The Senate has approved the Paycheck Protection Program and
Health Care Enhancement Act which provides an additional $310
billion of funding for the Paycheck Protection Program loan program
along with $60 billion for additional disaster relief loans and
grants. The House is expected to approve the Act and the
President is expected to sign into law today.
For the many businesses that applied to these programs, but
were not funded out of the initial money, we strongly urge you to
follow up with your bank now to ensure that the application is
complete and will be processed as soon as possible.
LOAN FORGIVENESS
For businesses that have received Paycheck Protection Program
(PPP) loans, it is now important to understand the requirements for
forgiveness. Unfortunately, there is little if any guidance
available at this time and the rules are complex. The summary below
is our interpretation of the rules at this time. This
interpretation does not account for all of the
