Share on LinkedInShare on LinkedIn

ARTICLE · 05 JUNE 2020

PPP Loan Program Update: The New SBA Loan Forgiveness Application

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
Contributor
Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

Founded more than 40 years ago as a boutique law firm servicing the entertainment and arts...

View firm profile
Explore more from Frankfurt Kurnit Klein & Selz PC

On May 15, 2020, the SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for its completion.

United StatesCoronavirus (COVID-19)

On May 15, 2020, the SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for its completion. This application must be completed and submitted by PPP borrowers to their lenders at the end of the eight-week covered period in order to obtain forgiveness of their loans.

The Loan Forgiveness Application and accompanying instructions provide several important modifications and clarifications relating to PPP loan amounts eligible for forgiveness:

  • Alternative payroll covered period. For administrative convenience, PPP borrowers may elect to calculate eligible payroll costs during the eight-week period beginning on the first day of the first pay period following the loan disbursement date (instead of the eight-week period beginning on the loan disbursement date) (an "alternative covered period"). This is a welcome clarification, although the treatment of expenses incurred by borrowers with a covered period ending after June 30,

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

See more popular content from