on this topic, please contact Gray, Gray & Gray at (781) 407-0300.

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