[1]The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions [2] (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 [2] may help clarify expectations and rules.
The FAQs on PPP loan forgiveness [3] 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 [4].