U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions
The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness. As small business owners approach the loan forgiveness documentation and submission process, this document may help clarify expectations and rules.
The FAQs on PPP loan forgiveness dated August 4, 2020 provide guidance related to these topics:
- General loan forgiveness
- Loan forgiveness payroll costs
- Loan forgiveness non-payroll costs
- Loan forgiveness reductions
For more detailed information on how the PPP loan forgiveness application process applies to your individual business, contact a ShindelRock tax professional.