SBA and Treasury Release New Forgiveness Procedures and Forms

Today the SBA and Treasury have released new policy updates to the PPP program. In particular, this rule updates and clarifies the forgiveness procedures from the PPP Flexibility Act and the new forgiveness forms.

If you have applied for PPP, please READ this rule and the new forgiveness applications. If you have questions, you may direct them to the Regional SBA Office at 315-471-9393.
 
Highlights from the Rule:
 
  • Businesses may apply for forgiveness at any time during the Covered Period once they meet the requirement for forgiveness. They do not have to wait until the end of the 24 weeks.

  • Clarifies the amount that Owners may pay themselves under the new Rule.

  • FTE safe harbor for businesses that can document in good faith an inability to return to the same level of business activity as the borrower was operating at before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19 (COVID Requirements or Guidance).
 
 
PPP Interim Final Rule - Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule : https://www.sba.gov/document/policy-guidance-ppp-interim-final-rule-revisions-loan-forgiveness-interim-final-rule-sba-loan-review-procedures  

If you have not yet applied for PPP but still wish to, talk to your lender ASAP. If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 12, 2020)  to see the information that will be requested from you when you apply with a lender. View a list of lenders participating in the Paycheck Protection Program by state .
Have questions?

Our team is here to help.
 
Just call the Chamber at 607-273-7080, or email us at info@tompkinschamber.org . For specific need areas:
 
Ritza Francois, Membership Referrals & Support
Carly Hansen , Operations/Account Assistance
Diane Hemly , Bookkeeper - AP/AR Questions
Ryan Shehu , COVID-19 Resource Coordinator for Chamber/CVB
Jennifer Tavares, Economic Development/Communications & PR
David Walton, Event & Program/Sponsor Inquiries