The Latest on the Paycheck Protection Program
1 Apr 2020
On Tuesday, March 31, the Treasury Department and Small Business Administration (SBA) released additional information around the CARES Act and specifically the Payroll Protection Program. The CARES coronavirus relief package created a nearly $350 billion program under which businesses with 500 or fewer employees can receive loans to maintain employment and pay payroll and other costs. The loans are designed to have a portion forgiven (without paying tax on the forgiven portion) if the funds are used to cover payroll costs and some other specific operating expenses in the eight weeks following loan origination.
In addition to the guidance clarifying certain items, it also provides some surprisingly significant interpretive departures from the information received and as interpreted industry authorities. Some of the NEW INFORMATION to note:
We also encourage you to visit our Coronavirus Resource Page. This page is updated frequently with the latest news as it relates to our clients.