May 18 Weekly Update on Preparing for Recovery: Loan Options and Forgiveness Strategies
Since last week’s recovery update, there has been a good amount of additional guidance released on COVID-19 relief options made available to us. New updates include:
- On May 13, the SBA released FAQ #47 extending the deadline to May 18, 2020 for borrowers who are considering returning PPP funds. FAQ #47 further indicated that the deadline extension is automatic – there is no requirement for borrowers to separately apply.
- On May 14, the released Interim Final Rule includes a provision that allows qualifying partnerships to increase the amount of their existing PPP loans for the self-employment income of partners that was excluded from the initial loan application.
- On May 15, the Small Business Administration in consultation with the Treasury Department, released the Paycheck Protection Program Loan Forgiveness Application Form which answers a number of questions impacting the PPP borrowing community.
With changes constant and released guidance on-going, join Sax each week to hear about the most recent updates made to the relief programs, forgiveness clarifications, best practices for securing aid, and more.